Lightstone Value Plus REIT IV (LTSV) 10-K 28 Mar 17 2016 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($) shares in Millions	12 Months Ended
	Dec. 31, 2016	Mar. 15, 2017	Jun. 30, 2016
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY
Entity Registrant Name	Lightstone Real Estate Income Trust Inc.
Entity Central Index Key	1,619,312
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Entity Public Float			$ 0
Entity Common Stock, Shares Outstanding		7.9

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Assets
Investment in related party	$ 37,000,000	$ 4,000,000
Cash	21,874,240	1,213,014
Deposit and other assets	5,818,713	434
Due from related parties	28,696	0
Total Assets	64,721,649	5,213,448
Liabilities and Stockholders' Equity
Accounts payable and other accrued expenses	267,726	171,105
Due to related parties	0	865,436
Distributions payable	413,275	46,170
Subordinated advances - related party	12,703,876	0
Total liabilities	13,384,877	1,082,711
Commitments and Contingencies
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, 6,397,005 and 723,975 shares issued and outstanding, respectively	63,970	7,240
Additional paid-in-capital	52,616,396	4,425,374
Subscription receivable	(274,449)	(1,000)
Accumulated deficit	(1,069,145)	(300,877)
Total Stockholders' Equity	51,336,772	4,130,737
Total Liabilities and Stockholders' Equity	$ 64,721,649	$ 5,213,448

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 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	6,397,005	723,975
Common Stock, shares outstanding	6,397,005	723,975

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Investment income	$ 1,928,708	$ 49,333
Expenses:
General and administrative costs	318,846	163,157
Interest expense	71,863	0
Total expenses	390,709	163,157
Net income/(loss)	$ 1,537,999	$ (113,824)
Net income/(loss) per common share, basic and diluted	$ 0.53	$ (0.45)
Weighted average number of common shares outstanding, basic and diluted	2,894,887	251,901

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)	Total	Common Shares [Member]	Additional Paid-In Capital [Member]	Subscription Receivable [Member]	Accumulated Deficit [Member]
Balance at Dec. 31, 2014	$ 200,000	$ 200	$ 199,800	$ 0	$ 0
Balance (in shares) at Dec. 31, 2014		20,000
Net income (loss)	(113,824)	$ 0	0	0	(113,824)
Distributions declared	(187,053)				(187,053)
Proceeds from offering	6,585,456	$ 7,024	6,579,432	(1,000)	0
Proceeds from offering (in shares)		702,404
Shares issued from distribution reinvestment program	14,932	$ 16	14,916	0	0
Shares issued from distribution reinvestment program (in shares)		1,571
Selling commissions and dealer manager fees	(258,816)	$ 0	(258,816)	0	0
Other offering costs	(2,109,958)	0	(2,109,958)	0	0
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 (loss)	1,537,999	$ 0	0	0	1,537,999
Distributions declared	(2,306,267)	0	0	0	(2,306,267)
Proceeds from offering	53,625,575	$ 56,342	53,842,682	(273,449)	0
Proceeds from offering (in shares)		5,634,177
Shares issued from distribution reinvestment program	545,124	$ 576	544,548	0	0
Shares issued from distribution reinvestment program (in shares)		57,651
Redemption and cancellation of shares	(183,252)	$ (188)	(183,064)	0
Redemption and cancellation of shares (in shares)		(18,798)
Selling commissions and dealer manager fees	(4,968,164)	$ 0	(4,968,164)	0	0
Other offering costs	(1,044,980)	0	(1,044,980)	0	0
Balance at Dec. 31, 2016	$ 51,336,772	$ 63,970	$ 52,616,396	$ (274,449)	$ (1,069,145)
Balance (in shares) at Dec. 31, 2016		6,397,005

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income/(loss)	$ 1,537,999	$ (113,824)
Changes in assets and liabilities:
Increase in other assets	(131,029)	(434)
Increase in accounts payable and other accrued expenses	22,550	26,453
Increase in accrued interest on subordinated advances - related party	71,863	0
(Decrease)/increase in due to related parties	(68,006)	39,310
Net cash provided by/(used in) operating activities	1,433,377	(48,495)
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in related party	(33,000,000)	(4,000,000)
Deposit on real estate investment	(5,687,250)	0
Cash used in investing activities	(38,687,250)	(4,000,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock	53,625,575	6,585,456
Proceeds from subordinated advances - related party	12,632,013	0
Payment of commissions and offering costs	(6,765,199)	(1,397,996)
Redemption and cancellation of common stock	(183,252)	0
Distributions paid to Company's common stockholders	(1,394,038)	(125,951)
Net cash provided by financing activities	57,915,099	5,061,509
Net change in cash	20,661,226	1,013,014
Cash, beginning of year	1,213,014	200,000
Cash, end of year	21,874,240	1,213,014
Supplemental disclosure of cash flow information:
Distributions declared, but not paid	413,275	46,170
Commissions and other offering costs accrued but not paid	218,723	970,778
Subscription receivable	273,449	1,000
Value of shares issued from distribution reinvestment program	$ 545,124	$ 14,932

Organization

Organization	12 Months Ended
	Dec. 31, 2016
Organization [Abstract]
Organization	1. Organization Lightstone Real Estate Income Trust Inc. (‘‘Lightstone Income Trust’’), incorporated on September 9, 2014 Lightstone Income Trust sold 20,000 200,000 10.00 Mr. Lichtenstein also is a majority owner of the equity interests of Lightstone Income Trust’s sponsor, The Lightstone Group, LLC (the ‘‘Sponsor’’) which owns a diversified portfolio of over 120 10,000 250,000 1.5 31 4.6 26 397 Subject to the oversight of the Company’s board of directors (the “Board of Directors”), the Advisor has primary responsibility for making investment decisions and managing the Company’s 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 the Lightstone Income Trust. Lightstone Income Trust, together with its subsidiaries is collectively referred to as the ‘‘Company’’ and the use of ‘‘we,’’ ‘‘our,’’ ‘‘us’’ or similar pronouns refers to Lightstone Income Trust or the Company as required by the context in which any such pronoun is used. The Company’s registration statement on Form S-11 (the “Offering”), pursuant to which it is offering to sell up to 30,000,000 0.01 10.00 10,000,000 9.50 60.4 6.4 2.0 9.00 100 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. Although the Company expects that most of its investments will be of these types, it may make other investments. In fact, it may invest in whatever types of real estate-related investments that it believes are in its best interests. The Company has no employees. The Company retains the Advisor to manage its affairs on a day-to-day basis. Orchard Securities, LLC (the ‘‘Dealer Manager’’), a third party not affiliated with the Company, the Sponsor or the Advisor, serves as the dealer manager of the Offering.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2016
Summary of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies The consolidated financial statements include the accounts of Lightstone Income Trust and its subsidiaries (over which it exercises financial and operating control). All inter-company balances and transactions have been eliminated in consolidation. The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“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 and investments in other real estate entities, depreciable lives of long-lived assets and revenue recognition. Application of these assumptions requires the exercise of judgment as to future uncertainties and, as a result, actual results could differ from these estimates. Investments in other real estate entities where the Company has the ability to exercise significant influence, but does not exercise financial and operating control, and is not considered to be the primary beneficiary will be accounted for using the equity method. Investments in other real estate entities where the Company has virtually no influence will be accounted for using the cost method. and cash equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. All cash and cash equivalents are held in commercial paper and money market funds. Real estate-related debt investments are intended to be held until maturity and accordingly, will be carried at cost, net of unamortized loan fees, origination fees, discounts, premiums and unfunded commitments. Real estate-related debt investments that are deemed impaired will be carried at amortized cost less a loan loss reserve, if deemed appropriate, which approximates fair value. Real estate-related debt investments where the Company does not intend to hold the investment for the foreseeable future or until the debt investment’s expected payoff will be classified as held for sale and recorded at the lower of cost or estimated value. Investment income will be recognized on an accrual basis and any related premium, discount, origination costs and fees will be amortized over the life of the investment using the effective interest method. The amortization will be reflected as an adjustment to investment income in the Company’s statements of operations. The amortization of a premium or accretion of a discount will be discontinued if such debt investment is reclassified to held for sale. Real Estate-Related Debt Investments Real estate-related debt investments will be considered impaired when, based on current information and events, it is probable that the Company will not be able to collect principal and interest amounts due according to the contractual terms. The Company will assess the credit quality of the portfolio and adequacy of loan loss reserves on a quarterly basis, or more frequently as necessary. Significant judgment of management will be required in this analysis. The Company will consider the estimated net recoverable value of the debt investment as well as other factors, including but not limited to the fair value of any collateral, the amount and the status of any senior debt, the quality and financial condition of the borrower and the competitive situation of the area where the underlying collateral is located. Because this determination will be based on projections of future economic events, which are inherently subjective, the amount ultimately realized may differ materially from the carrying value as of the balance sheet date. If upon completion of the assessment, the estimated fair value of the underlying collateral is less than the net carrying value of the debt investment, a loan loss reserve will be recorded with a corresponding charge to provision for loan losses. The loan loss reserve for each debt investment will be maintained at a level that is determined to be adequate by management to absorb probable losses. Income recognition will be suspended for a debt investment at the earlier of the date at which payments become 90 days past due or when, in the opinion of management, a full recovery of income and principal becomes doubtful. When the ultimate collectability of the principal of an impaired debt investment is in doubt, all payments will be applied to principal under the cost recovery method. When the ultimate collectability of the principal of an impaired debt investment is not in doubt, contractual interest will be recorded as interest income when received, under the cash basis method, until an accrual is resumed when the debt investment becomes contractually current and performance is demonstrated to be resumed. A debt investment will be written off when it is no longer realizable or is legally discharged. Investments in Unconsolidated Entities We will evaluate investments in other entities for consolidation. We will consider the percentage interest in the joint venture, evaluation of control and whether a variable interest entity exists when determining if the investment qualifies for consolidation. Under the equity method, the investment will be recorded initially at cost, and subsequently adjusted for equity in net income (loss) and cash contributions and distributions. The net income or loss of each investor will be allocated in accordance with the provisions of the operating agreement of the entity. The allocation provisions in these agreements may differ from the ownership interest held by each investor. Differences between the carrying amount of our investment in the respective joint venture and our share of the underlying equity of such unconsolidated entity will be amortized over the respective lives of the underlying assets as applicable. These items will be reported as a single line item in the statements of operations as income or loss from investments in unconsolidated affiliated entities. Under the cost method of accounting, the investment will be recorded initially at cost, and subsequently adjusted for cash contributions and distributions resulting from any capital events. Dividends earned from the underlying entity will be recorded as interest income. On a quarterly basis, we will assess whether the value of our investments in unconsolidated entities has been impaired. An investment is impaired only if management’s estimate of the fair value of the investment is less than the carrying value of the investment, and such decline in value is deemed to be other than temporary. The ultimate realization of our investment in partially owned entities is dependent on a number of factors including the performance of that entity and market conditions. If we determine that a decline in the value of a partially owned entity is other than temporary, we will record an impairment charge. The Company will capitalize initial direct costs associated with financing activities. The costs will be capitalized upon the execution of the loan , presented in the consolidated balance sheets as a direct deduction from the carrying value of the corresponding loan As of December 31, 2015, the Company was subject to federal income taxes as a regular (subchapter C) corporation. The Company intends to elect to be taxed as a REIT commencing with the taxable year ended December 31, 2016. If the Company qualifies as a REIT, it generally will not be subject to U.S. federal income tax on its taxable income or capital gain that it distributes to its stockholders. To maintain its REIT qualification, the Company must meet a number of organizational and operational requirements, including a requirement that it annually distribute to its stockholders at least 90 As of December 31, 2016 and 2015, the Company had no material uncertain income tax positions. Additionally, even if the Company qualifies as a REIT for U.S. federal income tax purposes, it may still be subject to some U.S. federal, state and local taxes on our income and property and to U.S. federal income taxes and excise taxes on its undistributed income. Organization costs are expensed as incurred. Offering costs include all the costs incurred in connection with the Offering. Organization and offering costs (other than selling commissions and dealer manager fees) of the Company may be paid by the Advisor on behalf of the Company. These costs include all costs and expenses paid by the Company in connection with its formation and the Offering, including the Company’s legal, accounting, printing, mailing and filing fees, charges of the escrow agent, reimbursements to the Dealer Manager and participating broker-dealers for due diligence expenses set forth in detailed and itemized invoices, amounts to reimburse the Advisor for its portion of the salaries of the employees of its affiliates who provide services to the Advisor, and other costs in connection with oversight of such Offering and the marketing process, such as preparing supplemental sales materials, holding educational conferences and attending retail seminars conducted by the Dealer Manager or participating broker-dealers. The Advisor has and will continue to advance organization and offering costs to the extent that the Company does not have the funds to pay such costs. The Company maintains its cash in bank deposit accounts, which, at times, may exceed U.S. federally insured limits. The Company has not experienced any losses in such accounts. The Company believes it is not exposed to any significant credit risk on cash and cash equivalents. Net earnings per Common Share will be computed by dividing the net income/(loss) by the weighted average number of shares of common stock outstanding. In January 2017, the Financial Accounting Standards Board (“FASB”) issued guidance that clarifies the definition of a business and assists in the evaluation of whether a transaction will be accounted for as an acquisition of an asset or as a business combination. The guidance provides a test to determine when a set of assets and activities acquired is not a business. When substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the set is not a business. Under the updated guidance, an acquisition of a single property will likely be treated as an asset acquisition as opposed to a business combination and associated transaction costs will be capitalized rather than expensed as incurred. Additionally, assets acquired, liabilities assumed, and any noncontrolling interest will be measured at their relative fair values. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2017, with early adoption permitted. This guidance will not have a material impact on the Company’s consolidated financial statements. In January 2017, FASB issued guidance that amends the Codification for SEC staff announcements made at recent Emerging Issues Task Force meetings. The SEC guidance that specifically relates to our consolidated financial statements was from the September 2016 meeting, where the SEC staff expressed their expectations about the extent of disclosures registrants should make about the effects of the new FASB guidance as well as any amendments issued prior to adoption, on revenue, leases and credit losses on financial investments. Registrants are required to disclose the effect that recently issued accounting standards will have on their financial statements when adopted in a future period. In cases where a registrant cannot reasonably estimate the impact of the adoption, then additional qualitative disclosures should be considered. The adoption this guidance did not have a material effect on the Company's consolidated financial statements. In August 2016, the issued FASB 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. This guidance will not have a material impact on the Company’s consolidated financial statements. In June 2016, the FASB issued an accounting standards update which replaces the incurred loss impairment methodology currently in use with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The new guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company does not expect that this guidance will have a material impact on its consolidated financial statements. 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 operations.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2016
Stockholder's Equity [Abstract]
Stockholder's Equity	3. Stockholders’ Equity Preferred Stock The Company’s charter authorizes the Company’s board of directors to designate and issue one or more classes or series of preferred stock without approval of the holders of Common Shares. On February 11, 2015, the Company amended and restated its charter to authorize the issuance of 50,000,000 Common Shares Subject to the restrictions on ownership and transfer of stock contained in the Company’s charter and except as may otherwise be specified in the charter, the holders of Common Shares will be entitled to one vote per Common Share on all matters submitted to a stockholder vote, including the election of the Company’s directors. There will be no cumulative voting in the election of directors. Therefore, the holders of a majority of outstanding Common Shares will be able to elect the Company’s entire board of directors. Except as the Company’s charter may provide with respect to any series of preferred stock that the Company may issue in the future, the holders of Common Shares will possess exclusive voting power. Holders of the Company’s Common Shares will be entitled to receive distributions as authorized from time to time by the Company’s board of directors and declared out of legally available funds, subject to any preferential rights of any preferred stock that the Company issues in the future. In any liquidation, each outstanding Common Share will entitle its holder to share (based on the percentage of Common Shares held) in the assets that remain after the Company pays its liabilities and any preferential distributions owed to preferred stockholders. Holders of Common Shares will not have preemptive rights, which means that there will be no automatic option to purchase any new Common Shares that the Company issues, nor will holders of Common Shares have any preference, conversion, exchange, sinking fund or redemption rights. Holders of Common Shares will not have appraisal rights unless the board of directors determines that appraisal rights apply, with respect to all or any classes or series of stock, to a particular transaction or all transactions occurring after the date of such determination in connection with which holders of such Common Shares would otherwise be entitled to exercise appraisal rights. Common Shares will be nonassessable by the Company upon its receipt of the consideration for which the board of directors authorized their issuance. On February 11, 2015, the Company amended and restated its charter to authorize the issuance of 200,000,000 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 a fact of timing of transfers from the escrow agent holding the funds. Distribution Declaration On October 28, 2015, the Board of Directors authorized and the Company declared a distribution rate which is calculated based on stockholders of record each day during the applicable period at a rate of $ 0.002191781 365 8.0 10.00 Total distributions declared during the year ended December 31, 2016 and 2015 were $ 2.3 187,053 On March 27, 2017, the Board of Directors authorized and the Company declared a distribution for each month during the three-month period ending June 30, 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 November 14, 2016, December 15, 2016 and January 14, 2017, the Company paid distributions for the months ended October 31, 2016, November 30, 2016 and December 31, 2016, respectively, totaling $ 1.1 39,794 9.50 95 10.00 576,436 52 157,048 14 378,047 34

Related Party Transactions and

Related Party Transactions and Other Arrangements	12 Months Ended
	Dec. 31, 2016
Related Party Transaction and Other Arrangements [Abstract]
Related Party Transactions and Other Arrangements	4. Related Party Transactions and Other Arrangements The Company has agreements with the Dealer Manager and the Advisor to pay certain fees, as follows, in exchange for services performed by these entities and other affiliated entities. During the first quarter of 2015, prior to breaking escrow, the Company paid $ 33,260 During the years ended December 31, 2016 and 2015, the Company paid $ 36,298 109,235 a reduction to additional paid in capital The Advisor has and will continue to advance the organization and offering costs to the extent that the Company does not have the funds to pay such costs. Subsequent to June 12, 2015 (date of breaking escrow), the Company recorded any offering costs incurred ($ 0.8 39,000 2.4 0.9 The following table summarizes all the compensation and fees the Company may pay to the Dealer Manager or to the Advisor or its affiliates, including amounts to reimburse their costs in providing services. Organization and Offering Stage Fees Amount Selling Commissions The Dealer Manager receives selling commissions in an amount of up to 7 21.0 30 7.0 2.0 1.0 3.0 1.0 10.0 3.5 Dealer Manager Fee The Dealer Manager receives a dealer manager fee in an amount of up to 3 9.0 1.7 Organization and Offering Expenses The Company reimburses the Advisor for all organization and offering expenses that it funds in connection with the Offering, other than the selling commissions and dealer manager fee. The Company expects that such organization and offering expenses, other than selling commissions and dealer manager fee, will amount to approximately 2 15 approximately $ 3.2 Operational Stage Fees Amount Acquisition Fee The Company pays to the Advisor or its affiliates 1 10.6 30 75 Acquisition Expenses The Company reimburses the Advisor for expenses actually incurred related to selecting, originating or acquiring investments on the Company’s behalf, regardless of whether the Company actually acquires the related investments. In addition, the Company pays third parties, or reimburses the Advisor or its affiliates, for any investment-related expenses due to third parties, including, but not limited to, legal fees and expenses, travel and communications expenses, accounting fees and expenses and other closing costs and miscellaneous expenses, regardless of whether the Company acquires the related investments. The Company estimates that total acquisition expenses (including those paid to third parties, as described above) will be approximately 0.6 5 6.3 Asset Management Fee The Company pays the Advisor or its assignees a monthly asset management fee equal to one-twelfth (1/12) of 1% of the cost of the Company’s assets. The cost of the Company’s assets means the amount funded by the Company for investments, including expenses and any financing attributable to such investments, less any principal received on such investments. Operational Stage (continued) Fees Amount Operating Expenses Beginning 12 months after the original effective date of the Offering, the Company reimburses the Advisor’s costs of providing administrative services, subject to the limitation that the Company generally will not reimburse the Advisor for any amount by which the total operating expenses at the end of the four preceding fiscal quarters exceeds the greater of (i) 2 25 Additionally, the Company reimburses the Advisor for personnel costs in connection with other services; however, the Company does not reimburse the Advisor for (a) services for which the Advisor or its affiliates are entitled to compensation in the form of a separate fee, or (b) the salaries and benefits of the Company’s named executive officers. Liquidation/Listing Stage Fees Amount Disposition Fee For substantial assistance in connection with the sale of investments and based on the services provided, as determined by the Company’s independent directors, the Company will pay to the Advisor or any of its affiliates a disposition fee equal to up to 1 1 Annual Subordinated Performance Fee The Company will pay the Advisor an annual subordinated performance fee calculated on the basis of the annual return to holders of Common Shares, payable annually in arrears. Specifically, in any year in which holders of Common Shares receive payment of an 8 15 provided 10 provided further Subordinated Participation in Net Sales Proceeds (payable only if the Company is not listed on an exchange and the advisory agreement is not terminated or non-renewed) The Advisor will receive from time to time, when available, including in connection with a merger, consolidation or sale, or other disposition of all or substantially all the Company’s assets, 15 Subordinated Incentive Listing Fee (payable only if we are listed on an exchange) Upon the listing of the Common Shares on a national securities exchange, including a listing in connection with a merger or other business combination, the Advisor will receive a fee equal to 15 Liquidation/Listing Stage (continued) Fees Amount Subordinated Fee upon Termination or Non- Renewal of the Advisory Agreement Upon termination or non-renewal of the advisory agreement with or without cause, including for poor performance by the Advisor, the Advisor will be entitled to receive a fee equal to 15 provided, however For the Year Ended December 31, 2016 2015 Selling commissions and dealer manager fees $ 4,968,164 $ 258,816 Other offering costs $ 1,044,980 $ 2,109,958 Since commencement of our Offering through December 31, 2016, we have incurred approximately $ 5.2 3.2 The Cove Transaction On September 29, 2016, the Company, through its wholly owned subsidiary, REIT Cove LLC (“REIT Cove”) along with LSG Cove LLC (“LSG Cove”), an affiliate of the Company’s Sponsor and a related party, and Maximus Cove Investor LLC (“Maximus”), 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 would acquire the all of the Seller’s membership interest in RP Maximus Cove, L.L.C. (the “Joint Venture”) for approximately $ 255.0 The Joint Venture owns and operates The Cove at Tiburon (“The Cove”), a 281-unit, luxury waterfront multifamily rental property located in Tiburon, California. Prior to entering into the Cove Transaction, Maximus previously owned a separate noncontrolling interest in the Joint Venture. On January 31, 2017, REIT Cove entered into an Assignment and Assumption Agreement (the “Assignment”) with another one of the Company’s wholly owned subsidiaries, REIT IV COVE LLC (“REIT IV Cove”) and REIT III COVE LLC (“REIT III Cove”), 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 together with REIT IV Cove, collectively, the “Assignees”. Under the terms of the Assignment, the Assignees were assigned the rights and obligations of REIT Cove with respect to the Cove Transaction. On January 31, 2017, REIT IV Cove, REIT III Cove, LSG Cove, and Maximus (the “Members”) completed the Cove Transaction for aggregate consideration of approximately $ 255.0 80 175 20.0 22.5 The Company’s interest in the Joint Venture is a non-managing interest, because it exerts significant influence over but does not control the Joint Venture, the Company will account for its ownership interest in the Joint Venture in accordance with the equity method of accounting. All distributions of earnings from the Joint Venture will be made on a pro rata basis in proportion to each Member’s equity interest percentage. Any distributions in excess of earnings from the Joint Venture will be made to the Members pursuant to the terms of the 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 will commence recording its allocated portion of profit and cash distributions beginning as of January 31, 2017 with respect to its membership interest of 22.5% in the Joint Venture. In connection with the closing of the Cove Transaction, the Joint Venture simultaneously entered into a $ 175.0 January 31, 2020 The Loan bears interest at Libor plus 3.85% through its initial maturity and Libor plus 4.15% during each of the extension periods. 43.8 10.9 The Cove is a multi-family complex consisting of 281-units, or 289,690 square feet, contained within 32 apartment buildings over 20.1 81.5 4.47 Starting in 2013, approximately $ 38 97 13.4 3.3 During the year ended December 31, 2016, the Buyer made nonrefundable deposits of approximately $ 12.6 5.7 Investment in Related Party 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 17.0 37.0 The Company made an initial contribution of $4.0 million during the fourth quarter of 2015 and additional contributions of $33.0 million during the year ended December 31, 2016. As of December 31, 2016 and 2015, the 105-109 W. 28th Street Preferred Investment had an outstanding balance of $37.0 million and $4.0 million, respectively, which is classified in investment in related party on the consolidated balance sheets. The Company funded the contributions using proceeds from its Offering. During the years ended December 31, 2016 and 2015, the Company recorded $ 1,928,708 49,333 th Subordinated Agreement On March 18, 2016, the Company and its Sponsor entered into a subordinated unsecured loan agreement (the “Subordinated Agreement”) pursuant to which the Sponsor has committed to make a significant investment in the Company of up to $ 36.0 12.0 300.0 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. 1.48 10.00 8.0 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. 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 advances under the Subordinated Agreement and accrued interest to the Sponsor, as described in the Subordinated Agreement. In the unlikely event that additional liquidation distributions are available after the Company repays its holders of common stock their respective net investments plus their 8 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% and only potentially payable in the event of a liquidation of the Company. During the first quarter of 2016, the Sponsor commenced making advances under the Subordinated Agreement and as of December 31, 2016 an aggregate of approximately $ 12.6 71,863

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	5. 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.

Quarterly Financial Data

Quarterly Financial Data	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Data	6. Quarterly Financial Data (Unaudited) 2016 Year ended Quarter ended Quarter ended Quarter ended Quarter ended December 31, December 31, September 30, June 30, March 31, Investment income $ 1,928,708 $ 825,575 $ 600,366 $ 347,634 $ 155,133 Net income $ 1,537,999 $ 675,206 $ 493,955 $ 275,357 $ 93,481 Net income applicable to Company's common shares $ 1,537,999 $ 675,206 $ 493,955 $ 275,357 $ 93,481 Net income per common share, basic and diluted $ 0.53 $ 0.12 $ 0.13 $ 0.20 $ 0.11 2015 Year ended Quarter ended Quarter ended Quarter ended Quarter ended December 31, December 31, September 30, June 30, March 31, Investment income $ 49,333 $ 49,333 $ - $ - $ - Net loss $ (113,824) $ (15,475) $ (45,678) $ (47,258) $ (5,413) Net loss applicable to Company's common shares $ (113,824) $ (15,475) $ (45,678) $ (47,258) $ (5,413) Net loss per common share, basic and diluted $ (0.45) $ (0.03) $ (0.14) $ (0.78) $ (0.27)

Summary of Significant Accoun13

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2016
Summary of Significant Accounting Policies [Abstract]
Basis of Presentation	The consolidated financial statements include the accounts of Lightstone Income Trust and its subsidiaries (over which it exercises financial and operating control). All inter-company balances and transactions have been eliminated in consolidation. The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“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 and investments in other real estate entities, depreciable lives of long-lived assets and revenue recognition. Application of these assumptions requires the exercise of judgment as to future uncertainties and, as a result, actual results could differ from these estimates. Investments in other real estate entities where the Company has the ability to exercise significant influence, but does not exercise financial and operating control, and is not considered to be the primary beneficiary will be accounted for using the equity method. Investments in other real estate entities where the Company has virtually no influence will be accounted for using the cost method.
Cash and cash equivalents	Cash and cash equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. All cash and cash equivalents are held in commercial paper and money market funds.
Real Estate-Related Debt Investments	Real estate-related debt investments are intended to be held until maturity and accordingly, will be carried at cost, net of unamortized loan fees, origination fees, discounts, premiums and unfunded commitments. Real estate-related debt investments that are deemed impaired will be carried at amortized cost less a loan loss reserve, if deemed appropriate, which approximates fair value. Real estate-related debt investments where the Company does not intend to hold the investment for the foreseeable future or until the debt investment’s expected payoff will be classified as held for sale and recorded at the lower of cost or estimated value. Investment income will be recognized on an accrual basis and any related premium, discount, origination costs and fees will be amortized over the life of the investment using the effective interest method. The amortization will be reflected as an adjustment to investment income in the Company’s statements of operations. The amortization of a premium or accretion of a discount will be discontinued if such debt investment is reclassified to held for sale.
Credit Losses and Impairment on Investments	Credit Losses and Impairment on Investments Real Estate-Related Debt Investments Real estate-related debt investments will be considered impaired when, based on current information and events, it is probable that the Company will not be able to collect principal and interest amounts due according to the contractual terms. The Company will assess the credit quality of the portfolio and adequacy of loan loss reserves on a quarterly basis, or more frequently as necessary. Significant judgment of management will be required in this analysis. The Company will consider the estimated net recoverable value of the debt investment as well as other factors, including but not limited to the fair value of any collateral, the amount and the status of any senior debt, the quality and financial condition of the borrower and the competitive situation of the area where the underlying collateral is located. Because this determination will be based on projections of future economic events, which are inherently subjective, the amount ultimately realized may differ materially from the carrying value as of the balance sheet date. If upon completion of the assessment, the estimated fair value of the underlying collateral is less than the net carrying value of the debt investment, a loan loss reserve will be recorded with a corresponding charge to provision for loan losses. The loan loss reserve for each debt investment will be maintained at a level that is determined to be adequate by management to absorb probable losses. Income recognition will be suspended for a debt investment at the earlier of the date at which payments become 90 days past due or when, in the opinion of management, a full recovery of income and principal becomes doubtful. When the ultimate collectability of the principal of an impaired debt investment is in doubt, all payments will be applied to principal under the cost recovery method. When the ultimate collectability of the principal of an impaired debt investment is not in doubt, contractual interest will be recorded as interest income when received, under the cash basis method, until an accrual is resumed when the debt investment becomes contractually current and performance is demonstrated to be resumed. A debt investment will be written off when it is no longer realizable or is legally discharged.
Investments in Unconsolidated Entities	Investments in Unconsolidated Entities We will evaluate investments in other entities for consolidation. We will consider the percentage interest in the joint venture, evaluation of control and whether a variable interest entity exists when determining if the investment qualifies for consolidation. Under the equity method, the investment will be recorded initially at cost, and subsequently adjusted for equity in net income (loss) and cash contributions and distributions. The net income or loss of each investor will be allocated in accordance with the provisions of the operating agreement of the entity. The allocation provisions in these agreements may differ from the ownership interest held by each investor. Differences between the carrying amount of our investment in the respective joint venture and our share of the underlying equity of such unconsolidated entity will be amortized over the respective lives of the underlying assets as applicable. These items will be reported as a single line item in the statements of operations as income or loss from investments in unconsolidated affiliated entities. Under the cost method of accounting, the investment will be recorded initially at cost, and subsequently adjusted for cash contributions and distributions resulting from any capital events. Dividends earned from the underlying entity will be recorded as interest income. On a quarterly basis, we will assess whether the value of our investments in unconsolidated entities has been impaired. An investment is impaired only if management’s estimate of the fair value of the investment is less than the carrying value of the investment, and such decline in value is deemed to be other than temporary. The ultimate realization of our investment in partially owned entities is dependent on a number of factors including the performance of that entity and market conditions. If we determine that a decline in the value of a partially owned entity is other than temporary, we will record an impairment charge.
Deferred Financing Costs	Deferred Financing Costs The Company will capitalize initial direct costs associated with financing activities. The costs will be capitalized upon the execution of the loan , presented in the consolidated balance sheets as a direct deduction from the carrying value of the corresponding loan
Income Taxes	Income Taxes As of December 31, 2015, the Company was subject to federal income taxes as a regular (subchapter C) corporation. The Company intends to elect to be taxed as a REIT commencing with the taxable year ended December 31, 2016. If the Company qualifies as a REIT, it generally will not be subject to U.S. federal income tax on its taxable income or capital gain that it distributes to its stockholders. To maintain its REIT qualification, the Company must meet a number of organizational and operational requirements, including a requirement that it annually distribute to its stockholders at least 90 As of December 31, 2016 and 2015, the Company had no material uncertain income tax positions. Additionally, even if the Company qualifies as a REIT for U.S. federal income tax purposes, it may still be subject to some U.S. federal, state and local taxes on our income and property and to U.S. federal income taxes and excise taxes on its undistributed income.
Organization and Offering Costs	Organization and Offering Costs Organization costs are expensed as incurred. Offering costs include all the costs incurred in connection with the Offering. Organization and offering costs (other than selling commissions and dealer manager fees) of the Company may be paid by the Advisor on behalf of the Company. These costs include all costs and expenses paid by the Company in connection with its formation and the Offering, including the Company’s legal, accounting, printing, mailing and filing fees, charges of the escrow agent, reimbursements to the Dealer Manager and participating broker-dealers for due diligence expenses set forth in detailed and itemized invoices, amounts to reimburse the Advisor for its portion of the salaries of the employees of its affiliates who provide services to the Advisor, and other costs in connection with oversight of such Offering and the marketing process, such as preparing supplemental sales materials, holding educational conferences and attending retail seminars conducted by the Dealer Manager or participating broker-dealers. The Advisor has and will continue to advance organization and offering costs to the extent that the Company does not have the funds to pay such costs.
Concentration of Risk	The Company maintains its cash in bank deposit accounts, which, at times, may exceed U.S. federally insured limits. The Company has not experienced any losses in such accounts. The Company believes it is not exposed to any significant credit risk on cash and cash equivalents.
Basic and Diluted Net Earnings per Common Share	Net Earnings per Common Share Net earnings per Common Share will be computed by dividing the net income/(loss) by the weighted average number of shares of common stock outstanding.
New Accounting Pronouncements	New Accounting Pronouncements In January 2017, the Financial Accounting Standards Board (“FASB”) issued guidance that clarifies the definition of a business and assists in the evaluation of whether a transaction will be accounted for as an acquisition of an asset or as a business combination. The guidance provides a test to determine when a set of assets and activities acquired is not a business. When substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the set is not a business. Under the updated guidance, an acquisition of a single property will likely be treated as an asset acquisition as opposed to a business combination and associated transaction costs will be capitalized rather than expensed as incurred. Additionally, assets acquired, liabilities assumed, and any noncontrolling interest will be measured at their relative fair values. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2017, with early adoption permitted. This guidance will not have a material impact on the Company’s consolidated financial statements. In January 2017, FASB issued guidance that amends the Codification for SEC staff announcements made at recent Emerging Issues Task Force meetings. The SEC guidance that specifically relates to our consolidated financial statements was from the September 2016 meeting, where the SEC staff expressed their expectations about the extent of disclosures registrants should make about the effects of the new FASB guidance as well as any amendments issued prior to adoption, on revenue, leases and credit losses on financial investments. Registrants are required to disclose the effect that recently issued accounting standards will have on their financial statements when adopted in a future period. In cases where a registrant cannot reasonably estimate the impact of the adoption, then additional qualitative disclosures should be considered. The adoption this guidance did not have a material effect on the Company's consolidated financial statements. In August 2016, the issued FASB 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. This guidance will not have a material impact on the Company’s consolidated financial statements. In June 2016, the FASB issued an accounting standards update which replaces the incurred loss impairment methodology currently in use with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The new guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company does not expect that this guidance will have a material impact on its consolidated financial statements. 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 operations.

Related Party Transactions an14

Related Party Transactions and Other Arrangements (Tables)	12 Months Ended
	Dec. 31, 2016
Related Party Transaction and Other Arrangements [Abstract]
Summary Of Fees And Offering Costs	For the Year Ended December 31, 2016 2015 Selling commissions and dealer manager fees $ 4,968,164 $ 258,816 Other offering costs $ 1,044,980 $ 2,109,958

Quarterly Financial Data (Table

Quarterly Financial Data (Tables)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information	The following table presents selected unaudited quarterly financial data for each quarter during the year ended December 31, 2016 and 2015: 2016 Year ended Quarter ended Quarter ended Quarter ended Quarter ended December 31, December 31, September 30, June 30, March 31, Investment income $ 1,928,708 $ 825,575 $ 600,366 $ 347,634 $ 155,133 Net income $ 1,537,999 $ 675,206 $ 493,955 $ 275,357 $ 93,481 Net income applicable to Company's common shares $ 1,537,999 $ 675,206 $ 493,955 $ 275,357 $ 93,481 Net income per common share, basic and diluted $ 0.53 $ 0.12 $ 0.13 $ 0.20 $ 0.11 2015 Year ended Quarter ended Quarter ended Quarter ended Quarter ended December 31, December 31, September 30, June 30, March 31, Investment income $ 49,333 $ 49,333 $ - $ - $ - Net loss $ (113,824) $ (15,475) $ (45,678) $ (47,258) $ (5,413) Net loss applicable to Company's common shares $ (113,824) $ (15,475) $ (45,678) $ (47,258) $ (5,413) Net loss per common share, basic and diluted $ (0.45) $ (0.03) $ (0.14) $ (0.78) $ (0.27)

Organization (Details Textual)

Organization (Details Textual)	Sep. 12, 2014USD ($)$ / sharesshares	Dec. 31, 2016USD ($)ft²$ / sharesshares	Dec. 31, 2015USD ($)$ / shares
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 | $		$ 53,625,575	$ 6,585,456
Issuance of common shares, value | $		$ 53,625,575	$ 6,585,456
The Lightstone Group (Sponsor) [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of Real Estate Properties		120
Number of States in which Entity Operates		26
Entity Number of Employees		397
Lightstone Real Estate Income LLC [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Issuance of common shares, shares | shares	20,000
Shares issued, price per share	$ 10
Company owned by David Lichtenstein [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Issuance of common shares, value | $	$ 200,000	$ 2,000,000
Shares issued, price per share		$ 9
Office [Member] | The Lightstone Group (Sponsor) [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Area of Real Estate Property | ft²		250,000
Industrial [Member] | The Lightstone Group (Sponsor) [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Area of Real Estate Property | ft²		1,500,000
Hotel [Member] | The Lightstone Group (Sponsor) [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of Real Estate Properties		31
Retail [Member] | The Lightstone Group (Sponsor) [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Area of Real Estate Property | ft²		4,600,000
Multifamily [Member] | The Lightstone Group (Sponsor) [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of Units in Real Estate Property		10,000
Stock Offering [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Shares reserved for issuance | shares		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 | $		$ 60,400,000
Issuance of common shares, shares | shares		6,400,000
Distribution Reinvestment Plan [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Shares reserved for issuance | shares		10,000,000
Shares reserved for issuance, price per share		$ 9.50

Summary of Significant Accoun17

Summary of Significant Accounting Policies (Details Textual)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Line Items]
REIT annual distribution, percent of taxable income	90.00%

Stockholders' Equity (Details T

Stockholders' Equity (Details Textual) - USD ($)	Mar. 15, 2017	Nov. 14, 2016	Oct. 28, 2015	Dec. 31, 2016	Dec. 31, 2015	Feb. 11, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred Stock, shares authorized				50,000,000	50,000,000	50,000,000
Common Stock, shares authorized				200,000,000	200,000,000	200,000,000
Distribution on per day basis			$ 0.002191781
Number of days used to calculate daily amount of distribution			365 days
Annualized rate of dividend			8.00%
Share Price		$ 10	$ 10
Dividends, Common Stock				$ 2,306,267	$ 187,053
Stock Issued During Period, Value, New Issues				53,625,575	$ 6,585,456
Dividend Distribution, Discounted Share Price Percentage		95.00%
Dividend Paid [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends, Common Stock				$ 1,100,000
Stock Issued During Period, Shares, Dividend Reinvestment Plan				39,794
Shares Issued, Price Per Share				$ 9.50
Stock Issued During Period, Value, New Issues				$ 576,436
Percentage of Distribution Paid From Cash Flows Provided By Operations				52.00%
Dividends, Common Stock, Cash				$ 157,048
Percentage Of Distribution Paid From Offering Proceeds				14.00%
Dividends, Common Stock, Stock				$ 378,047
Dividends Common Stock Percentage				34.00%
Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Distribution on per day basis	$ 0.002191781
Number of days used to calculate daily amount of distribution	365 days
Annualized rate of dividend	8.00%
Share Price	$ 10

Related Party Transaction and O

Related Party Transaction and Other Arrangements (Organization and Offering Stage) (Details) shares in Millions, $ in Millions	12 Months Ended	28 Months Ended
	Dec. 31, 2016USD ($)shares	Dec. 31, 2016USD ($)shares
Related Party Transaction [Line Items]
Selling commissions		$ 3.5
Dealer manager fee		1.7
Organization and offering expenses recorded in APIC		3.2
Stock Offering [Member]
Related Party Transaction [Line Items]
Expected selling commissions	$ 21	$ 21
Shares reserved for issuance | shares	30	30
Expected dealer manager fee	$ 9	$ 9
Dealer Manager [Member] | Stock Offering [Member]
Related Party Transaction [Line Items]
Selling commissions, percent of gross proceeds	7.00%
Dealer manager fee, percent of gross proceeds	3.00%
Participating broker-dealer or registered representative [Member]
Related Party Transaction [Line Items]
Dealer manager fee, percent of gross proceeds	10.00%
Participating broker-dealer or registered representative [Member] | Stock Offering [Member]
Related Party Transaction [Line Items]
Selling commissions, percent of gross proceeds	7.00%
Participating broker-dealer or registered representative [Member] | Stock Offering [Member] | Fourth Anniversary [Member]
Related Party Transaction [Line Items]
Selling commissions, percent of gross proceeds	1.00%
Participating broker-dealer or registered representative [Member] | Stock Offering [Member] | Fifth Anniversary [Member]
Related Party Transaction [Line Items]
Selling commissions, percent of gross proceeds	1.00%
Participating broker-dealer or registered representative [Member] | Stock Offering [Member] | Time of Sale of Stock [Member] | Fourth Anniversary [Member]
Related Party Transaction [Line Items]
Selling commissions, percent of gross proceeds	3.00%
Participating broker-dealer or registered representative [Member] | Stock Offering [Member] | Time of Sale of Stock [Member] | Fifth Anniversary [Member]
Related Party Transaction [Line Items]
Selling commissions, percent of gross proceeds	2.00%
Advisor [Member] | Stock Offering [Member]
Related Party Transaction [Line Items]
Organization and offering expenses, percent of gross proceeds	2.00%
Advisor [Member] | Stock Offering [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Organization and offering expenses, percent of gross proceeds	15.00%

Related Party Transaction and20

Related Party Transaction and Other Arrangements (Operational Stage) (Details) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2016USD ($)shares
Related Party Transaction [Line Items]
Acquisition fee, percent of debt incurred to originate or acquire investment	1.00%
Aggregate long-term permanent leverage percentage	75.00%
Acquisition expenses, percent of debt incurred to originate or acquire investment	0.60%
Acquisition fees and acquisition expenses, percent of debt incurred to originate or acquire investment	5.00%
Minimum percentage of average invested assets	2.00%
Minimum percentage of net income	25.00%
Stock Offering [Member]
Related Party Transaction [Line Items]
Estimated acquisition fee	$ 10.6
Estimated acquisition expenses	$ 6.3
Shares reserved for issuance | shares	30

Related Party Transaction and21

Related Party Transaction and Other Arrangements (Liquidation/Listing Stage) (Details)	12 Months Ended
	Dec. 31, 2016
Disposition fee, percentage of contract sales price	1.00%
Disposition fee, percentage of principal debt or associated fees	1.00%
Annual cumulative, pre-tax, non-compounded return on aggregate capital contributed, percent	8.00%
Annual subordinated performance fee after cumulative return, percent	15.00%
Annual subordinated performance fee, maximum percentage of aggregate return payable	10.00%
Subordinated Participation in Net Sales Proceeds, percentage	15.00%
Subordinated Incentive Listing Fee, percentage	15.00%
Subordinated Fee upon Termination or Non- Renewal of the Advisory Agreement, percentage	15.00%

Related Party Transactions an22

Related Party Transactions and Other Arrangements (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Related Party Transaction [Line Items]
Selling commissions and dealer manager fees	$ 4,968,164	$ 258,816
Other offering costs	$ 1,044,980	$ 2,109,958

Related Party Transactions an23

Related Party Transactions and Other Arrangements (Details Textual)	1 Months Ended					3 Months Ended								9 Months Ended	12 Months Ended		28 Months Ended
	Jan. 31, 2017USD ($)a$ / shares	Sep. 29, 2016USD ($)	Aug. 30, 2016USD ($)	Mar. 18, 2016USD ($)$ / shares	Nov. 25, 2015USD ($)	Dec. 31, 2016USD ($)	Sep. 30, 2016USD ($)	Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Jun. 12, 2015USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2016USD ($)
Related Party Transaction [Line Items]
Organizational and offering expenses paid													$ 33,260
Marketing expenses related to offering, recorded in APIC															$ 36,298	$ 109,235
Fees and Commissions															4,968,164	258,816
Noninterest Expense Offering Cost															1,044,980	2,109,958
Proceeds from Related Party Debt															12,632,013	0
Interest Payable						$ 71,863									71,863		$ 71,863
Preferred Contributions, Aggregate Investments			$ 17,000,000		$ 20,000,000
Increase In Preferred Contributions Aggregate Investments			$ 37,000,000
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures						37,000,000				$ 4,000,000					37,000,000	4,000,000	37,000,000
Payments to Acquire Interest in Subsidiaries and Affiliates, Total										4,000,000					33,000,000	4,000,000
Investment Income, Net						825,575	$ 600,366	$ 347,634	$ 155,133	49,333	$ 0	$ 0	$ 0		1,928,708	49,333
Notes Payable, Related Parties						12,703,876				0					12,703,876	0	12,703,876
Preferred Stock, Dividend Rate, Percentage					12.00%
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs														$ 800,000	4,968,164	258,816
Due to Affiliate						0				$ 865,436					0	865,436	0
General and Administrative Expense														$ 39,000	318,846	$ 163,157
Subsequent Event [Member]
Related Party Transaction [Line Items]
Guarantor Obligations, Current Carrying Value	$ 43,800,000
Area of Land | a	20.1
Percentage Of Acquisition	81.50%
Average Rental Price Per Square Foot | $ / shares	$ 4.47
Subsequent Event [Member] | Loan [Member]
Related Party Transaction [Line Items]
Debt Instrument, Face Amount	$ 175,000,000
Debt Instrument, Maturity Date	Jan. 31, 2020
Debt Instrument, Description of Variable Rate Basis	The Loan bears interest at Libor plus 3.85% through its initial maturity and Libor plus 4.15% during each of the extension periods.
Subsequent Event [Member] | Refurbishment Guarantee [Member]
Related Party Transaction [Line Items]
Guarantor Obligations, Current Carrying Value	$ 13,400,000
Investment In Real Estate Property	$ 38,000,000
Percenatage Of Completion	97.00%
Subsequent Event [Member] | Parent Company [Member]
Related Party Transaction [Line Items]
Guarantor Obligations, Current Carrying Value	$ 10,900,000
Subsequent Event [Member] | Maximum [Member] | Refurbishment Guarantee [Member]
Related Party Transaction [Line Items]
Guarantor Obligations, Current Carrying Value	3,300,000
Cove Transaction [Member]
Related Party Transaction [Line Items]
Business Combination, Consideration Transferred		$ 255,000,000
Notes Payable, Related Parties						12,600,000									12,600,000		12,600,000
Deposit Assets						$ 5,700,000									$ 5,700,000		5,700,000
Cove Transaction [Member] | Subsequent Event [Member]
Related Party Transaction [Line Items]
Business Combination, Consideration Transferred	255,000,000
Payments to Acquire Businesses, Gross	80,000,000
Proceeds from Issuance of Debt	$ 175,000,000
Business Acquisition, Percentage of Voting Interests Acquired	22.50%
Payments to Acquire Interest in Joint Venture	$ 20,000,000
IPO [Member]
Related Party Transaction [Line Items]
Fees and Commissions																	5,200,000
Noninterest Expense Offering Cost																	$ 3,200,000
Subordinated Debt [Member]
Related Party Transaction [Line Items]
Subordinated Debt				$ 36,000,000
Subordinated Debt Percentage To Equity Offering				12.00%
Maximum Amount Of Offering				$ 300,000,000
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.
Debt Instrument, Interest Rate, Stated Percentage				1.48%
Shares Issued, Price Per Share | $ / shares				$ 10
Return On Investment Percentage				8.00%
Cumulative Annual Return On Net Investments Percent				8.00%
Liquidation Distribution sPercent Payable To Company				85.00%
Liquidation Distributions Percent Payable To Sponsor				15.00%

Quarterly Financial Data (Detai

Quarterly Financial Data (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Investment income	$ 825,575	$ 600,366	$ 347,634	$ 155,133	$ 49,333	$ 0	$ 0	$ 0	$ 1,928,708	$ 49,333
Net income	675,206	493,955	275,357	93,481	(15,475)	(45,678)	(47,258)	(5,413)	1,537,999	(113,824)
Net income applicable to Company's common shares	$ 675,206	$ 493,955	$ 275,357	$ 93,481	$ (15,475)	$ (45,678)	$ (47,258)	$ (5,413)	$ 1,537,999	$ (113,824)
Net income per common share, basic and diluted	$ 0.12	$ 0.13	$ 0.2	$ 0.11	$ (0.03)	$ (0.14)	$ (0.78)	$ (0.27)	$ 0.53	$ (0.45)