Lightstone Value Plus REIT IV (LTSV) 10-Q 21 Nov 16 2016 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares shares in Millions	9 Months Ended
	Sep. 30, 2016	Nov. 07, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Entity Registrant Name	Lightstone Real Estate Income Trust Inc.
Entity Central Index Key	1,619,312
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		5.3

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Assets
Investment in related party	$ 22,194,001	$ 4,000,000
Cash	23,407,820	1,213,014
Deposit and other assets	3,418,768	434
Total Assets	49,020,589	5,213,448
Liabilities and Stockholders' Equity
Accounts payable and other accrued expenses	383,488	171,105
Due to related parties	1,536	865,436
Distributions payable	301,454	46,170
Subordinated advances - related party	10,464,800	0
Total liabilities	11,151,278	1,082,711
Commitments and Contingencies
Company's stockholders' equity:
Preferred stock, $0.01 par value; 50,000,000 shares authorized, none issued and outstanding	0	0
Common stock, $0.01 par value; 200,000,000 shares authorized, 4,782,791 and 723,975 shares issued and outstanding, respectively	47,828	7,240
Additional paid-in-capital	38,494,302	4,425,374
Subscription receivable	(40,000)	(1,000)
Accumulated deficit	(632,819)	(300,877)
Total Stockholders' Equity	37,869,311	4,130,737
Total Liabilities and Stockholders' Equity	$ 49,020,589	$ 5,213,448

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2016	Dec. 31, 2015
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	4,782,791	723,975
Common Stock, shares outstanding	4,782,791	723,975

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Investment income	$ 600,366	$ 0	$ 1,103,133	$ 0
Expenses:
General and administrative costs	118,060	45,678	240,340	98,349
Total expenses	118,060	45,678	240,340	98,349
Net income/(loss)	$ 482,306	$ (45,678)	$ 862,793	$ (98,349)
Net income/(loss) per common share, basic and diluted	$ 0.13	$ (0.14)	$ 0.43	$ (0.73)
Weighted average number of common shares outstanding, basic and diluted	3,730,626	321,539	2,009,286	135,227

CONSOLIDATED STATEMENT OF STOCK

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($)	Total	Common Shares [Member]	Additional Paid-In Capital [Member]	Subscription Receivable [Member]	Accumulated Deficit [Member]
BALANCE at Dec. 31, 2015	$ 4,130,737	$ 7,240	$ 4,425,374	$ (1,000)	$ (300,877)
BALANCE (in shares) at Dec. 31, 2015		723,975
Net income	862,793	$ 0	0	0	862,793
Distributions declared	(1,194,735)	0	0	0	(1,194,735)
Proceeds from offering	37,950,067	$ 40,359	37,948,708	(39,000)	0
Proceeds from offering (in shares)		4,035,890
Shares issued from distribution reinvestment program	215,248	$ 229	215,019	0	0
Shares issued from distribution reinvestment program (in shares)		22,926
Selling commissions and dealer manager fees	(3,444,017)	$ 0	(3,444,017)	0	0
Other offering costs	(650,782)	0	(650,782)	0	0
BALANCE at Sep. 30, 2016	37,869,311	$ 47,828	38,494,302	(40,000)	(632,819)
BALANCE (in shares) at Sep. 30, 2016		4,782,791
BALANCE at Jun. 30, 2016	10,308,490
Net income	482,306
BALANCE at Sep. 30, 2016	$ 37,869,311	$ 47,828	$ 38,494,302	$ (40,000)	$ (632,819)
BALANCE (in shares) at Sep. 30, 2016		4,782,791

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income/(loss)	$ 862,793	$ (98,349)
Changes in assets and liabilities:
Increase in prepaid expenses and other assets	(5,834)	0
Increase in accounts payable and other accrued expenses	4,969	20,022
Interest payable - subordinated advances	32,787	0
(Decrease)/increase in due to related parties	(37,774)	38,813
Net cash provided by/(used in) operating activities	856,941	(39,514)
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in related party	(18,194,001)	0
Deposit on real estate investment	(3,412,500)	0
Cash used in investing activities	(21,606,501)	0
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock	37,950,067	3,514,850
Proceeds from subordinated advances - related party	10,432,013	0
Payment of commissions and offering costs	(4,713,533)	(784,012)
Distributions paid to common stockholders	(724,181)	0
Net cash provided by financing activities	42,944,366	2,730,838
Net change in cash	22,194,806	2,691,324
Cash, beginning of year	1,213,014	200,000
Cash, end of period	23,407,820	2,891,324
Supplemental disclosure of cash flow information:
Distributions declared, but not paid	301,454	0
Commissions and other offering costs accrued but not paid	352,045	1,199,793
Subscription receivable	39,000	358,500
Value of shares issued from distribution reinvestment program	$ 215,248	$ 0

Organization

Organization	9 Months Ended
	Sep. 30, 2016
Organization [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	1. Organization Lightstone Real Estate Income Trust Inc. (‘‘Lightstone Income Trust’’), incorporated on September 9, 2014 Lightstone Income Trust sold 20,000 company (the ‘‘Advisor’’), an 10.00 Lightstone Income Trust, together with its wholly owned subsidiary, the REIT Cove LLC (the “Subsidiary”) (see Note 5), 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 is offering to sell up to 30,000,000 0.01 10.00 10,000,000 95 9.14 10.00 As of September 30, 2016, we had received 44.7 4.8 2.0 9.00 The Company has and will continue to seek to originate, acquire and manage a diverse portfolio of real estate-related investments. The Company may invest 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. The Company expects that a majority of its investments by value will 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. The f ‘ r ’ f f y f f f

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2016
Summary of Significant Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	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 Subsidiary have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ( ‘ ’ ’ f the f The unaudited statements of operations for interim periods are not necessarily indicative of results for the full year or any other period. The consolidated financial statements include the accounts of Lightstone Income Trust and Subsidiary (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. In August 2016, the Financial Accounting Standards Board (“FASB”) issued an accounting standards update which provides guidance on the classification of certain cash receipts and cash payments in the statement of cash flows, including those related to debt prepayment or debt extinguishment costs, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate-owned life insurance, and distributions received from equity method investees. This guidance is effective for fiscal years beginning after December 15, 2017, and for interim periods within those fiscal years. The guidance must be adopted on a retrospective basis and must be applied to all periods presented, but may be applied prospectively if retrospective application would be impracticable. We are currently evaluating the impact, if any, that the adoption of this guidance will have on its consolidated statement of cash flows. In June 2016, the FASB issued an accounting standards update which replaces the incurred loss impairment methodology current 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, 2019, including interim periods within those fiscal years. The Company is currently evaluating the effect that the new guidance will have on its consolidated financial statements and disclosures. In January 2016, the FASB issued an accounting standards update that eliminates the requirement for public business entities to disclose the method and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet and is effective for periods beginning after December 15, 2017 and early adoption is not permitted. This guidance will not have a material impact on the Company’s consolidated financial statements. In May 2014, the FASB issued an accounting standards update that provides for a single five-step model to be applied to all revenue contracts with customers as well as requires additional financial statement disclosures that will enable users to understand the nature, amount, timing, and uncertainty of revenue and cash flows relating to customer contracts. Companies have an option to use either a retrospective approach or cumulative effect adjustment approach to implement the standard. This guidance is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. The Company does not expect the adoption of this standard to have a material impact on its financial position, results of operations or cash flows. 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

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2016
Stockholder's Equity [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	3. 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 income/(loss) by the weighted-average number of shares of common stock outstanding during the applicable period. Subscription Receivable The subscription receivable relates to shares issued to the Company’s shareholders for which the proceeds have not yet been received by the Company solely due to timing of transfers from the escrow agent holding the funds. Distributions Distribution Declaration On November 14, 2016, the Board of Directors authorized and the Company declared a distribution for each month during the three-month period ending March 31, 2017. The distributions will be calculated based on shareholders of record at a rate of $ 0.002191781 365 8.0 10.00 Distribution Payments On August 14, 2016, September 15, 2016 and October 14, 2016, the Company paid distributions for the months ended July 31, 2016, August 31, 2016 and September 30, 2016, respectively, totaling $ 748,238 25,371 9.50 507,217 68 241,022 32

Selling Commissions, Dealer Man

Selling Commissions, Dealer Manager Fees and Other Offering Costs	9 Months Ended
	Sep. 30, 2016
Selling Commissions, Dealer Manager Fees and Other Offering Costs [Abstract]
Selling Commissions, Dealer Manager Fees and Other Offering Costs [Text Block]	4. Selling Commissions, Dealer Manager Fees and Other Offering Costs Selling commissions and dealer manager fees are paid to the Dealer Manager, pursuant to various agreements, and other third-party offering costs such as registration fees, due diligence fees, marketing costs, and professional fees are accounted for as a reduction against additional paid-in capital as costs are incurred. Organizational costs are expensed as general and administrative costs. For the Three Months Ended September 30, For the Nine Months Ended September 30, 2016 2015 2016 2015 Selling commissions and dealer manager fees $ 2,752,667 $ 106,027 $ 3,444,017 $ 118,402 Other offering costs $ (96,486) $ 286,173 $ 650,782 $ 1,865,403 Since the Company’s inception through September 30, 2016, it has incurred approximately $ 3.7 2.8

Related Party Transaction and O

Related Party Transaction and Other Arrangements	9 Months Ended
	Sep. 30, 2016
Related Party Transaction and Other Arrangements [Abstract]
Related Party Transactions Disclosure [Text Block]	5. Related Party T In addition to certain agreements with the Sponsor and Dealer Manager (see Note 4), the Company has agreements with the Advisor to pay certain fees, in exchange for services performed by the Advisor and/or its affiliated entities. Furthermore, the Advisor has and is expected to continue to advance certain organization and offering costs on behalf of the Company to the extent the Company does not have sufficient funds to pay such costs. As of December 31, 2015, the Company owed the Advisor and its affiliated entities an aggregate of $ 865,436 41,579 36,298 905,479 1,536 Cove Transaction On September 29, 2016, the Company, through its wholly owned subsidiary, REIT Cove LLC, LSG Cove LLC, an affiliate of the Company’s Sponsor and a related party, and Maximus Cove Investor LLC, an unrelated third party (collectively, the “Buyer”), entered into an agreement of sale and purchase (the “Cove Transaction”) with an unrelated third party, RP Cove, L.L.C (the “Seller”), pursuant to which the Buyer will acquire the Seller’s membership interest in the Cove at Tiburon, a 281-unit, luxury waterfront multifamily rental property located in Tiburon, California, for approximately $ 255.0 7.5 3.4 105-109 W. 28 th On November 25, 2015, the Company entered into an agreement (the “Moxy Transaction”) with various related party entities that provides for the Company to make aggregate preferred equity contributions (the “105-109 W. 28 th 20.0 th th 12 th th On August 30, 2016, the Company and the Developer amended the Moxy Transaction so that Company’s total aggregate contributions under the 105-109 W. 28 th Street Preferred Investment 17.0 37.0 The Company made an initial contribution of $ 4.0 18.2 22.2 4.0 14.8 600,366 1,103,133 th Subordinated Agreement On March 18, 2016, the C o m p a n y and it S po ns o entered into a subordinated unsecured loan agreement (the “Subordinated Agreement”) pursuant to which the Sponsor h a c o mm i m k s g n i f a n n v st m n t h C o m p n y o u $ 36.0 m i o n w h c i q u i v n 12.0 o h $ 300.0 m i o m x i m u of f r i n a m ou n o C mm o S h r p c f l y the Subordinated Agreement with the Sponsor provides for quarterly draws or advances (the “Subordinated Advances”) in an amount equal to the product of (i) $10.00 minus the Company’s then-current estimated NAV per share, multiplied by (ii) the number of Common Shares outstanding. T h d v n c u n d h S u bord n g r e m n w b u s n r a s t h a s v i b f o nv e s t m n r a e s - r t nv st m e n t s T h o u s n d i n v n e u n d h u bord n A g r e m n w i b a n r r o 1.48 % w h w a q u h m - t r pp b U.S. f d r r o ar 2016 I n r w r ro c i v l c r u o h o u s a n d n d v a n e u n d h S u bord n g r e m e n b c t h d o a q u r r l dr a w b u n i n r o o u s n d i n v n e w b d u a n p y b h S po ns o u n h o d r o h C o m p a n y ’ C o m m o S h r h a v r c v q u d o d s b u on q u t h r p c v n i n v t m e n 10.00 p l u u mu a v pr - a x n o - c o m p o un d n nu r t u r o 8 0 o h r p c v n nv e s t m e n s The Subordinated Agreement with the Sponsor will continue until the earlier of: (i) the termination of the Company’s initial public offering; (ii) advances under the Subordinated Agreement are equal to an aggregate of $36.0 million; and (iii) the Company receives gross offering proceeds of $300.0 million. T h d v n e un d h u bord n A g r e m w i h v t h e ff c o n r a s n t h Company’s NAV per share until holders of its Common Shares have received distributions equal to their respective net investments plus a cumulative, pre-tax, non-compounded annual return of 8.0% on their respective net investments. The Company cannot guarantee that holders of our Common Shares will receive the foregoing cumulative, pre-tax, non-compounded annual return. 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 85.0 15.0 The Subordinated Advances and its 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 During the first quarter of 2016, the Sponsor commenced making advances under the Subordinated Agreement and as of September 30, 2016 an aggregate of approximately $ 10.4 32,787 Correction of Balance Sheet Classification Error in Previously Issued Financial Statements As of March 31, 2016 and June 30, 2016, the aggregate outstanding advances under the Subordinated Agreement of approximately $ 3.1 5.7 Residual Equity Interest” and included as a component of equity on the Company’s consolidated balance sheets as of those dates, respectively. The Company has reclassified the aggregate outstanding advances under the Subordinated Agreement to “Subordinated Advances” which are classified as a liability on the consolidated balance sheet. There were no outstanding advances under the Subordinated Agreement prior to March 31, 2016 that would have required any reclassification. As of March 31, 2016 As of June 30, 2016 As Reported As Restated As Reported As Restated Total Assets $ 10,325,953 $ 10,325,953 $ 16,417,623 $ 16,417,623 Total Liabilities $ 409,529 $ 3,518,542 $ 427,120 $ 6,109,133 Total Stockholders' Equity $ 9,916,424 $ 6,807,411 $ 15,990,503 $ 10,308,490 Total Liabilities and Stockholders' Equity $ 10,325,953 $ 10,325,953 $ 16,417,623 $ 16,417,623

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	6. 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 Accoun13

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2016
Summary of Significant Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of Lightstone Income Trust and Subsidiary (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.
New Accounting Pronouncements, Policy [Policy Text Block]	New Accounting Pronouncements In August 2016, the Financial Accounting Standards Board (“FASB”) issued an accounting standards update which provides guidance on the classification of certain cash receipts and cash payments in the statement of cash flows, including those related to debt prepayment or debt extinguishment costs, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate-owned life insurance, and distributions received from equity method investees. This guidance is effective for fiscal years beginning after December 15, 2017, and for interim periods within those fiscal years. The guidance must be adopted on a retrospective basis and must be applied to all periods presented, but may be applied prospectively if retrospective application would be impracticable. We are currently evaluating the impact, if any, that the adoption of this guidance will have on its consolidated statement of cash flows. In June 2016, the FASB issued an accounting standards update which replaces the incurred loss impairment methodology current 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, 2019, including interim periods within those fiscal years. The Company is currently evaluating the effect that the new guidance will have on its consolidated financial statements and disclosures. In January 2016, the FASB issued an accounting standards update that eliminates the requirement for public business entities to disclose the method and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet and is effective for periods beginning after December 15, 2017 and early adoption is not permitted. This guidance will not have a material impact on the Company’s consolidated financial statements. In May 2014, the FASB issued an accounting standards update that provides for a single five-step model to be applied to all revenue contracts with customers as well as requires additional financial statement disclosures that will enable users to understand the nature, amount, timing, and uncertainty of revenue and cash flows relating to customer contracts. Companies have an option to use either a retrospective approach or cumulative effect adjustment approach to implement the standard. This guidance is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. The Company does not expect the adoption of this standard to have a material impact on its financial position, results of operations or cash flows. 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

Selling Commissions, Dealer M14

Selling Commissions, Dealer Manager Fees and Other Offering Costs (Tables)	9 Months Ended
	Sep. 30, 2016
Selling Commissions, Dealer Manager Fees and Other Offering Costs [Abstract]
Summary Of Fees And Offering Costs [Table Text Block]	The following table represents the selling commissions and dealer manager and other offering costs for the periods indicated: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2016 2015 2016 2015 Selling commissions and dealer manager fees $ 2,752,667 $ 106,027 $ 3,444,017 $ 118,402 Other offering costs $ (96,486) $ 286,173 $ 650,782 $ 1,865,403

Related Party Transaction and15

Related Party Transaction and Other Arrangements (Tables)	9 Months Ended
	Sep. 30, 2016
Related Party Transaction and Other Arrangements [Abstract]
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block]	The table below shows the effect of the balance sheet classification error on total liabilities and total stockholders' equity as of March 31, 2016 and June 30, 2016. As of March 31, 2016 As of June 30, 2016 As Reported As Restated As Reported As Restated Total Assets $ 10,325,953 $ 10,325,953 $ 16,417,623 $ 16,417,623 Total Liabilities $ 409,529 $ 3,518,542 $ 427,120 $ 6,109,133 Total Stockholders' Equity $ 9,916,424 $ 6,807,411 $ 15,990,503 $ 10,308,490 Total Liabilities and Stockholders' Equity $ 10,325,953 $ 10,325,953 $ 16,417,623 $ 16,417,623

Organization (Details Textual)

Organization (Details Textual) - USD ($)	Sep. 12, 2014	Sep. 30, 2016	Sep. 30, 2015	Jul. 25, 2016	Dec. 31, 2015
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
Gross proceeds from sale of common stock		$ 37,950,067	$ 3,514,850
Issuance of common shares, value		$ 37,950,067
Discounted Price Percentage					95.00%
Adjusted Offering Price		$ 9.14		$ 10
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		$ 2,000,000
Shares issued, price per share		$ 9
Stock Offering [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Shares reserved for issuance		30,000,000
Shares reserved for issuance, par value per share		$ 0.01
Shares reserved for issuance, price per share		$ 10
Gross proceeds from sale of common stock		$ 44,700,000
Issuance of common shares, shares		4,800,000
Distribution Reinvestment Plan [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Shares reserved for issuance		10,000,000

Stockholders' Equity (Details T

Stockholders' Equity (Details Textual) - USD ($)	Nov. 14, 2016	Sep. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends, Common Stock, Total		$ 1,194,735
Stock Issued During Period, Value, New Issues		$ 37,950,067
Dividend Paid [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage Of Distribution Paid From Offering Proceeds		68.00%
Dividends, Common Stock, Total		$ 748,238
Stock Issued During Period, Shares, Dividend Reinvestment Plan		25,371
Shares Issued, Price Per Share		$ 9.50
Stock Issued During Period, Value, New Issues		$ 507,217
Dividends, Common Stock, Stock		$ 241,022
Dividends Common Stock Percentage		32.00%
Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Distribution Rate Per Day	$ 0.002191781
Number Of Days Used To Calculate Dividend Per Day	365 days
Annualized Distribution Rate	8.00%
Share Price	$ 10

Selling Commissions, Dealer M18

Selling Commissions, Dealer Manager Fees and Other Offering Costs (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Selling commissions and dealer manager fees	$ 2,752,667	$ 106,027	$ 3,444,017	$ 118,402
Other offering costs	$ (96,486)	$ 286,173	$ 650,782	$ 1,865,403

Selling Commissions, Dealer M19

Selling Commissions, Dealer Manager Fees and Other Offering Costs (Details Textual) - USD ($)	3 Months Ended		9 Months Ended		25 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016
Fees and Commissions	$ 2,752,667	$ 106,027	$ 3,444,017	$ 118,402
Noninterest Expense Offering Cost	$ (96,486)	$ 286,173	$ 650,782	$ 1,865,403
IPO [Member]
Fees and Commissions					$ 3,700,000
Noninterest Expense Offering Cost					$ 2,800,000

Related Party Transaction and20

Related Party Transaction and Other Arrangements (Details) - USD ($)	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total Assets	$ 49,020,589	$ 16,417,623	$ 10,325,953	$ 5,213,448
Total Liabilities	11,151,278	6,109,133	3,518,542	1,082,711
Total Stockholders' Equity	37,869,311	10,308,490	6,807,411	4,130,737
Total Liabilities and Stockholders' Equity	$ 49,020,589	16,417,623	10,325,953	$ 5,213,448
Scenario, Previously Reported [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Total Assets		16,417,623	10,325,953
Total Liabilities		427,120	409,529
Total Stockholders' Equity		15,990,503	9,916,424
Total Liabilities and Stockholders' Equity		$ 16,417,623	$ 10,325,953

Related Party Transaction and21

Related Party Transaction and Other Arrangements (Details Textual) - USD ($)	1 Months Ended			3 Months Ended			9 Months Ended
	Aug. 30, 2016	Mar. 18, 2016	Nov. 25, 2015	Sep. 30, 2016	Dec. 31, 2015	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Jun. 30, 2016	Mar. 31, 2016
Related Party Transaction [Line Items]
Marketing expenses related to offering, recorded in APIC							$ 36,298
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures, Total				$ 22,194,001	$ 4,000,000		22,194,001
Investments in and Advances to Affiliates, Unfunded Contributions				14,800,000			14,800,000
Investment Income, Net, Total				600,366		$ 0	1,103,133	$ 0
Preferred Contributions, Aggregate Investments	$ 17,000,000		$ 20,000,000
Preferred Stock, Dividend Rate, Percentage			12.00%
Due to Affiliate				1,536	865,436		1,536
Organizational And Offering Expenses Paid							41,579
Payments for Expenses on Related Party Transactions							905,479
Payments to Acquire Interest in Subsidiaries and Affiliates, Total					4,000,000		18,194,001	$ 0
Increase In Preferred Contributions Aggregate Investments	$ 37,000,000
Deposit Assets				3,418,768	434		3,418,768
Notes Payable, Related Parties				10,464,800	$ 0		10,464,800
Subordinated Equity									$ 5,700,000	$ 3,100,000
Subordinated Debt [Member]
Related Party Transaction [Line Items]
Cumulative Annual Return On Net Investments Percent		8.00%
Liquidation Distributions Percent Payable To Company		85.00%
Liquidation Distributions Percent Payable To Sponsor		15.00%
Notes Payable, Related Parties				10,400,000			10,400,000
Interest Payable				$ 32,787			32,787
Return on Investment,Percentage		8.00%
Shares Issued, Price Per Share		$ 10
Debt Instrument, Description		the Subordinated Agreement with the Sponsor provides for quarterly draws or advances (the Subordinated Advances) in an amount equal to the product of (i) $10.00 minus the Companys then-current estimated NAV per share, multiplied by (ii) the number of Common Shares outstanding.
Subordinated Equity Agreement Terms		The Subordinated Agreement with the Sponsor will continue until the earlier of: (i) the termination of the Companys initial public offering; (ii) advances under the Subordinated Agreement are equal to an aggregate of $36.0 million; and (iii) the Company receives gross offering proceeds of $300.0 million.
Subordinated Debt		$ 36,000,000
Maximum Amount Of Offering		$ 300,000,000
Debt Instrument, Interest Rate, Stated Percentage		1.48%
Subordinated Debt Percentage to Equity offering		12.00%
Cove Transaction [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Purchases from Related Party							255,000,000
Related Party Transaction, Amounts of Transaction							$ 7,500,000