Lightstone Value Plus REIT IV (LTSV) 10-Q 7 Aug 20 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares shares in Millions	6 Months Ended
	Jun. 30, 2020	Aug. 03, 2020
Document and Entity Information
Document Type	10-Q
Document Period End Date	Jun. 30, 2020
Entity Registrant Name	Lightstone Real Estate Income Trust Inc.
Entity Current Reporting Status	Yes
Entity Interactive Data Current	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		8.5
Entity Central Index Key	0001619312
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Assets
Construction in progress	$ 37,374,276	$ 34,217,619
Investments in unconsolidated affiliated real estate entities	11,794,773	26,397,804
Cash and cash equivalents	35,008,159	13,730,832
Marketable securities, available for sale	0	4,161,781
Restricted cash and other assets	243,997	612,275
Total Assets	84,421,205	79,120,311
Liabilities and Stockholders' Equity
Mortgage payable, net	15,914,060	15,656,241
Accounts payable and other accrued expenses	500,082	536,668
Distributions payable	0	285,841
Subordinated advances - related party	13,357,704	13,264,738
Total Liabilities	29,771,846	29,743,488
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, 8.5 million and 8.6 million shares issued and outstanding, respectively	85,374	85,952
Additional paid-in-capital	71,665,213	72,215,685
Accumulated other comprehensive income	0	400,089
Accumulated deficit	(17,101,228)	(23,324,903)
Total Stockholders' Equity	54,649,359	49,376,823
Total Liabilities and Stockholders' Equity	$ 84,421,205	$ 79,120,311

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2020	Dec. 31, 2019
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	8,500,000	8,600,000
Common Stock, shares outstanding	8,500,000	8,600,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income:
Investment income	$ 17,686	$ 578,402	$ 135,850	$ 1,655,161
Gain from disposition of investment in unconsolidated affiliated real estate entity	0	0	8,180,509	0
Gain on sale of marketable securities	0	0	264,589	0
Loss from investments in unconsolidated affiliated real estate entities	(522,007)	(1,224,822)	(914,294)	(2,228,531)
Total (loss)/income	(504,321)	(646,420)	7,666,654	(573,370)
Expenses:
General and administrative costs	224,007	295,324	450,623	596,346
Interest expense	46,483	46,611	92,966	92,709
Foreign currency transaction loss	0	17,117	47,648	43,965
Total expenses	270,490	359,052	591,237	733,020
Net (loss)/income	$ (774,811)	$ (1,005,472)	$ 7,075,417	$ (1,306,390)
Net (loss)/income per common share, basic and diluted	$ (0.09)	$ (0.12)	$ 0.83	$ (0.15)
Weighted average number of common shares outstanding, basic and diluted	8,537,424	8,624,242	8,546,952	8,632,531

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net (loss)/income	$ (774,811)	$ (1,005,472)	$ 7,075,417	$ (1,306,390)
Other comprehensive income/(loss):
Holding gain/(loss) on marketable securities, available for sale	0	46,812	(135,500)	73,738
Reclassification adjustment for gain included in net (loss)/ income	0	0	(264,589)	0
Other comprehensive income/(loss)	0	46,812	(400,089)	73,738
Comprehensive (loss)/income	$ (774,811)	$ (958,660)	$ 6,675,328	$ (1,232,652)

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)		Common Shares	Additional Paid-In Capital	Accumulated Other Comprehensive Income	Accumulated Deficit	Total
BALANCE at Dec. 31, 2018		$ 86,653	$ 72,898,310	$ 0	$ (14,653,270)	$ 58,331,693
BALANCE (in shares) at Dec. 31, 2018		8,665,262
Net (loss)/income		$ 0	0	0	(1,306,390)	(1,306,390)
Distributions declared (a)	[1]	0	0	0	(3,414,923)	(3,414,923)
Redemption and cancellation of shares		$ (443)	(429,552)	0	0	(429,995)
Redemption and cancellation of shares (in shares)		(44,320)
Other comprehensive income		$ 0	0	73,738	0	73,738
BALANCE at Jun. 30, 2019		$ 86,210	72,468,758	73,738	(19,374,583)	53,254,123
BALANCE (in shares) at Jun. 30, 2019		8,620,942
BALANCE at Dec. 31, 2018		$ 86,653	72,898,310	0	(14,653,270)	58,331,693
BALANCE (in shares) at Dec. 31, 2018		8,665,262
Distributions declared (a)						(1,100,000)
BALANCE at Dec. 31, 2019		$ 85,952	72,215,685	400,089	(23,324,903)	49,376,823
BALANCE (in shares) at Dec. 31, 2019		8,595,224
BALANCE at Mar. 31, 2019		$ 86,353	72,611,615	26,926	(16,653,633)	56,071,261
BALANCE (in shares) at Mar. 31, 2019		8,635,242
Net (loss)/income		$ 0	0	0	(1,005,472)	(1,005,472)
Distributions declared (a)	[2]	0	0	0	(1,715,478)	(1,715,478)
Redemption and cancellation of shares		$ (143)	(142,857)	0	0	(143,000)
Redemption and cancellation of shares (in shares)		(14,300)
Other comprehensive income		$ 0	0	46,812	0	46,812
BALANCE at Jun. 30, 2019		$ 86,210	72,468,758	73,738	(19,374,583)	53,254,123
BALANCE (in shares) at Jun. 30, 2019		8,620,942
BALANCE at Dec. 31, 2019		$ 85,952	72,215,685	400,089	(23,324,903)	49,376,823
BALANCE (in shares) at Dec. 31, 2019		8,595,224
Net (loss)/income					7,075,417	7,075,417
Distributions declared (a)	[3]				(851,742)	(851,742)
Redemption and cancellation of shares		$ (578)	(550,472)			(551,050)
Redemption and cancellation of shares (in shares)		(57,800)
Other comprehensive income				(400,089)		(400,089)
BALANCE at Jun. 30, 2020		$ 85,374	71,665,213	0	(17,101,228)	54,649,359
BALANCE (in shares) at Jun. 30, 2020		8,537,424
BALANCE at Mar. 31, 2020		$ 85,374	71,665,213	0	(16,326,417)	55,424,170
BALANCE (in shares) at Mar. 31, 2020		8,537,424
Net (loss)/income		$ 0	0	0	(774,811)	(774,811)
BALANCE at Jun. 30, 2020		$ 85,374	$ 71,665,213	$ 0	$ (17,101,228)	$ 54,649,359
BALANCE (in shares) at Jun. 30, 2020		8,537,424
[1]	Dividends per share were $0.40.
[2]	Dividends per share were $0.20.
[3]	Dividends per share were $0.10

CONSOLIDATED STATEMENTS OF ST_2

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
Dividends Per Share	$ 0.20	$ 0.10	$ 0.40

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income/(loss)	$ 7,075,417	$ (1,306,390)
Adjustments to reconcile net income/(loss) to cash (used in)/provided by operating activities:
Loss from investments in unconsolidated affiliated real estate entities	914,294	2,228,531
Gain from disposition of investment in unconsolidated affiliated real estate entity	(8,180,509)	0
Gain on sale of marketable securities	(264,589)	0
Amortization of discount on debt securities	(30,196)	(77,827)
Foreign currency transaction loss	47,648	43,965
Changes in assets and liabilities:
Increase in other assets	(85,126)	(86,224)
Increase/(decrease) in accounts payable and other accrued expenses	81,629	(48,562)
Increase in accrued interest on subordinated advances - related party	92,966	92,708
Decrease/(Increase) in due to related parties	(5,762)	62,529
Cash (used in)/provided by operating activities	(354,228)	908,730
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of investment property	(3,017,054)	0
Purchase of marketable securities	0	(4,656,031)
Proceeds from sale of marketable securities	4,141,195	0
Proceeds from disposition of investment in unconsolidated affiliated real estate entity	21,869,246	0
Proceeds from preferred investment in related party	0	26,500,000
Investments in unconsolidated affiliated real estate entities	0	(791,922)
Cash provided by investing activities	22,993,387	21,052,047
CASH FLOWS FROM FINANCING ACTIVITIES:
Redemption and cancellation of common stock	(551,050)	(429,995)
Distributions paid to Company's common stockholders	(1,137,582)	(3,436,787)
Cash used in financing activities	(1,688,632)	(3,866,782)
Effect of exchange rate changes on cash and cash equivalents	(47,648)	(43,965)
Net change in cash, cash equivalents and restricted cash	20,902,879	18,050,030
Cash, cash equivalents and restricted cash, beginning of year	14,263,182	4,350,896
Cash, cash equivalents and restricted cash, end of period	35,166,061	22,400,926
Supplemental disclosure of cash flow information:
Distributions declared, but not paid	0	565,541
Holding gain/loss on marketable securities, available for sale	400,089	73,738
Non-cash purchase of investment property	261,000	0
Amortization of deferred financing costs included in construction in progress	$ 257,819	$ 0

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS - Cash, Cash Equivalents and Restricted Cash - USD ($)	Jun. 30, 2020	Jun. 30, 2019
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:
Cash and cash equivalents	$ 35,008,159	$ 22,400,926
Restricted cash	157,902	0
Total cash, cash equivalents and restricted cash	$ 35,166,061	$ 22,400,926

Business and Organization

Business and Organization	6 Months Ended
	Jun. 30, 2020
Business and Organization
Business and Organization	1. Business and Organization Lightstone Real Estate Income Trust Inc. (‘‘Lightstone Income Trust’’), is a Maryland corporation, formed on September 9, 2014, which elected to qualify as a real estate investment trust (‘‘REIT’’) for U.S. federal income tax purposes beginning with the taxable year ended December 31, 2016. 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 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, with a focus on development investments and 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 Lightstone Group, LLC (the "Sponsor"), its affiliates or by other real estate investment programs it sponsors. 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 currently has one operating segment. As of June 30, 2020, it wholly owned and consolidated the operating results of one development project, the Williamsburg Moxy Hotel and held an unconsolidated approximate 33.3% membership interest in 40 East End Ave. Pref Member LLC (the “40 East End Ave. Joint Venture”). The Company accounts for its unconsolidated membership interest in the 40 East End Ave. Joint Venture in accordance with the equity method of accounting. The Company’s advisor is Lightstone Real Estate Income LLC (the “Advisor”), which is majority owned by David Lichtenstein. On September 12, 2014, the Advisor contributed $200,000 for 20,000 shares of common stock (“Common Shares”), or $10.00 per share of the Lightstone Income Trust. Mr. Lichtenstein also is a majority owner of the equity interests of The Lightstone Group, LLC. The Lightstone Group, LLC served as the Company’s Sponsor during its initial public offering (the “Offering”) which terminated on March 31, 2017. Mr. Lichtenstein owns 222,222 Common Shares which were issued on June 15, 2015 for $2.0 million, or $9.00 per share. Subject to the oversight of the Company’s board of directors (the “Board of Directors”), the Advisor has primary responsibility for making investment decisions on behalf of the Company and managing its day-to-day operations. Mr. Lichtenstein also acts as the Company’s Chairman and Chief Executive Officer. As a result, he exerts influence over but does not control Lightstone Income Trust. The Company does not have any employees. The Advisor receives compensation and fees for services related to the investment and management of the Company’s assets. The Advisor has certain affiliates which may manage the properties the Company acquires. However, the Company may also contract with other unaffiliated third-party property managers. The Company’s Common Shares are not currently listed on a national securities exchange. The Company may seek to list its Common Shares for trading on a national securities exchange only if a majority of its independent directors believe listing would be in the best interest of its stockholders. The Company does not intend to list its Common Shares at this time. The Company does not anticipate that there would be any market for its Common Shares until they are listed for trading. In the event the Company does not begin the process of achieving a liquidity event prior to March 31, 2022, which is the fifth anniversary of the termination of its Offering, its charter requires either (a) an amendment to our charter to extend the deadline to begin the process of achieving a liquidity event, or (b) the holding of a stockholders meeting to vote on a proposal for an orderly liquidation of its portfolio.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2020
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 income 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, 2019 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/from related parties approximate their fair values because of the short maturity of these instruments. COVID-19 Pandemic During the second quarter of 2020, the COVID-19 pandemic continued to evolve on both a global and national level. With respect to the Unites States, many states have begun a phased approach as to the reopening of businesses and venues which have been subject to various restrictions and other measures, including mandatory closures, quarantines, limitations on travel, “shelter in place” rules and other measures. While certain states have begun to reduce and/or lift restrictions, the situation remains both dynamic and unpredictable. To-date, the COVID-19 pandemic has not had any significant impact on the Company’s Williamsburg Moxy Hotel development project because only limited construction activities have thus far commenced. The Company’s other investment is its approximately 33.3% membership interest in the 40 East End Ave. Joint Venture, which owns a substantially completed luxury residential condominium project (the “40 East End Avenue Project”) located at the corner of 81st Street and East End Avenue in the Upper East Side neighborhood of New York City. The 40 East End Avenue Project received its final temporary certificates of occupancy, or TCO, in March 2020. In light of the COVID-19 pandemic, the 40 East End Ave. Joint Venture has been proactively working with its lender to seek to obtain modification to certain key terms for its indebtedness, including forbearance of any required principal paydowns and an extension to the maturity date. However, there can be no assurance that the 40 East End Ave. Joint Venture will be successful in such endeavors. See Note 4 for additional information. The extent to which the Company’s business may be affected by the current COVID-19 pandemic will largely depend on both current and future developments, including its duration, spread and treatment, and related travel restrictions and other measures, all of which are highly uncertain and cannot be reasonably predicted. If the Company’s Williamsburg Moxy Hotel development project and/or investment in the 40 East End Ave. Joint Venture are negatively impacted for an extended period because development activities and/or sales of condominium units are delayed, the Company’s business and financial results could be materially and adversely impacted. New Accounting Pronouncements The Company has reviewed and determined that 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	6 Months Ended
	Jun. 30, 2020
Williamsburg Moxy Hotel
Williamsburg Moxy Hotel	3 . Williamsburg Moxy Hotel On July 17, 2019, the Company 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 Williamsburg Moxy Hotel is currently under development but no significant construction activities have yet commenced. 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 June 30, 2020, the Company incurred and capitalized to construction in progress an aggregate of $37.4 million consisting of acquisition and other development costs attributable to the Williamsburg Moxy Hotel. During the three and six months ended June 30, 2020, the Company capitalized interest of approximately $0.3 million and $0.6 million, respectively, 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 was initially scheduled to mature on August 9, 2020. However, because the Company has already exercised the first of two six-month extension options, the current maturity date is now February 9, 2021. The Williamsburg Mortgage bears interest at 4.50% and requires monthly interest-only payments of $60,000 through its maturity with the entire unpaid balance due upon maturity. As of June 30, 2020, the outstanding principal balance of the Williamsburg Mortgage was $16.0 million, which is presented, net of deferred financing fees of $0.1 million, on the consolidated balance sheet and is classified as Mortgage Payable, Net. The Company’s scheduled interest payments for the remainder of 2020 are $360,000. The Company currently plans to exercise the remaining extension option, which it may do by providing the lender with advance notice of its intent to extend, unless it obtains construction financing on or before the current maturity date. The Company has no other maturities of mortgage debt over the next 12 months.

Investments in Unconsolidated A

Investments in Unconsolidated Affiliated Real Estate Entities	6 Months Ended
	Jun. 30, 2020
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 or were 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 % June 30, 2020 December 31, 2019 RP Maximus Cove, L.L.C. (the "Cove Joint Venture") January 31, 2017 $ — $ 13,846,410 40 East End Ave. Pref Member LLC ( “40 East End Ave. Joint Venture”) March 31, 2017 11,794,773 12,551,394 Total investments in unconsolidated affiliated real estate entities $ 11,794,773 $ 26,397,804 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 was a non-managing interest. The Company determined that the Cove Joint Venture was a variable interest entity but the Company was not the primary beneficiary. The Company accounted for its ownership interest in the Cove Joint Venture in accordance with the equity method of accounting because it exerted significant influence over but did not control the Cove Joint Venture. All capital contributions and distributions of earnings from the Cove Joint Venture were 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 beginning as of January 31, 2017 with respect to its 22.5% membership interest in the Cove Joint Venture. Subsequent to the Company’s acquisition of its 22.5% membership interest in the Cove Joint Venture, it made an aggregate of $2.6 million of additional capital contributions and received aggregate distributions of $0.9 million. All of these additional capital contributions were made and distributions received in periods prior to 2020. On December 17, 2019, REIT IV Cove LLC, REIT III Cove LLC, LSG Cove LLC (collectively, the “Redeemers”), Maximus and the Cove Joint Venture entered into a redemption agreement (the “Redemption Agreement”), pursuant to which the Cove Joint Venture would redeem the membership interests of the Redeemers for an aggregate redemption price of approximately $87.6 million. On February 12, 2020, the Cove Joint Venture completed the redemption of the Redeemers’ membership interests in the Cove Joint Venture pursuant to the terms of the Redemption Agreement for an aggregate redemption price of approximately $87.6 million. In connection, with the redemption of its 22.5% membership interest in the Cove Joint Venture, the Company received proceeds of approximately $21.9 million which resulted in a gain on the disposition of investment in unconsolidated affiliated real estate entity of approximately $8.2 million during the first quarter of 2020, which is included on the consolidated statements of operations for the six months ended June 30, 2020. As a result of the redemption of its 22.5% membership interest in the Cove Joint Venture on February 12, 2020, the Company no longer has an ownership interest in the Cove Joint Venture. The Cove Joint Venture Financial Information The Company’s carrying value of its interest in the Cove Joint Venture differed from its share of member’s equity reported in the condensed balance sheet of the Cove Joint Venture because the Company’s basis of its investment was in excess of the historical net book value of the Cove Joint Venture. The Company’s additional basis was allocated to depreciable assets was 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 period For the For the January 1 Three Months Six Months through Ended Ended (amounts in thousands) Feburary 12, 2020 June 30, 2019 June 30, 2019 Revenue $ 1,375 $ 3,992 $ 7,685 Property operating expenses 430 1,237 2,477 General and administrative costs 13 24 66 Depreciation and amortization 960 2,899 5,736 Operating loss (28) (168) (594) Loss on debt extinguishment — (1,526) (1,526) Interest expense and other, net (652) (2,517) (5,451) Net loss $ (680) $ (4,211) $ (7,571) Company's share of net loss (22.50%) $ (153) $ (947) $ (1,703) Additional depreciation and amortization expense (1) (5) (10) (20) Company's loss from investment $ (158) $ (957) $ (1,723) The following table represents the condensed balance sheet for the Cove Joint Venture: As of (amounts in thousands) December 31, 2019 Real estate, at cost (net) $ 138,045 Cash and restricted cash 1,491 Other assets 1,141 Total assets $ 140,677 Mortgage payable, net $ 178,353 Other liabilities 1,339 Members' deficit (1) (39,015) Total liabilities and members' deficit $ 140,677 (1) The adjustment to depreciation and amortization expense related 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 approximately 33.3% of the 40 East End Seller’s approximate 100% membership interest in the 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 our Sponsor, made $30.0 million of preferred equity contributions (the "Preferred 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, owns the 40 East End Avenue Project, a substantially completed luxury residential 29-unit condominium project located at the corner of 81st Street and East End Avenue in the Upper East Side neighborhood of New York City. The 40 East End Avenue Project received its final TCO in March 2020. On March 21, 2017, the 40 East End Ave. Joint Venture obtained financing from a financial institution of up to $85.3 million (the “40 East End Ave. Mortgage”) for the land acquisition and construction of the 40 East End Ave. Project. On December 19, 2019, the 40 East End Ave. Joint Venture entered into a loan (the “Condo Loan”) with a financial institution of up to $95.2 million, of which approximately $90.2 million was initially funded at closing and the remaining $5.0 million was subsequently advanced in April 2020. The Condo Loan, which has an outstanding balance of $95.2 million as of June 30, 2020, matures in two years and bears interest at Libor plus 2.45%, which is payable monthly, and principal payments are required to be made from condominium sales proceeds. If principal paydowns from condominium sales proceeds do not reduce the outstanding principal balance of the Condo Loan to at least $81.0 million and $73.0 million as of December 19, 2020 and June 19, 2021, respectively, then the 40 East End Ave. Joint Venture will be required to make balloon payments in the amounts necessary to reach these thresholds. At closing, the 40 East End Ave. Joint Venture used a portion of the proceeds from the Condo Loan to (i) fully repay the then outstanding principal balance of $80.3 million plus accrued and unpaid interest of $0.2 million for the 40 East End Ave. Mortgage and (ii) redeem $9.5 million of Lightstone I’s Preferred Contributions. Because of the potential impact of COVID-19 on condominium sales, the 40 East End Ave. Joint Venture is currently seeking forbearance from the lender with respect to any required balloon payments and an extension to the maturity date of the Condo Loan. However, there can be no assurance that the 40 East End Ave. Joint Venture will be successful in such endeavors. In connection with the refinancing, the 40 East End Ave. Joint Venture recognized a loss on the early extinguishment of debt of approximately $0.8 million during the fourth quarter of 2019, of which the Company’s proportionate share was approximately $0.3 million. The Company’s Sponsor and its affiliates (collectively, the “40 East End Guarantors”) have provided certain guarantees with respect to the Condo Loan and the members have agreed to reimburse the 40 East End Guarantors for any balance that may become due under the guarantees (the “40 East End Guarantee”), of which the Company’s share is approximately 33.3%. The Company has determined that the fair value of its share of the 40 East End Guarantee is immaterial. On December 26, 2019, the 40 East End Ave. Joint Venture redeemed an additional $3.5 million of Lightstone I’s Preferred Contributions. As a result, Lightstone I’s remaining outstanding Preferred Contributions were $17.0 million as of December 31, 2019. Subsequently, an additional $11.0 million of Lightstone I’s Preferred Contributions were redeemed on February 13, 2020 reducing Lightstone I’s Preferred Contributions to $6.0 million as of June 30, 2020. Subsequent to the Company’s acquisition through June 30, 2020, it has made an aggregate of $4.6 million of additional capital contributions to the 40 East End Ave. Joint Venture. All of these additional capital contributions were made in periods prior to 2020. 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 Ended Three Months Ended Six Months Six Months (amounts in thousands) June 30, 2020 June 30, 2019 Ended June 30, 2020 Ended June 30, 2019 Revenues $ — $ — $ 12,902 $ — Cost of goods sold — — 11,581 — Other expenses 545 619 1,248 1,012 Depreciation and amortization — 214 — 537 Operating (loss)/income (545) (833) 73 (1,549) Interest expense and other, net (1,023) 30 (2,345) 30 Net loss $ (1,568) $ (803) $ (2,272) $ (1,519) Company's share of net loss (33.3%) $ (522) $ (268) $ (757) $ (505) The following table represents the condensed balance sheets for the 40 East End Ave. Joint Venture: As of As of (amounts in thousands) June 30, 2020 December 31, 2019 Real estate inventory $ 129,747 $ 139,170 Cash and restricted cash 8,638 7,739 Other assets 665 637 Total assets $ 139,050 $ 147,546 Mortgage payable, net 94,281 89,102 Other liabilities 2,001 2,404 Members' capital 42,768 56,040 Total liabilities and members' capital $ 139,050 $ 147,546

Marketable Securities and Fair

Marketable Securities and Fair Value Measurements	6 Months Ended
	Jun. 30, 2020
Marketable Securities and Fair Value Measurements
Marketable Securities and Fair Value Measurements	5 . Marketable Securities and Fair Value Measurements Marketable Securities 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 new Israeli Shekels, or ILS. The fair value of the Israeli Bonds was translated using period-end exchange rates. Gains and losses resulting from the changes in exchange rates and market prices from period to period were reported as a component of accumulated other comprehensive income. As of December 31, 2019, the Company did not recognize any impairment charges. During the first quarter of 2020, the Company sold all of the Israeli Bonds and recognized a gain on the sale of marketable securities of $0.3 million. As a result, the Company currently does not have any remaining marketable securities. The following is a summary of the Company’s available for sale securities as of the dates indicated: As of December 31, 2019 Gross Gross Unrealized Unrealized Adjusted Cost Gains Losses Fair Value Debt securities: Israeli Bonds $ 3,761,692 $ 400,089 $ — $ 4,161,781 The fair value of the Company’s investments in debt securities were measured using quoted prices in markets that were not active. As of December 31, 2019, all of the Company’s debt securities were classified as Level 2 assets and there were no transfers between the level classifications during the year ended December 31, 2019.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2020
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. Share Repurchase Program The Company’s share repurchase program may provide its stockholders with limited, interim liquidity by enabling them to sell their shares of common stock back to us, subject to restrictions. From the Company’s date of inception through December 31, 2019, it repurchased 395,941 shares of common stock pursuant to its share repurchase program at an average price of $9.48 per share. For the six months ended June 30, 2020, the Company repurchased 57,800 shares of common stock pursuant to its share repurchase program at an average price of $9.53 per share. On March 25, 2020, the Board of Directors amended the share repurchase program to remove stockholder notice requirements and also approved the suspension of all redemptions effective immediately. Distributions On January 15, 2020, February 15, 2020, March 15, 2020 and April 29, 2020, the Company paid distributions to its stockholders for the months ended December 31, 2019, January 31, 2020, February 29, 2020 and March 31, 2020, respectively, totaling $1.1 million. These distributions were all paid in cash. On March 25, 2020, the Board of Directors determined to suspend regular monthly distributions for months ending after March 2020. Future distributions, if any, declared will be at the discretion of the Company’s Board of Directors based on their analysis of the Company’s performance over the previous periods and expectations of performance for future periods. 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 the Company’s ability to refinance near-term debt. In addition, the Company currently intends to continue to comply with REIT distribution requirements. The Company cannot assure that any future distributions will be made or that it will maintain any particular level of distributions that it has previously established or may establish.

Related Party Transaction and O

Related Party Transaction and Other Arrangements	6 Months Ended
	Jun. 30, 2020
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. As of June 30, 2020 and December 31, 2019, the Advisor and its affiliated entities owe the Company $5,970 and $208, respectively, which is classified as restricted cash and other assets on the consolidated balance sheets. 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 Six Months Ended June 30, June 30, 2020 2019 2020 2019 Asset management fees (general and administrative costs) $ — $ 170,854 $ 77,313 $ 334,203 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 June 30, 2020 and December 31, 2019, an aggregate of approximately $12.6 million of principal advances have been funded, which along with the related accrued interest of $725,691 and $632,725, respectively, are classified as Subordinated Advances – Related Party, a liability on the consolidated balance sheets. During the three months ended June 30, 2020 and 2019, the Company accrued $46,483 and $46,611, respectively, of interest on the principal advances and during the six months ended June 30, 2020 and 2019, the Company accrued $92,966 and $92,709, respectively, of interest on the principal advances.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2020
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)	6 Months Ended
	Jun. 30, 2020
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/from related parties approximate their fair values because of the short maturity of these instruments. COVID-19 Pandemic During the second quarter of 2020, the COVID-19 pandemic continued to evolve on both a global and national level. With respect to the Unites States, many states have begun a phased approach as to the reopening of businesses and venues which have been subject to various restrictions and other measures, including mandatory closures, quarantines, limitations on travel, “shelter in place” rules and other measures. While certain states have begun to reduce and/or lift restrictions, the situation remains both dynamic and unpredictable. To-date, the COVID-19 pandemic has not had any significant impact on the Company’s Williamsburg Moxy Hotel development project because only limited construction activities have thus far commenced. The Company’s other investment is its approximately 33.3% membership interest in the 40 East End Ave. Joint Venture, which owns a substantially completed luxury residential condominium project (the “40 East End Avenue Project”) located at the corner of 81st Street and East End Avenue in the Upper East Side neighborhood of New York City. The 40 East End Avenue Project received its final temporary certificates of occupancy, or TCO, in March 2020. In light of the COVID-19 pandemic, the 40 East End Ave. Joint Venture has been proactively working with its lender to seek to obtain modification to certain key terms for its indebtedness, including forbearance of any required principal paydowns and an extension to the maturity date. However, there can be no assurance that the 40 East End Ave. Joint Venture will be successful in such endeavors. See Note 4 for additional information. The extent to which the Company’s business may be affected by the current COVID-19 pandemic will largely depend on both current and future developments, including its duration, spread and treatment, and related travel restrictions and other measures, all of which are highly uncertain and cannot be reasonably predicted. If the Company’s Williamsburg Moxy Hotel development project and/or investment in the 40 East End Ave. Joint Venture are negatively impacted for an extended period because development activities and/or sales of condominium units are delayed, the Company’s business and financial results could be materially and adversely impacted.
New Accounting Pronouncements	New Accounting Pronouncements The Company has reviewed and determined that 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)	6 Months Ended
	Jun. 30, 2020
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 % June 30, 2020 December 31, 2019 RP Maximus Cove, L.L.C. (the "Cove Joint Venture") January 31, 2017 $ — $ 13,846,410 40 East End Ave. Pref Member LLC ( “40 East End Ave. Joint Venture”) March 31, 2017 11,794,773 12,551,394 Total investments in unconsolidated affiliated real estate entities $ 11,794,773 $ 26,397,804
Cove Joint Venture
Schedule of equity method investments condensed income statements	The following table represents the condensed income statements for the Cove Joint Venture: For the period For the For the January 1 Three Months Six Months through Ended Ended (amounts in thousands) Feburary 12, 2020 June 30, 2019 June 30, 2019 Revenue $ 1,375 $ 3,992 $ 7,685 Property operating expenses 430 1,237 2,477 General and administrative costs 13 24 66 Depreciation and amortization 960 2,899 5,736 Operating loss (28) (168) (594) Loss on debt extinguishment — (1,526) (1,526) Interest expense and other, net (652) (2,517) (5,451) Net loss $ (680) $ (4,211) $ (7,571) Company's share of net loss (22.50%) $ (153) $ (947) $ (1,703) Additional depreciation and amortization expense (1) (5) (10) (20) Company's loss from investment $ (158) $ (957) $ (1,723)
Schedule of equity method investments condensed balance sheet	The following table represents the condensed balance sheet for the Cove Joint Venture: As of (amounts in thousands) December 31, 2019 Real estate, at cost (net) $ 138,045 Cash and restricted cash 1,491 Other assets 1,141 Total assets $ 140,677 Mortgage payable, net $ 178,353 Other liabilities 1,339 Members' deficit (1) (39,015) Total liabilities and members' deficit $ 140,677 (1) The adjustment to depreciation and amortization expense related 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 [Member]
Schedule of equity method investments condensed income statements	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 Ended Three Months Ended Six Months Six Months (amounts in thousands) June 30, 2020 June 30, 2019 Ended June 30, 2020 Ended June 30, 2019 Revenues $ — $ — $ 12,902 $ — Cost of goods sold — — 11,581 — Other expenses 545 619 1,248 1,012 Depreciation and amortization — 214 — 537 Operating (loss)/income (545) (833) 73 (1,549) Interest expense and other, net (1,023) 30 (2,345) 30 Net loss $ (1,568) $ (803) $ (2,272) $ (1,519) Company's share of net loss (33.3%) $ (522) $ (268) $ (757) $ (505)
Schedule of equity method investments condensed balance sheet	The following table represents the condensed balance sheets for the 40 East End Ave. Joint Venture: As of As of (amounts in thousands) June 30, 2020 December 31, 2019 Real estate inventory $ 129,747 $ 139,170 Cash and restricted cash 8,638 7,739 Other assets 665 637 Total assets $ 139,050 $ 147,546 Mortgage payable, net 94,281 89,102 Other liabilities 2,001 2,404 Members' capital 42,768 56,040 Total liabilities and members' capital $ 139,050 $ 147,546

Marketable Securities and Fai_2

Marketable Securities and Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2020
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 December 31, 2019 Gross Gross Unrealized Unrealized Adjusted Cost Gains Losses Fair Value Debt securities: Israeli Bonds $ 3,761,692 $ 400,089 $ — $ 4,161,781

Related Party Transaction and_2

Related Party Transaction and Other Arrangements (Tables)	6 Months Ended
	Jun. 30, 2020
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 Six Months Ended June 30, June 30, 2020 2019 2020 2019 Asset management fees (general and administrative costs) $ — $ 170,854 $ 77,313 $ 334,203

Business and Organization (Deta

Business and Organization (Details)	Jun. 15, 2015USD ($)$ / sharesshares	Sep. 12, 2014USD ($)$ / sharesshares	Jun. 30, 2020segment	Mar. 31, 2017
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Date of incorporation			Sep. 9, 2014
Number of operating segment | segment			1
Mr. David Lichtenstein
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Membership interest (as a percentage)				100.00%
40 East End Ave. Joint Venture [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Membership interest (as a percentage)			33.30%	33.30%
Lightstone Real Estate Income LLC [Member] | Mr. David Lichtenstein
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Stock Issued During Period, Value, New Issues | $		$ 200,000
Stock Issued During Period, Shares, New Issues | shares		20,000
Shares issued, price per share | $ / shares		$ 10
Mr. David Lichtenstein
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Stock Issued During Period, Shares, New Issues | shares	222,222
Shares issued, price per share | $ / shares	$ 9
Proceeds from issuance of common stock | $	$ 2,000,000

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional information (Details)	Jun. 30, 2020	Mar. 31, 2017
40 East End Ave. Joint Venture [Member]
Schedule of Equity Method Investments [Line Items]
Membership interest (as a percentage)	33.30%	33.30%

Williamsburg Moxy Hotel (Detail

Williamsburg Moxy Hotel (Details)	Jul. 17, 2019USD ($)roomitem	Jun. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2019USD ($)
Property, Plant and Equipment [Line Items]
Construction in Progress, Gross		$ 37,374,276	$ 37,374,276	$ 34,217,619
Williamsburg Land [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Additions	$ 30,400,000
Number of Rooms Expects to Develop and Construct | room | room	210
Percentage of Brokerage Fee	1.00%
Payments for Brokerage Fees	$ 300,000
Construction in Progress, Gross		37,400,000	37,400,000
Capitalized interest		300,000	600,000
Secured Debt [Member] | Williamsburg Land [Member]
Property, Plant and Equipment [Line Items]
Interest payment	60,000
Mortgage payable, gross	$ 16,000,000
Debt Instrument, Term	1 year
Renewal term period	6 months
Number of Extensions For Term Of Loan | item | item	2
Debt Instrument, Interest Rate, Stated Percentage	4.50%
Mortgage payable, net		16,000,000	16,000,000
Deferred financing fees		$ 100,000	100,000
Debt Instrument, Periodic Payment, Interest			$ 360,000

Investments in Unconsolidated_3

Investments in Unconsolidated Affiliated Real Estate Entities (Details) - USD ($)	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019	Mar. 31, 2017
Schedule of Equity Method Investments [Line Items]
Total investments in unconsolidated affiliated real estate entities	$ 11,794,773	$ 26,397,804
Cove Joint Venture
Schedule of Equity Method Investments [Line Items]
Date of Ownership	Jan. 31, 2017
Equity Method Investment, Ownership Percentage	22.50%
Total investments in unconsolidated affiliated real estate entities		13,846,410
40 East End Ave. Joint Venture [Member]
Schedule of Equity Method Investments [Line Items]
Date of Ownership	Mar. 31, 2017
Equity Method Investment, Ownership Percentage	33.30%		33.30%
Total investments in unconsolidated affiliated real estate entities	$ 11,794,773	$ 12,551,394

Investments in Unconsolidated_4

Investments in Unconsolidated Affiliated Real Estate Entities - Income Statement Information (Details) - USD ($)	1 Months Ended	3 Months Ended			6 Months Ended
	Feb. 12, 2020	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Schedule of Equity Method Investments [Line Items]
Loss on debt extinguishment			$ 300,000
Company's loss from investment		$ (522,007)		$ (1,224,822)	$ (914,294)	$ (2,228,531)
Cove Joint Venture
Schedule of Equity Method Investments [Line Items]
Revenue	$ 1,375,000			3,992,000		7,685,000
Property operating expenses	430,000			1,237,000		2,477,000
General and administrative costs	13,000			24,000		66,000
Depreciation and amortization	960,000			2,899,000		5,736,000
Operating (loss)/income	(28,000)			(168,000)		(594,000)
Loss on debt extinguishment				(1,526,000)		(1,526,000)
Interest expense and other, net	(652,000)			(2,517,000)		(5,451,000)
Net loss	(680,000)			(4,211,000)		(7,571,000)
Cove Joint Venture | Parent Company [Member]
Schedule of Equity Method Investments [Line Items]
Company's share of net loss	(153,000)			(947,000)		(1,703,000)
Additional depreciation and amortization expense	(5,000)			(10,000)		(20,000)
Company's loss from investment	$ (158,000)			(957,000)		(1,723,000)
40 East End Ave. Joint Venture [Member]
Schedule of Equity Method Investments [Line Items]
Revenue					12,902,000
Cost of goods sold					11,581,000
Other expenses		545,000		619,000	1,248,000	1,012,000
Depreciation and amortization				214,000		537,000
Operating (loss)/income		(545,000)		(833,000)	73,000	(1,549,000)
Loss on debt extinguishment			$ 800,000
Interest expense and other, net		(1,023,000)		30,000	(2,345,000)	30,000
Net loss		(1,568,000)		(803,000)	(2,272,000)	(1,519,000)
40 East End Ave. Joint Venture [Member] | Parent Company [Member]
Schedule of Equity Method Investments [Line Items]
Company's share of net loss		$ (522,000)		$ (268,000)	$ (757,000)	$ (505,000)

Investments in Unconsolidated_5

Investments in Unconsolidated Affiliated Real Estate Entities - Balance Sheet Information (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Cove Joint Venture
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Total assets		$ 140,677
Members' deficit (1)		(39,015)
Total liabilities and members' deficit		140,677
Cove Joint Venture | Real estate, at cost (net)
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Total assets		138,045
Cove Joint Venture | Cash and restricted cash
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Total assets		1,491
Cove Joint Venture | Other assets
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Total assets		1,141
Cove Joint Venture | Mortgage payable, net [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Liabilities		178,353
Cove Joint Venture | Other liabilities [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Liabilities		1,339
40 East End Ave. Joint Venture [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Total assets	$ 139,050	147,546
Members' deficit (1)	42,768	56,040
Total liabilities and members' deficit	139,050	147,546
40 East End Ave. Joint Venture [Member] | Real estate inventory
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Total assets	129,747	139,170
40 East End Ave. Joint Venture [Member] | Cash and restricted cash
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Total assets	8,638	7,739
40 East End Ave. Joint Venture [Member] | Other assets
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Total assets	665	637
40 East End Ave. Joint Venture [Member] | Mortgage payable, net [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Liabilities	94,281	89,102
40 East End Ave. Joint Venture [Member] | Other liabilities [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Liabilities	$ 2,001	$ 2,404

Investments in Unconsolidated_6

Investments in Unconsolidated Affiliated Real Estate Entities - Additional Information (Details) - USD ($)	Feb. 12, 2020	Dec. 19, 2019	Dec. 17, 2019	Mar. 31, 2017	Jan. 31, 2017	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 19, 2021	Dec. 19, 2020	Feb. 13, 2020	Dec. 26, 2019	Jun. 30, 2017	Mar. 21, 2017
Schedule of Equity Method Investments [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired					22.50%
Outstanding balance						$ 15,914,060		$ 15,656,241		$ 15,914,060
Additional paid-in-capital						71,665,213		72,215,685		71,665,213
Loss on debt extinguishment								300,000
Gain from disposition of investment in unconsolidated affiliated real estate entity						0			$ 0	8,180,509	$ 0
Cove Joint Venture
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%				22.50%
Guarantor Obligations, Current Carrying Value	$ 87,600,000
Distributions from unconsolidated affiliated real estate entities										900,000
Additional paid-in-capital						$ 2,600,000				2,600,000
Ownership interests redeemed (as a percent)	22.50%
Proceeds from redemption of ownership interests	$ 21,900,000
Gain from disposition of investment in unconsolidated affiliated real estate entity							$ 8,200,000
Lightstone Value Plus Real Estate Investment Trust, Inc. [Member]
Schedule of Equity Method Investments [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired				12.00%
Proceeds from Contributions from Affiliates				$ 30,000,000
Refurbishment Guarantee [Member]
Schedule of Equity Method Investments [Line Items]
Aggregate redemption price			$ 87,600,000
40 East End Ave. Joint Venture [Member]
Schedule of Equity Method Investments [Line Items]
Business Combination, Consideration Transferred				$ 10,300,000
Payments to Acquire Interest in Joint Venture										$ 4,600,000
Business Acquisition, Percentage of Voting Interests Acquired				33.30%												33.30%
Line of Credit Facility, Maximum Borrowing Capacity																	$ 85,300,000
Equity Method Investment, Ownership Percentage				33.30%		33.30%				33.30%
Loss on debt extinguishment								800,000
Repayments of outstanding principal balance										$ 80,300,000
Accrued and unpaid interest repaid										200,000
40 East End Ave. Joint Venture [Member] | Condo Loan [Member]
Schedule of Equity Method Investments [Line Items]
Debt Instrument, Description of Variable Rate Basis		Libor plus 2.45%
Debt Instrument, Term		2 years
Line of Credit Facility, Maximum Borrowing Capacity		$ 95,200,000				$ 95,200,000				95,200,000
Threshold reduced outstanding principal balance												$ 73,000,000	$ 81,000,000
Remaining borrowing capacity		5,000,000
Outstanding balance		$ 90,200,000
40 East End Ave. Joint Venture [Member] | Lightstone Value Plus Real Estate Investment Trust, Inc. [Member]
Schedule of Equity Method Investments [Line Items]
Redemption of Preferred Contributions						9,500,000				9,500,000				$ 11,000,000	$ 3,500,000
Remaining outstanding Preferred Contributions						$ 6,000,000		$ 17,000,000		$ 6,000,000
Mr. David Lichtenstein
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage				100.00%

Marketable Securities and Fai_3

Marketable Securities and Fair Value Measurements - Available for Sale Securities (Details) - USD ($)	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Debt securities:
Gain on sale of marketable securities	$ 0		$ 0	$ 264,589	$ 0
Israeli Bonds [Member]
Debt securities:
Gain on sale of marketable securities		$ 300,000
Adjusted Cost						$ 3,761,692
Gross Unrealized Gains						400,089
Fair Value						$ 4,161,781

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($)

1 Months Ended

2 Months Ended

3 Months Ended

6 Months Ended

12 Months Ended

60 Months Ended

64 Months Ended

Sep. 30, 2014

Feb. 29, 2020

Jun. 30, 2019

[1]

Dec. 31, 2014

Jun. 30, 2020

Jun. 30, 2019

[3]

Dec. 31, 2019

Dec. 31, 2019

Dec. 31, 2019

Stockholders' Equity

Number of shares repurchased (in shares)

395,941

395,941

57,800

395,941

Average share repurchase price per share (in dollars per share)

$ 9.53

$ 9.48

Dividends, Common Stock

$ 1,100,000

$ 1,715,478

$ 851,742

[2]

$ 3,414,923

$ 1,100,000

[1]

Dividends per share were $0.20.

[2]

Dividends per share were $0.10

[3]

Dividends per share were $0.40.

Related Party Transaction and_3

Related Party Transaction and Other Arrangements (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Investment Advisory, Management and Administrative Service [Member]
Related Party Transaction [Line Items]
Asset management fees (general and administrative costs)	$ 170,854	$ 77,313	$ 334,203

Related Party Transaction and_4

Related Party Transaction and Other Arrangements - Additional Information (Details) - USD ($)	Mar. 18, 2016	Mar. 18, 2016	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Related Party Transaction [Line Items]
Interest Payable			$ 725,691		$ 632,725
Principal subordinated advances			13,357,704		13,264,738
Interest on principal advances			46,483	$ 46,611
Interest on principal advances			92,966	$ 92,709
Cove Transaction [Member]
Related Party Transaction [Line Items]
Principal subordinated advances			12,600,000		12,600,000
Advisor [Member]
Related Party Transaction [Line Items]
Due to related parties current and noncurrent			5,970		5,970
Affiliated [Member]
Related Party Transaction [Line Items]
Due to related parties current and noncurrent			$ 208		$ 208
Subordinated Debt [Member]
Related Party Transaction [Line Items]
Aggregated principal advances amount	$ 12,600,000	$ 12,600,000
Principal advance interest rate	1.48%	1.48%
Shares issued, price per share	$ 10	$ 10
Percentage rate of return on investment	8.00%	8.00%	8.00%
Return on investment percentage	8.00%	8.00%
Liquidation distributions percent payable to company		85.00%
Liquidation distributions percent payable to sponsor		15.00%