Lightstone Value Plus REIT IV (LTSV) 10-Q 14 Aug 17 2017 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares shares in Millions	6 Months Ended
	Jun. 30, 2017	Aug. 01, 2017
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
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		8.9

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Assets
Investment in related party	$ 37,000,000	$ 37,000,000
Investments in unconsolidated affiliated real estate entities	31,196,532	0
Cash	17,151,618	21,874,240
Deposit and other assets	36,715	5,818,713
Due from related parties	0	28,696
Total Assets	85,384,865	64,721,649
Liabilities and Stockholders' Equity
Accounts payable and other accrued expenses	187,203	267,726
Due to related parties	56,144	0
Distributions payable	587,859	413,275
Subordinated advances - related party	12,796,585	12,703,876
Total liabilities	13,627,791	13,384,877
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, 8,960,358 and 6,397,005 shares issued and outstanding, respectively	89,603	63,970
Additional paid-in-capital	75,666,683	52,616,396
Subscription receivable	0	(274,449)
Accumulated deficit	(3,999,212)	(1,069,145)
Total Stockholders' Equity	71,757,074	51,336,772
Total Liabilities and Stockholders' Equity	$ 85,384,865	$ 64,721,649

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2017	Dec. 31, 2016
Preferred Stock, par value per share	$ 0.01	$ 0.01
Preferred Stock, shares authorized	50,000,000	50,000,000
Preferred Stock, shares issued	0	0
Preferred Stock, shares outstanding	0	0
Common Stock, par value per share	$ 0.01	$ 0.01
Common Stock, shares authorized	200,000,000	200,000,000
Common Stock, shares issued	8,960,358	6,397,005
Common Stock, shares outstanding	8,960,358	6,397,005

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Income:
Investment income	$ 1,122,333	$ 347,634	$ 2,232,333	$ 502,767
Loss from investment in unconsolidated affiliated real estate entity	(813,170)	0	(1,325,877)	0
Total income	309,163	347,634	906,456	502,767
Expenses:
General and administrative costs	246,574	60,628	501,036	122,280
Interest expense	46,611	11,649	92,709	11,649
Total expenses	293,185	72,277	593,745	133,929
Net income	$ 15,978	$ 275,357	$ 312,711	$ 368,838
Net income per common share, basic and diluted	$ 0	$ 0.2	$ 0.04	$ 0.32
Weighted average number of common shares outstanding, basic and diluted	8,957,184	1,409,636	8,194,647	1,139,159

CONSOLIDATED STATEMENT OF STOCK

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - 6 months ended Jun. 30, 2017 - USD ($)	Total	Common Shares [Member]	Additional Paid-In Capital [Member]	Subscription Receivable [Member]	Accumulated Deficit [Member]
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
Net income	312,711	$ 0	0	0	312,711
Distributions declared	(3,242,778)	0	0	0	(3,242,778)
Proceeds from offering	25,164,695	$ 25,060	24,865,186	274,449	0
Proceeds from offering (in shares)		2,506,031
Shares issued from distribution reinvestment program	658,652	$ 693	657,959	0	0
Shares issued from distribution reinvestment program (in shares)		69,333
Redemption and cancellation of shares	(116,580)	$ (120)	(116,460)	0
Redemption and cancellation of shares (in shares)		(12,011)
Selling commissions and dealer manager fees	(2,330,905)	$ 0	(2,330,905)	0	0
Other offering costs	(25,493)	0	(25,493)	0	0
BALANCE at Jun. 30, 2017	$ 71,757,074	$ 89,603	$ 75,666,683	$ 0	$ (3,999,212)
BALANCE (in shares) at Jun. 30, 2017		8,960,358

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 312,711	$ 368,838
Adjustments to reconcile net income to net cash provided by operating activities:
Loss from investment in unconsolidated affiliated real estate entity	1,325,877	0
Changes in assets and liabilities:
Decrease/(increase) in other assets	94,748	(4,868)
Increase in accounts payable and other accrued expenses	10,686	4,348
Increase in accrued interest on subordinated advances - related party	92,709	0
Increase/(decrease) in due to related parties	84,840	(38,701)
Net cash provided by operating activities	1,921,571	329,617
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in related party	0	(11,900,000)
Investments in unconsolidated affiliated real estate entities	(26,835,160)	0
Cash used in investing activities	(26,835,160)	(11,900,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock	25,164,695	7,668,018
Proceeds from subordinated advances - related party	0	5,682,013
Payment of commissions and offering costs	(2,447,606)	(2,141,786)
Redemption and cancellation of common stock	(116,580)	0
Distributions paid to Company's common stockholders	(2,409,542)	(350,204)
Net cash provided by financing activities	20,190,967	10,858,041
Net change in cash	(4,722,622)	(712,342)
Cash, beginning of year	21,874,240	1,213,014
Cash, end of year	17,151,618	500,672
Supplemental disclosure of cash flow information:
Distributions declared, but not paid	587,859	98,101
Commissions and other offering costs accrued but not paid	127,515	267,611
Value of shares issued from distribution reinvestment program	658,652	44,362
Application of deposit to acquisition of investment property	$ 5,687,250	$ 0

Organization

Organization	6 Months Ended
	Jun. 30, 2017
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 10.00 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 significant influence over but does not control Lightstone Income Trust. Lightstone Income Trust, together with its subsidiaries is collectively referred to as the ‘‘Company’’ and the use of ‘‘we,’’ ‘‘our,’’ ‘‘us’’ or similar pronouns refers to Lightstone Income Trust or the Company as required by the context in which any such pronoun is used. The Company’s registration statement on Form S-11 (the “Offering”), pursuant to which it offered to sell up to 30,000,000 0.01 10.00 10,000,000 95 On June 30, 2016, the Company adjusted its offering price to $ 9.14 10.00 10.00 The Offering, which terminated on March 31, 2017, raised aggregate gross proceeds of approximately $ 85.6 8.9 2.0 9.00 100 12.6 7.6 3.2 87.5 On April 21, 2017, the Company’s board of directors approved the termination of the DRIP effective May 15, 2017. Previously, the Company’s stockholders had an option to elect the receipt of shares of the Company’s common stock in lieu of cash distributions under the Company’s DRIP, however, all future distributions will be in the form of cash. In addition, through May 15, 2017 (the termination date of the DRIP), the Company issued approximately 0.1 1.2 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 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, served as the dealer manager of the Offering until their termination on March 31, 2017 as a result of the termination of the Offering. The Advisor is an affiliate of the Sponsor and will receive compensation and fees for services related to the investment and management of the Company’s assets.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2017
Summary of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies The accompanying unaudited interim consolidated financial statements include all adjustments (consisting only of normal recurring adjustments) and accruals necessary in the judgment of management for a fair presentation of the results for the periods presented. The accompanying unaudited consolidated financial statements of the Lightstone Income Trust The 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 debt investments and securities, the valuation of the investment in related party and revenue recognition. Application of these assumptions requires the exercise of judgment as to future uncertainties and, as a result, actual results could differ from these estimates. The unaudited statements of operations for interim periods are not necessarily indicative of results for the full year or any other period. Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of Lightstone Income Trust and Subsidiaries (over which the Company exercises financial and operating control). All inter-company accounts and transactions have been eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members as well as whether the entity is a variable interest entity for which the Company is the primary beneficiary. 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 August 2016, the 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. 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 adoption of this standard will not have a material impact on the Company’s consolidated financial statements. The Company has reviewed and determined that other recently issued accounting pronouncements will not have a material impact on its consolidated financial position, results of operations and cash flows, or do not apply to its current operations.

Investments in Unconsolidated A

Investments in Unconsolidated Affiliated Real Estate Entities	6 Months Ended
	Jun. 30, 2017
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Affiliated Real Estate Entities	3. Investments in Unconsolidated Affiliated Real Estate Entities The entities listed below are partially owned by the Company. The Company accounts for these investments under the equity method of accounting as the Company exercises significant influence, but does not exercise financial and operating control, and is not considered to be the primary beneficiary of these entities. As of Entity Date of Ownership June 30, December 31, RP Maximus Cove, L.L.C. (the “Cove Joint Venture”) January 31, 2017 22.50 % $ 19,293,818 $ - 40 East End Ave. Pref Member LLC (“40 East End Ave. Joint Venture”) March 31, 2017 33.30 % 11,902,714 - Total investments in unconsolidated affiliated real estate entities $ 31,196,532 $ - The Cove Joint Venture On September 29, 2016, the Company, through its wholly owned subsidiary, REIT Cove LLC (“REIT Cove”), LSG Cove LLC (“LSG Cove”), an affiliate of the Lightstone Group, LLC, 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 with an unrelated third party, RP Cove, L.L.C (the “Seller”), pursuant to which the Buyer would acquire the Seller’s membership interest in RP Maximus Cove, L.L.C. (the “Cove Joint Venture”) for approximately $ 255.0 On January 31, 2017, REIT Cove entered into an Assignment and Assumption Agreement (the “Assignment”) with another 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 22.5 573,750 1.0 The Company’s interest in the Cove Joint Venture is a non-managing interest. The Company determined that the Cove Joint Venture is a variable interest entity (“VIE”) and because the Company exerts significant influence over but does not control the Cove Joint Venture, it will account for its ownership interest in the Cove Joint Venture in accordance with the equity method of accounting. All distributions of earnings from the Cove Joint Venture will be made on a pro rata basis in proportion to each Members’ equity interest percentage. Any distributions in excess of earnings from the Cove Joint Venture will be made to the Members pursuant to the terms of the Cove Joint Venture’s operating agreement. An affiliate of Maximus is the asset manager of The Cove and receives certain fees as defined in the Property Management Agreement for the management of The Cove. The Company commenced recording its allocated portion of profit or loss and cash distributions beginning as of January 31, 2017 with respect to its membership interest of 22.5% in the Cove Joint Venture. In connection with the closing of the Cove Transaction, the Cove Joint Venture simultaneously entered into a $ 175.0 January 31, 2020 43.8 10.9 Starting in 2013, the Cove has been undergoing an extensive refurbishment which is substantially completed. The Members intend to use remaining proceeds from the Loan and to invest additional capital if necessary to complete the remainder of the refurbishment. The Guarantor provided an additional guarantee of up to approximately $ 13.4 3.3 The Company has determined that the fair value of both the Loan Guarantee and the Refurbishment Guarantee are immaterial. The Cove Joint Venture Condensed Financial Information The Company’s carrying value of its interest in the Cove Joint Venture differs from its share of member’s equity reported in the condensed balance sheet of the Cove Joint Venture due to the Company’s basis of its investment in excess of the historical net book value of the Cove Joint Venture. The Company’s additional basis allocated to depreciable assets is being recognized on a straight-line basis over the lives of the appropriate assets. For the Period January 31, 2017 For the Three (date of investment) Months Ended through (amounts in thousands) June 30, 2017 June 30, 2017 Revenue $ 3,127 $ 5,201 Property operating expenses 1,268 1,901 General and administrative costs 16 142 Depreciation and amortization 2,381 3,964 Operating loss (538) (806) Interest expense and other, net (2,278) (3,756) Net loss $ (2,816) $ (4,562) Company's share of net loss (22.50%) $ (633) $ (1,027) Additional depreciation and amortization expense (1) (180) (299) Company's loss from investment $ (813) $ (1,326) As of (amounts in thousands) June 30, 2017 Real estate, at cost (net) $ 152,813 Cash and restricted cash 3,262 Other assets 1,161 Total assets $ 157,236 Mortgage payable, net $ 173,116 Other liabilities 1,662 Members' deficit (1) (17,542) Total liabilities and members' deficit $ 157,236 (1) Additional depreciation and amortization expense relates to the difference between the Company’s basis in the Cove Joint Venture and the amount of the underlying equity in net assets of the Cove Joint Venture. 40 East End Ave. Joint Venture On March 31, 2017, the Company entered into a joint venture agreement (the “40 East End Ave. Transaction”) with SAYT Master Holdco LLC, an entity majority-owned and controlled by David Lichtenstein, who also majority owns and controls the Company’s Sponsor, and a related party, (the “Seller”), providing for the Company to acquire 33.3 100 10.3 4.8 1.6 In accordance with the Company’s charter, a majority of the Company’s board of directors, including a majority of the Company’s independent directors not otherwise interested in the transaction, approved the 40 East End Ave. Transaction as fair and reasonable to the Company and on terms and conditions not less favorable to the Company than those available from unaffiliated third parties. The Company’s interest in the 40 East End Ave. Joint Venture is a non-managing interest. Because the Company exerts significant influence over but does not control the 40 East End Ave. Joint Venture, it will account for its ownership interest in the 40 East End Ave. Joint Venture in accordance with the equity method of accounting. All contributions to and distributions of earnings from the 40 East End Ave. Joint Venture 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 40 East End Ave. Joint Venture will be made to the Members pursuant to the terms of its operating agreement. The Company will commence recording its allocated portion of earnings and cash distributions from the 40 East End Ave. Joint Venture beginning as of March 31, 2017 with respect to its membership interest of approximately 33.3 30.0 12 The 40 East End Ave. Joint Venture, through affiliates, owns a parcel of land located at the corner of 81 st As of (amounts in thousands) June 30, 2017 Real estate inventory $ 72,362 Cash and restricted cash 28 Other assets 100 Total assets $ 72,490 Mortgage payable, net $ 4,743 Other liabilities 1,936 Members' capital 65,811 Total liabilities and members' capital $ 72,490

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2017
Stockholder's Equity [Abstract]
Stockholder's Equity	4. 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 as of the balance sheet date solely due to timing of transfers from the escrow agent holding the funds. Distributions Distribution Declaration On August 8, 2017, the Board of Directors authorized and the Company declared a distribution for each month during the three-month period ending December 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 May 15, 2017, June 15, 2017 and July 14, 2017, the Company paid distributions for the months ended April 31, 2017, May 28, 2017 and June 31, 2017, respectively, totaling $ 1,782,928 10 9.50 725,411 40 1,057,418 59 98 1

Selling Commissions, Dealer Man

Selling Commissions, Dealer Manager Fees and Other Offering Costs	6 Months Ended
	Jun. 30, 2017
Selling Commissions Dealer Manager Fees And Other Offering Costs [Abstract]
Selling Commissions, Dealer Manager Fees and Other Offering Costs	5. Selling Commissions, Dealer Manager Fees and Other Offering Costs Selling commissions and dealer manager fees were paid to the Dealer Manager, pursuant to various agreements that were terminated on March 31, 2017, in connection with the termination of the Offering, 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 June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Selling commissions and dealer manager fees $ - $ 361,287 $ 2,330,905 $ 691,350 Other offering costs $ (135,460) $ 351,452 $ 25,493 $ 747,268 Since the Company’s inception through March 31, 2017 (the termination date of the Offering), it has incurred approximately $ 7.6 3.2

Related Party Transaction and O

Related Party Transaction and Other Arrangements	6 Months Ended
	Jun. 30, 2017
Related Party Transaction and Other Arrangements [Abstract]
Related Party Transaction and Other Arrangements	6. Related Party Transaction and Other Arrangements In addition to certain agreements with the Sponsor and Dealer Manager (see Note 5), the Company has agreements with the Advisor to pay certain fees, in exchange for services performed by the Advisor and/or its affiliated entities. For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Acquisition fees (general and administrative costs) $ - $ - $ 573,750 $ - Asset management fees (general and administrative costs) 157,514 - 261,807 - Total $ 157,514 $ - $ 835,557 $ - The acquisition fee for the Cove Joint Venture of $ 573,750 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 As of both June 30, 2017 and December 31, 2016, the 105-109 W. 28th Street Preferred Investment had an outstanding balance of $ 37.0 1,122,333 2,232,333 347,634 502,767 th Subordinated Advances – Related Party On March 18, 2016, the Company and its Sponsor entered into a subordinated unsecured loan agreement (the “Subordinated Agreement”) pursuant to which the Sponsor had committed to make a significant investment in the Company of up to $ 36.0 12.0 300.0 1.48 10.00 8.0 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 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. As of June 30, 2017, an aggregate of approximately $ 12.6 164,572 46,611 92,709 11,649 In connection with the termination of the Offering, on March 31, 2017, the Company and the Sponsor terminated the Subordinated Agreement. As a result of the termination, the Sponsor is no longer obligated to make Subordinated Advances to the Company. Interest will continue to accrue on the aggregate Subordinated Advances and repayment, if any, of the Subordinated Advances and accrued interest will be made according to the terms of the Subordinated Agreement disclosed above.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	7 . 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 Accoun14

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2017
Summary of Significant Accounting Policies [Abstract]
Basis of Presentation	Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of Lightstone Income Trust and Subsidiaries (over which the Company exercises financial and operating control). All inter-company accounts and transactions have been eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members as well as whether the entity is a variable interest entity for which the Company is the primary beneficiary.
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 August 2016, the 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. 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 adoption of this standard will not have a material impact on the Company’s consolidated financial statements. The Company has reviewed and determined that other recently issued accounting pronouncements will not have a material impact on its consolidated financial position, results of operations and cash flows, or do not apply to its current operations.

Investments in Unconsolidated15

Investments in Unconsolidated Affiliated Real Estate Entities (Tables)	6 Months Ended
	Jun. 30, 2017
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	A summary of the Company’s investments in the unconsolidated affiliated real estate entities is as follows: As of Entity Date of Ownership June 30, December 31, RP Maximus Cove, L.L.C. (the “Cove Joint Venture”) January 31, 2017 22.50 % $ 19,293,818 $ - 40 East End Ave. Pref Member LLC (“40 East End Ave. Joint Venture”) March 31, 2017 33.30 % 11,902,714 - Total investments in unconsolidated affiliated real estate entities $ 31,196,532 $ -
RP Maximus Cove, L.L.C [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments Summarized Income Statement Information	The following table represents the unaudited condensed income statement for the Cove Joint Venture: For the Period January 31, 2017 For the Three (date of investment) Months Ended through (amounts in thousands) June 30, 2017 June 30, 2017 Revenue $ 3,127 $ 5,201 Property operating expenses 1,268 1,901 General and administrative costs 16 142 Depreciation and amortization 2,381 3,964 Operating loss (538) (806) Interest expense and other, net (2,278) (3,756) Net loss $ (2,816) $ (4,562) Company's share of net loss (22.50%) $ (633) $ (1,027) Additional depreciation and amortization expense (1) (180) (299) Company's loss from investment $ (813) $ (1,326)
Equity Method Investments, Summarized Balance Sheet Information	The following table represents the unaudited condensed balance sheet for the Cove Joint Venture: As of (amounts in thousands) June 30, 2017 Real estate, at cost (net) $ 152,813 Cash and restricted cash 3,262 Other assets 1,161 Total assets $ 157,236 Mortgage payable, net $ 173,116 Other liabilities 1,662 Members' deficit (1) (17,542) Total liabilities and members' deficit $ 157,236 (1) Additional depreciation and amortization expense relates to the difference between the Company’s basis in the Cove Joint Venture and the amount of the underlying equity in net assets of the Cove Joint Venture.
40 East End Ave. Pref Member LLC [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments, Summarized Balance Sheet Information	The following table represents the unaudited condensed balance sheet for the 40 East End Ave. Joint Venture: As of (amounts in thousands) June 30, 2017 Real estate inventory $ 72,362 Cash and restricted cash 28 Other assets 100 Total assets $ 72,490 Mortgage payable, net $ 4,743 Other liabilities 1,936 Members' capital 65,811 Total liabilities and members' capital $ 72,490

Selling Commissions, Dealer M16

Selling Commissions, Dealer Manager Fees and Other Offering Costs (Tables)	6 Months Ended
	Jun. 30, 2017
Selling Commissions Dealer Manager Fees And Other Offering Costs [Abstract]
Summary Of Fees And Offering Costs	The following table represents the selling commissions and dealer manager and other offering costs for the periods indicated: For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Selling commissions and dealer manager fees $ - $ 361,287 $ 2,330,905 $ 691,350 Other offering costs $ (135,460) $ 351,452 $ 25,493 $ 747,268

Related Party Transactions and

Related Party Transactions and Other Arrangements (Tables)	6 Months Ended
	Jun. 30, 2017
Related Party Transaction and Other Arrangements [Abstract]
Schedule Of Fees And Offering Costs	The following table represents the fees incurred associated with the payments to the Company’s Advisor for the periods indicated: For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Acquisition fees (general and administrative costs) $ - $ - $ 573,750 $ - Asset management fees (general and administrative costs) 157,514 - 261,807 - Total $ 157,514 $ - $ 835,557 $ -

Organization (Details Textual)

Organization (Details Textual) - USD ($)	May 15, 2017	Sep. 12, 2014	Mar. 31, 2017	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016	Sep. 30, 2016	Jul. 25, 2016	Feb. 26, 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				$ 25,164,695	$ 7,668,018
Issuance of common shares, value				25,164,695
Discounted Price Percentage									95.00%
Adjusted Offering Price					$ 9.14			$ 10
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs				2,330,905
Payments of Stock Issuance Costs				$ 2,447,606	$ 2,141,786
Estimated Net Assets Value Per Common Share							$ 10
David Lichtenstein [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Equity Method Investment, Ownership Percentage			100.00%
Lightstone Real Estate Income LLC [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Issuance of common shares, shares		20,000
Shares issued, price per share		$ 10
Company owned by David Lichtenstein [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Issuance of common shares, value			$ 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			$ 85,600,000
Issuance of common shares, shares			8,900,000
Proceeds from Contributions from Affiliates			$ 12,600,000
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs			7,600,000
Payments of Stock Issuance Costs			3,200,000
Proceeds from Issuance Initial Public Offering			$ 87,500,000
Distribution Reinvestment Plan [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Shares reserved for issuance				10,000,000
Issuance of common shares, shares	100,000
Issuance of common shares, value	$ 1,200,000

Investments in Unconsolidated19

Investments in Unconsolidated Affiliated Real Estate Entities (Equity Method Investments) (Details) - USD ($)	6 Months Ended
	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016
Schedule of Equity Method Investments [Line Items]
Total investments in unconsolidated affiliated real estate entities	$ 31,196,532		$ 0
40 East End Ave. Pref Member LLC [Member]
Schedule of Equity Method Investments [Line Items]
Date of Ownership	Mar. 31, 2017
Ownership %	33.30%	33.30%
Total investments in unconsolidated affiliated real estate entities	$ 11,902,714		0
RP Maximus Cove, L.L.C [Member]
Schedule of Equity Method Investments [Line Items]
Date of Ownership	Jan. 31, 2017
Ownership %	22.50%
Total investments in unconsolidated affiliated real estate entities	$ 19,293,818		$ 0

Investments in Unconsolidated20

Investments in Unconsolidated Affiliated Real Estate Entities (Equity Method Investments Summarized Income Statement Information) (Details) - USD ($)		3 Months Ended		6 Months Ended
		Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Schedule of Equity Method Investments [Line Items]
Company's loss from investment		$ (813,170)	$ 0	$ (1,325,877)	$ 0
Rp Maximus Cove, Llc [Member]
Schedule of Equity Method Investments [Line Items]
Revenue		3,127,000		5,201,000
Property operating expenses		1,268,000		1,901,000
General and administrative costs		16,000		142,000
Depreciation and amortization		2,381,000		3,964,000
Operating loss		(538,000)		(806,000)
Interest expense and other, net		(2,278,000)		(3,756,000)
Net loss		(2,816,000)		(4,562,000)
Rp Maximus Cove, Llc [Member] | Parent Company [Member]
Schedule of Equity Method Investments [Line Items]
Company's share of net loss (22.50%)		(633,000)		(1,027,000)
Additional depreciation and amortization expense	[1]	(180,000)		(299,000)
Company's loss from investment		$ (813,000)		$ (1,326,000)
[1]	Additional depreciation and amortization expense relates to the difference between the Company’s basis in the Cove Joint Venture and the amount of the underlying equity in net assets of the Cove Joint Venture.

Investments in Unconsolidated21

Investments in Unconsolidated Affiliated Real Estate Entities (Equity Method Investments Summarized Balance Sheet Information) (Details) $ in Thousands	Jun. 30, 2017USD ($)
RP Maximus Cove, L.L.C [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Total assets	$ 157,236
Members' deficit	(17,542)	[1]
Total liabilities and members' deficit	157,236
RP Maximus Cove, L.L.C [Member] | Real estate, at cost (net) [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Total assets	152,813
RP Maximus Cove, L.L.C [Member] | Cash and restricted cash [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Total assets	3,262
RP Maximus Cove, L.L.C [Member] | Other assets [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Total assets	1,161
RP Maximus Cove, L.L.C [Member] | Mortgage payable, net [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Liabilities	173,116
RP Maximus Cove, L.L.C [Member] | Other liabilities [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Liabilities	1,662
40 East End Ave. Pref Member LLC [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Total assets	72,490
Members' deficit	65,811
Total liabilities and members' deficit	72,490
40 East End Ave. Pref Member LLC [Member] | Cash and restricted cash [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Total assets	28
40 East End Ave. Pref Member LLC [Member] | Other assets [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Total assets	100
40 East End Ave. Pref Member LLC [Member] | Real Estate Inventory [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Total assets	72,362
40 East End Ave. Pref Member LLC [Member] | Mortgage payable, net [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Liabilities	4,743
40 East End Ave. Pref Member LLC [Member] | Other liabilities [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Liabilities	$ 1,936
[1]	Additional depreciation and amortization expense relates to the difference between the Company’s basis in the Cove Joint Venture and the amount of the underlying equity in net assets of the Cove Joint Venture.

Investments in Unconsolidated22

Investments in Unconsolidated Affiliated Real Estate Entities (Details Textual) - USD ($)	1 Months Ended				3 Months Ended		6 Months Ended
	Jan. 31, 2020	Mar. 31, 2017	Jan. 31, 2017	Sep. 29, 2016	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Schedule of Equity Method Investments [Line Items]
Investment Advisory Fees			$ 573,750		$ 0	$ 0	$ 573,750	$ 0
Business Acquisition Fee Percentage			1.00%
Guarantor Obligations, Current Carrying Value			$ 43,800,000
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.
Preferred Stock, Dividend Rate, Percentage							12.00%
Parent Company [Member]
Schedule of Equity Method Investments [Line Items]
Guarantor Obligations, Current Carrying Value			10,900,000
Refurbishment Guarantee [Member]
Schedule of Equity Method Investments [Line Items]
Guarantor Obligations, Current Carrying Value			13,400,000
Refurbishment Guarantee [Member] | Maximum [Member]
Schedule of Equity Method Investments [Line Items]
Guarantor Obligations, Current Carrying Value			3,300,000
Loan [Member]
Schedule of Equity Method Investments [Line Items]
Debt Instrument, Face Amount			$ 175,000,000
Debt Instrument, Maturity Date			Jan. 31, 2020
RP Maximus Cove, L.L.C [Member]
Schedule of Equity Method Investments [Line Items]
Business Combination, Consideration Transferred			$ 255,000,000	$ 255,000,000
Payments to Acquire Businesses, Gross			80,000,000
Proceeds from Issuance of Debt			175,000,000
Payments to Acquire Interest in Joint Venture			$ 20,000,000
Business Acquisition, Percentage of Voting Interests Acquired			22.50%
Lightstone Value Plus Real Estate Investment Trust, Inc. [Member]
Schedule of Equity Method Investments [Line Items]
Proceeds from Contributions from Affiliates		$ 30,000,000
Preferred Stock, Dividend Rate, Percentage		12.00%
40 East End Ave. Pref Member LLC [Member]
Schedule of Equity Method Investments [Line Items]
Business Combination, Consideration Transferred		$ 10,300,000
Payments to Acquire Interest in Joint Venture					$ 4,800,000
Business Acquisition, Percentage of Voting Interests Acquired		33.30%
Equity Method Investment, Ownership Percentage		33.30%			33.30%		33.30%
40 East End Ave. Pref Member LLC [Member] | Parent Company [Member]
Schedule of Equity Method Investments [Line Items]
Payments to Acquire Interest in Joint Venture					$ 1,600,000
David Lichtenstein [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage		100.00%

Stockholders' Equity (Details T

Stockholders' Equity (Details Textual) - USD ($)	Aug. 08, 2017	Jun. 30, 2017	Jun. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends, Common Stock		$ 3,242,778
Stock Issued During Period, Value, New Issues		25,164,695
Proceeds from Issuance of Common Stock		25,164,695	$ 7,668,018
Dividend Paid [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends, Common Stock		$ 1,782,928
Stock Issued During Period, Shares, Dividend Reinvestment Plan		10
Shares Issued, Price Per Share		$ 9.50
Stock Issued During Period, Value, New Issues		$ 725,411
Percentage of Distribution Paid From Cash Flows Provided By Operations		40.00%
Dividends, Common Stock, Stock		$ 98
Dividends Common Stock Percentage		1.00%
Proceeds from Issuance of Common Stock		$ 1,057,418
Percentage of Distribution Paid From Cash Flows from Issuance of Common stock		59.00%
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

Selling Commissions, Dealer M24

Selling Commissions, Dealer Manager Fees and Other Offering Costs (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Selling commissions and dealer manager fees	$ 0	$ 361,287	$ 2,330,905	$ 691,350
Other offering costs	$ (135,460)	$ 351,452	$ 25,493	$ 747,268

Selling Commissions, Dealer M25

Selling Commissions, Dealer Manager Fees and Other Offering Costs (Details Textual) - USD ($)	3 Months Ended		6 Months Ended		31 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Mar. 31, 2017
Fees and Commissions	$ 0	$ 361,287	$ 2,330,905	$ 691,350
Noninterest Expense Offering Cost	$ (135,460)	$ 351,452	$ 25,493	$ 747,268
IPO [Member]
Fees and Commissions					$ 7,600,000
Noninterest Expense Offering Cost					$ 3,200,000

Related Party Transaction and26

Related Party Transaction and Other Arrangements (Details) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	Jan. 31, 2017	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Related Party Transaction [Line Items]
Acquisition fees (general and administrative costs)	$ 573,750	$ 0	$ 0	$ 573,750	$ 0
Asset management fees (general and administrative costs)		157,514	0	261,807	0
Total		$ 157,514	$ 0	$ 835,557	$ 0

Related Party Transaction and27

Related Party Transaction and Other Arrangements (Details Textual) - USD ($)	1 Months Ended		3 Months Ended		6 Months Ended
	Aug. 30, 2016	Mar. 18, 2016	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016	Nov. 25, 2015
Related Party Transaction [Line Items]
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		$ 37,000,000		$ 37,000,000
Investment Income, Net			1,122,333	$ 347,634	2,232,333	$ 502,767
Notes Payable, Related Parties			12,796,585		$ 12,796,585		$ 12,703,876
Preferred Stock, Dividend Rate, Percentage					12.00%
Interest Expense		$ 11,649	46,611	$ 11,649	$ 92,709	$ 11,649
Capitalized Acquisition Related Costs			573,750		$ 573,750
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, Interest Rate, Stated Percentage		1.48%
Shares Issued, Price Per Share		$ 10
Return On Investment Percentage		8.00%
Cumulative Annual Return On Net Investments Percent		8.00%			8.00%
Liquidation Distributions Percent Payable To Company		85.00%
Liquidation Distributions Percent Payable To Sponsor		15.00%
Interest Payable			164,572		$ 164,572
Notes Payable, Related Parties			$ 12,600,000		$ 12,600,000