Lightstone Value Plus REIT IV (LTSV) 10-K 12 Mar 18 2017 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2017	Feb. 15, 2018	Jun. 30, 2017
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2017
Document Fiscal Year Focus	2,017
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		8.6

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Assets
Investment in related party	$ 37,000,000	$ 37,000,000
Investments in unconsolidated affiliated real estate entities	30,717,641	0
Cash	14,064,001	21,874,240
Deposit and other assets	8,878	5,818,713
Due from related parties	0	28,696
Total Assets	81,790,520	64,721,649
Liabilities and Stockholders' Equity
Accounts payable and other accrued expenses	56,104	267,726
Due to related parties	54,882	0
Distributions payable	606,897	413,275
Subordinated advances - related party	12,890,830	12,703,876
Total liabilities	13,608,713	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, 8,952,132 and 6,397,005 shares issued and outstanding, respectively	89,521	63,970
Additional paid-in-capital	75,586,926	52,616,396
Subscription receivable	0	(274,449)
Accumulated deficit	(7,494,640)	(1,069,145)
Total Stockholders' Equity	68,181,807	51,336,772
Total Liabilities and Stockholders' Equity	$ 81,790,520	$ 64,721,649

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 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	8,952,132	6,397,005
Common Stock, shares outstanding	8,952,132	6,397,005

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Income:
Investment income	$ 4,501,667	$ 1,928,708
Loss from investment in unconsolidated affiliated real estate entity	(2,813,825)	0
Total income	1,687,842	1,928,708
Expenses:
General and administrative costs	1,081,382	318,846
Interest expense	186,954	71,863
Total expenses	1,268,336	390,709
Net income	$ 419,506	$ 1,537,999
Net income per common share, basic and diluted	$ 0.05	$ 0.53
Weighted average number of common shares outstanding, basic and diluted	8,577,336	2,894,887

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, 2015	$ 4,130,737	$ 7,240	$ 4,425,374	$ (1,000)	$ (300,877)
BALANCE (in shares) at Dec. 31, 2015		723,975
Net income	1,537,999	$ 0	0	0	1,537,999
Distributions declared	(2,306,267)				(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
Net income	419,506	$ 0	0	0	419,506
Distributions declared	(6,845,001)	0	0	0	(6,845,001)
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)		69,332
Redemption and cancellation of shares	(196,419)	$ (202)	(196,217)	0
Redemption and cancellation of shares (in shares)		(20,236)
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 Dec. 31, 2017	$ 68,181,807	$ 89,521	$ 75,586,926	$ 0	$ (7,494,640)
BALANCE (in shares) at Dec. 31, 2017		8,952,132

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 419,506	$ 1,537,999
Adjustments to reconcile net income to net cash provided by operating activities:
Loss from investment in unconsolidated affiliated real estate entity	2,813,825	0
Changes in assets and liabilities:
Decrease/(increase) in other assets	122,585	(131,029)
Increase in accounts payable and other accrued expenses	7,101	22,550
Increase in accrued interest on subordinated advances - related party	186,954	71,863
Increase/(decrease) in due to related parties	83,578	(68,006)
Net cash provided by operating activities	3,633,549	1,433,377
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in related party	0	(33,000,000)
Deposit on real estate investment	0	(5,687,250)
Investments in unconsolidated affiliated real estate entities	(27,844,216)	0
Cash used in investing activities	(27,844,216)	(38,687,250)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock	25,164,695	53,625,575
Proceeds from subordinated advances - related party	0	12,632,013
Payment of commissions and offering costs	(2,575,121)	(6,765,199)
Redemption and cancellation of common stock	(196,419)	(183,252)
Distributions paid to Company's common stockholders	(5,992,727)	(1,394,038)
Net cash provided by financing activities	16,400,428	57,915,099
Net change in cash	(7,810,239)	20,661,226
Cash, beginning of year	21,874,240	1,213,014
Cash, end of year	14,064,001	21,874,240
Supplemental disclosure of cash flow information:
Distributions declared, but not paid	606,897	413,275
Commissions and other offering costs accrued but not paid	0	218,723
Subscription receivable	0	273,449
Value of shares issued from distribution reinvestment program	658,652	545,124
Application of deposit to acquisition of investment property	$ 5,687,250	$ 0

Organization and Offering

Organization and Offering	12 Months Ended
	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Offering	1. Organization and Offering Lightstone Real Estate Income Trust Inc. (‘‘Lightstone Income Trust’’), incorporated on September 9, 2014 Lightstone Income Trust sold 20,000 200,000 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 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 offered to sell up to 30,000,000 0.01 10.00 10,000,000 95 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 and 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, served as the dealer manager of the Offering through its termination on March 31, 2017. 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. The Advisor will receive fees during the organization and offering, operational and liquidation/listing stages. (See Note 4 for a summary of related-party fees.)

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2017
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 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 are accounted for using the equity method. Investments in other real estate entities where the Company has virtually no influence are accounted for using the cost method. The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. The Company’s real estate-related debt investments are intended to be held until maturity and accordingly, are carried at cost, net of unamortized loan fees, origination fees, discounts, premiums and unfunded commitments. Real estate-related debt investments that are deemed impaired are carried at amortized cost less a loan loss reserve, if deemed appropriate, which approximates fair value. Real estate-related debt investments that we do not intend to hold for the foreseeable future or until their expected payoff are classified as held for sale and recorded at the lower of cost or fair value. Investment income is recognized on an accrual basis and any related premium, discount, origination costs and fees are amortized over the life of the investment using the effective interest method. The amortization is reflected as an adjustment to investment income in the Company’s statements of operations. The amortization of a premium or accretion of a discount is 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. The Company evaluates investments in other entities for consolidation. It considers 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, an investment is 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 is 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 the Company’s share of the underlying equity of such unconsolidated entity are amortized over the respective lives of the underlying assets as applicable. These items are 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 is recorded initially at cost, and subsequently adjusted for cash contributions and distributions resulting from any capital events. Dividends earned from the underlying entity are recorded as interest income. On a quarterly basis, the Company assesses whether the value of its 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 the Company’s investment in partially owned entities is dependent on a number of factors including the performance of that entity and market conditions. If the Company determines that a decline in the value of a partially owned entity is other than temporary, it will record an impairment charge. The Company elected 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, 2017 and 2016, the Company the Company Organization costs were expensed as incurred as general and administrative costs. Offering costs are accounted for as a reduction against additional paid-in capital as costs are incurred and included 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 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 Net earnings per Common Share will be computed by dividing the earnings 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 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 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, 2017
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 December 31, 2017 Common Shares On February 11, 2015, the Company amended and restated its charter to authorize the issuance of 200,000,000 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 are entitled to one vote per Common Share on all matters submitted to a stockholder vote, including the election of the Company’s directors. There is no cumulative voting in the election of directors. Therefore, the holders of a majority of outstanding Common Shares are 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 possess exclusive voting power. Holders of the Company’s Common Shares are 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 do not have preemptive rights, which means that there is no automatic option to purchase any new Common Shares that the Company issues, nor do holders of Common Shares have any preference, conversion, exchange, sinking fund or redemption rights. Holders of Common Shares do 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 are nonassessable by the Company upon its receipt of the consideration for which the board of directors authorized their issuance. 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. All such amounts have been received by the Company as of December 31, 2017. 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 years ended December 31, 2017 and 2016 were $6.8 million and $ 2.3 On February 27, 2018, the Board of Directors authorized and the Company declared a distribution for each month during the three-month period ending June 30, 2018. 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, 2017, December 15, 2017 and January 14, 2018, the Company paid distributions for the months ended October 31, 2017, November 30, 2017 and December 31, 2017, respectively, totaling $ 1.8 858,194 48 942,918 52

Related Party Transactions and

Related Party Transactions and Other Arrangements	12 Months Ended
	Dec. 31, 2017
Related Party Transaction and Other Arrangements [Abstract]
Related Party Transactions and Other Arrangements	4. Related Party Transactions and Other Arrangements The Company had an agreement with the Dealer Manager for service related to the Offering which was terminated on March 31, 2017. In addition, the Company has agreements with the Advisor to pay certain fees, in exchange for services performed by these entities and other affiliated entities. During the year ended December 31, 2016, the Company paid $ 36,298 a reduction to additional paid in capital The following table summarizes all the compensation and fees the Company paid or 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 received selling commissions in an amount of up to 7 March 31, 2017 (the termination date of the Offering) , the Company has incurred $ 5.1 Dealer Manager Fee The Dealer Manager received a dealer manager fee in an amount of up to 3 March 31, 2017 (the termination date of the Offering) , the Company has incurred $ 2.5 Organization and Offering Expenses The Company reimbursed the Advisor for all organization and offering expenses that it funded in connection with the Offering, other than the selling commissions and dealer manager fee. From the Company’s inception through March 31, 2017 (the termination date of the Offering) , approximately $ 3.2 Operational Stage Fees Amount Acquisition Fee The Company pays to the Advisor or its affiliates 1 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 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 Years Ended December 31, 2017 2016 Acquisition fee (1) $ 573,750 $ - Asset management fees (general and administrative costs) 574,072 - Total $ 1,147,822 $ - 573,750 For the Years Ended December 31, 2017 2016 Selling commissions and dealer manager fees $ 2,330,905 $ 4,968,164 Other offering costs $ 25,493 $ 1,044,980 Cumulatively, we have incurred approximately $ 7.6 3.2 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 Ownership % December 31, 2017 December 31, 2016 RP Maximus Cove, L.L.C. (the "Cove Joint Venture") January 31, 2017 22.50 % $ 17,805,871 $ - 40 East End Ave. Pref Member LLC ( “40 East End Ave. Joint Venture”) March 31, 2017 33.30 % 12,911,770 - Total investments in unconsolidated affiliated real estate entities $ 30,717,641 $ - The Cove Joint Venture 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 “Cove Seller”), pursuant to which the Buyer would acquire the all of the Cove 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 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 0.6 1.0 The Company’s ownership interest in the Cove Joint Venture is a non-managing interest. The Company has determined that the Cove Joint Venture is a variable interest entity (“VIE”) and, because it exerts significant influence over but does not control the Cove Joint Venture, the Company accounts 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 are made on a pro rata basis in proportion to each Member’s equity interest percentage. Any distributions in excess of earnings from the Cove Joint Venture are made to the Members pursuant to the terms of the Cove Joint Venture’s operating agreement. An affiliate of Maximus is the asset manager of The Cove and receives certain fees as defined in the Property Management Agreement for the management of The Cove. The Company commenced recording its allocated portion of profit/loss and cash distributions beginning as of January 31, 2017 with respect to its membership interest of 22.5% in the Cove Joint Venture. The Cove is a multi-family complex consisting of 281-units, or 289,690 square feet, contained within 32 apartment buildings over 20.1 In connection with the closing of the Cove Transaction, the Cove 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 Starting in 2013, the Cove has been undergoing an extensive refurbishment which is substantially completed. The Members have and intend to continue to use the remaining proceeds from the Loan and to invest additional capital if necessary to complete the refurbishment. The Guarantor has 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. During the year ended December 31, 2016, the Buyer made nonrefundable deposits of approximately $ 12.6 5.7 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 (date of investment) (amounts in thousands) through December 31, 2017 Revenue $ 12,291 Property operating expenses 4,300 General and administrative costs 249 Depreciation and amortization 8,743 Operating loss (1,001) Interest expense and other, net (8,578) Net loss $ (9,579) Company's share of net loss (22.50%) $ (2,155) Additional depreciation and amortization expense (1) (659) Company's loss from investment $ (2,814) As of (amounts in thousands) December 31, 2017 Real estate, at cost (net) $ 149,727 Cash and restricted cash 2,538 Other assets 1,541 Total assets $ 153,806 Mortgage payable, net $ 173,534 Other liabilities 2,830 Members' deficit (1) (22,558) Total liabilities and members' deficit $ 153,806 (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 “40 East End Seller”), providing for the Company to acquire 33.3 100 10.3 2.6 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 ownership interest in the 40 East End Ave. Joint Venture is a non-managing interest. Because the Company exerts significant influence over but does not control the 40 East End Ave. Joint Venture, it accounts for its ownership interest in the 40 East End Ave. Joint Venture in accordance with the equity method of accounting. All contributions to and distributions of earnings from the 40 East End Ave. Joint Venture are made on a pro rata basis in proportion to each Member’s equity interest percentage. Any distributions in excess of earnings from the 40 East End Ave. Joint Venture are made to the Members pursuant to the terms of its operating agreement. The Company commenced recording its allocated portion of earnings and cash distributions 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) December 31, 2017 Real estate inventory $ 93,228 Cash and restricted cash 765 Other assets 227 Total assets $ 94,220 Mortgage payable, net $ 20,792 Other liabilities 4,593 Members' capital 68,835 Total liabilities and members' capital $ 94,220 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 further 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 33.0 37.0 4.5 1.9 th Subordinated Advances – Related Party On March 18, 2016, the Company and its Sponsor entered into the Subordinated Agreement, a subordinated unsecured loan agreement pursuant to which the Sponsor 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% 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 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. 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 any additional 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. As of both December 31, 2017 and 2016 an aggregate of approximately $ 12.6 258,817 71,863

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2017
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, 2017
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Data	6. Quarterly Financial Data (Unaudited) 2017 Year ended Quarter ended Quarter ended Quarter ended Quarter ended December 31, December 31, September 30, June 30, March 31, Total income $ 1,687,842 $ 387,721 $ 393,665 $ 309,163 $ 597,293 Net income $ 419,506 $ 26,212 $ 80,583 $ 15,978 $ 296,733 Net income applicable to Company's common shares $ 419,506 $ 26,212 $ 80,583 $ 15,978 $ 296,733 Net income per common share, basic and diluted $ 0.05 $ - $ 0.01 $ - $ 0.04 2016 Year ended Quarter ended Quarter ended Quarter ended Quarter ended December 31, December 31, September 30, June 30, March 31, Total 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

Summary of Significant Accoun13

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements include the accounts of Lightstone Income Trust 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 are accounted for using the equity method. Investments in other real estate entities where the Company has virtually no influence are 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.
Real Estate-Related Debt Investments	Real Estate-Related Debt Investments The Company’s real estate-related debt investments are intended to be held until maturity and accordingly, are carried at cost, net of unamortized loan fees, origination fees, discounts, premiums and unfunded commitments. Real estate-related debt investments that are deemed impaired are carried at amortized cost less a loan loss reserve, if deemed appropriate, which approximates fair value. Real estate-related debt investments that we do not intend to hold for the foreseeable future or until their expected payoff are classified as held for sale and recorded at the lower of cost or fair value. Investment income is recognized on an accrual basis and any related premium, discount, origination costs and fees are amortized over the life of the investment using the effective interest method. The amortization is reflected as an adjustment to investment income in the Company’s statements of operations. The amortization of a premium or accretion of a discount is 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 The Company evaluates investments in other entities for consolidation. It considers 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, an investment is 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 is 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 the Company’s share of the underlying equity of such unconsolidated entity are amortized over the respective lives of the underlying assets as applicable. These items are 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 is recorded initially at cost, and subsequently adjusted for cash contributions and distributions resulting from any capital events. Dividends earned from the underlying entity are recorded as interest income. On a quarterly basis, the Company assesses whether the value of its 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 the Company’s investment in partially owned entities is dependent on a number of factors including the performance of that entity and market conditions. If the Company determines that a decline in the value of a partially owned entity is other than temporary, it will record an impairment charge.
Income Taxes	Income Taxes The Company elected 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, 2017 and 2016, the Company the Company
Organization and Offering Costs	Organization and Offering Costs Organization costs were expensed as incurred as general and administrative costs. Offering costs are accounted for as a reduction against additional paid-in capital as costs are incurred and included 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.
Concentration of Risk	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.
Net Earnings per Common Share	Net Earnings per Common Share Net earnings per Common Share will be computed by dividing the earnings 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 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 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, 2017
Summary Of Fees And Offering Costs	For the Years Ended December 31, 2017 2016 Acquisition fee (1) $ 573,750 $ - Asset management fees (general and administrative costs) 574,072 - Total $ 1,147,822 $ - 573,750 For the Years Ended December 31, 2017 2016 Selling commissions and dealer manager fees $ 2,330,905 $ 4,968,164 Other offering costs $ 25,493 $ 1,044,980
Schedule of Equity Method Investments	A summary of the Company’s investments in the unconsolidated affiliated real estate entities is as follows: As of Entity Date of Ownership Ownership % December 31, 2017 December 31, 2016 RP Maximus Cove, L.L.C. (the "Cove Joint Venture") January 31, 2017 22.50 % $ 17,805,871 $ - 40 East End Ave. Pref Member LLC ( “40 East End Ave. Joint Venture”) March 31, 2017 33.30 % 12,911,770 - Total investments in unconsolidated affiliated real estate entities $ 30,717,641 $ -
Rp Maximus Cove Llc [Member]
Schedule of Equity Method Investments Summarized Income Statement Information	The following table represents the condensed income statement for the Cove Joint Venture: For the Period January 31, 2017 (date of investment) (amounts in thousands) through December 31, 2017 Revenue $ 12,291 Property operating expenses 4,300 General and administrative costs 249 Depreciation and amortization 8,743 Operating loss (1,001) Interest expense and other, net (8,578) Net loss $ (9,579) Company's share of net loss (22.50%) $ (2,155) Additional depreciation and amortization expense (1) (659) Company's loss from investment $ (2,814)
Schedule of Equity Method Investments Summarized Balance Sheet Information	The following table represents the condensed balance sheet for the Cove Joint Venture: As of (amounts in thousands) December 31, 2017 Real estate, at cost (net) $ 149,727 Cash and restricted cash 2,538 Other assets 1,541 Total assets $ 153,806 Mortgage payable, net $ 173,534 Other liabilities 2,830 Members' deficit (1) (22,558) Total liabilities and members' deficit $ 153,806 (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.
Forty East End Ave Pref Llc [Member]
Schedule of Equity Method Investments Summarized Balance Sheet Information	The following table represents the condensed balance sheet for the 40 East End Ave. Joint Venture: As of (amounts in thousands) December 31, 2017 Real estate inventory $ 93,228 Cash and restricted cash 765 Other assets 227 Total assets $ 94,220 Mortgage payable, net $ 20,792 Other liabilities 4,593 Members' capital 68,835 Total liabilities and members' capital $ 94,220

Quarterly Financial Data (Table

Quarterly Financial Data (Tables)	12 Months Ended
	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information	The following table presents selected unaudited quarterly financial data for each quarter during the years ended December 31, 2017 and 2016: 2017 Year ended Quarter ended Quarter ended Quarter ended Quarter ended December 31, December 31, September 30, June 30, March 31, Total income $ 1,687,842 $ 387,721 $ 393,665 $ 309,163 $ 597,293 Net income $ 419,506 $ 26,212 $ 80,583 $ 15,978 $ 296,733 Net income applicable to Company's common shares $ 419,506 $ 26,212 $ 80,583 $ 15,978 $ 296,733 Net income per common share, basic and diluted $ 0.05 $ - $ 0.01 $ - $ 0.04 2016 Year ended Quarter ended Quarter ended Quarter ended Quarter ended December 31, December 31, September 30, June 30, March 31, Total 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

Organization and Offering (Deta

Organization and Offering (Details Textual) - USD ($)	May 15, 2017	Sep. 12, 2014	Mar. 31, 2017	Dec. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jul. 25, 2016	Jun. 30, 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
Issuance of common shares, value				$ 25,164,695	$ 53,625,575
Adjusted Offering Price							$ 10	$ 9.14
Estimated Net Assets Value Per Common Share					$ 10	$ 10
Discounted Price Percentage									95.00%
Proceeds from Issuance of Common Stock				25,164,695	$ 53,625,575
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs				2,330,905	4,968,164
Payments of Stock Issuance Costs				2,575,121	6,765,199
Stock Issued During Period, Value, New Issues				$ 25,164,695	$ 53,625,575
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
Stock Issued During Period, Shares, New Issues		20,000
Company owned by David Lichtenstein [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Issuance of common shares, value		$ 200,000	$ 2,000,000
Shares issued, price per share			$ 9
Stock Issued During Period, Value, New Issues		$ 200,000	$ 2,000,000
Stock Offering [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Shares reserved for issuance				30,000,000
Shares reserved for issuance, par value per share				$ 0.01
Shares reserved for issuance, price per share				$ 10
Issuance of common shares, shares			8,900,000
Proceeds from Issuance of Common Stock			$ 85,600,000
Stock Issued During Period, Shares, New Issues			8,900,000
Proceeds from Contributions from Affiliates			$ 12,600,000
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs			7,600,000
Payments of Stock Issuance Costs			3,200,000
Proceeds from Issuance Initial Public Offering			$ 87,500,000
Distribution Reinvestment Plan [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Shares reserved for issuance				10,000,000
Issuance of common shares, shares	100,000
Issuance of common shares, value	$ 1,200,000
Stock Issued During Period, Shares, New Issues	100,000
Stock Issued During Period, Value, New Issues	$ 1,200,000
David Lichtenstein [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Equity Method Investment, Ownership Percentage			100.00%

Summary of Significant Accoun17

Summary of Significant Accounting Policies (Details Textual)	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Line Items]
REIT annual distribution, percent of taxable income	90.00%

Stockholders' Equity (Details T

Stockholders' Equity (Details Textual) - USD ($)	1 Months Ended		12 Months Ended
	Feb. 27, 2018	Oct. 28, 2015	Dec. 31, 2017	Dec. 31, 2016	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
Dividends, Common Stock			$ 6,845,001	$ 2,306,267
Stock Issued During Period, Value, New Issues			25,164,695	53,625,575
Proceeds from Issuance of Common Stock			25,164,695	$ 53,625,575
Dividend Paid [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends, Common Stock			1,800,000
Stock Issued During Period, Value, New Issues			$ 858,194
Percentage of Distribution Paid From Cash Flows Provided By Operations			48.00%
Proceeds from Issuance of Common Stock			$ 942,918
PercentageOfDistributionPaidFromCashFlowsFromIssuanceOfCommonStock			52.00%
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 Transactions an19

Related Party Transactions and Other Arrangements (Organization and Offering Stage) (Details) $ in Millions	1 Months Ended
	Mar. 31, 2017USD ($)
Related Party Transaction [Line Items]
Selling commissions	$ 5.1
Dealer manager fee	2.5
Organization and offering expenses recorded in APIC	$ 3.2
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%

Related Party Transactions an20

Related Party Transactions and Other Arrangements (Operational Stage) (Details)	12 Months Ended
	Dec. 31, 2017
Related Party Transaction [Line Items]
Acquisition fee, percent of debt incurred to originate or acquire investment	1.00%
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%

Related Party Transactions an21

Related Party Transactions and Other Arrangements (Liquidation/Listing Stage) (Details)	12 Months Ended
	Dec. 31, 2017
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 ($)	1 Months Ended	12 Months Ended
	Jan. 31, 2017	Dec. 31, 2017		Dec. 31, 2016
Related Party Transaction [Line Items]
Acquisition fee	$ 600,000	$ 573,750	[1]	$ 0	[1]
Asset management fees (general and administrative costs)		574,072		0
Total		1,147,822		0
Selling commissions and dealer manager fees		2,330,905		4,968,164
Other offering costs		$ 25,493		$ 1,044,980
[1]	The acquisition fee for the Cove Joint Venture (see below) of $573,750 was capitalized and included in unconsolidated affiliated real estate entities on the consolidated balance sheets.

Related Party Transactions an23

Related Party Transactions and Other Arrangements (Details 1) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Total investments in unconsolidated affiliated real estate entities	$ 30,717,641	$ 0
RP Maximus Cove, L.L.C [Member]
Date of Ownership	Jan. 31, 2017
Ownership %	22.50%
Total investments in unconsolidated affiliated real estate entities	$ 17,805,871	0
40 East End Ave. Pref LLC [Member]
Date of Ownership	Mar. 31, 2017
Ownership %	33.30%
Total investments in unconsolidated affiliated real estate entities	$ 12,911,770	$ 0

Related Party Transactions an24

Related Party Transactions and Other Arrangements (condensed income statement for the Cove Joint Venture) (Details) - USD ($)		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016
Company's loss from investment		$ (2,813,825)	$ 0
Rp Maximus Cove Llc [Member]
Revenue		12,291
Property operating expenses		4,300
General and administrative costs		249
Depreciation and amortization		8,743
Operating loss		(1,001)
Interest expense and other, net		(8,578)
Net loss		(9,579)
Company's share of net loss (22.50%)		(2,155)
Additional depreciation and amortization expense	[1]	(659)
Company's loss from investment		$ (2,814)
[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.

Related Party Transactions an25

Related Party Transactions and Other Arrangements (condensed balance sheet for the Cove Joint Venture) (Details) $ in Thousands	Dec. 31, 2017USD ($)
Rp Maximus Cove Llc [Member]
Equity Method Investment, Total assets	$ 153,806
Members' deficit	(22,558)	[1]
Total liabilities and members' deficit	153,806
Rp Maximus Cove Llc [Member] | Real estate inventory [Member]
Equity Method Investment, Total assets	149,727
Rp Maximus Cove Llc [Member] | Cash and restricted cash [Member]
Equity Method Investment, Total assets	2,538
Rp Maximus Cove Llc [Member] | Other assets [Member]
Equity Method Investment, Total assets	1,541
Rp Maximus Cove Llc [Member] | Other liabilities [Member]
Equity Method Investment, Total assets	2,830
Rp Maximus Cove Llc [Member] | Mortgage payable, net [Member]
Equity Method Investment, Total assets	173,534
40 East End Ave. Pref Member LLC [Member]
Equity Method Investment, Total assets	94,220
Members' deficit	68,835
Total liabilities and members' deficit	94,220
40 East End Ave. Pref Member LLC [Member] | Real estate inventory [Member]
Equity Method Investment, Total assets	93,228
40 East End Ave. Pref Member LLC [Member] | Cash and restricted cash [Member]
Equity Method Investment, Total assets	765
40 East End Ave. Pref Member LLC [Member] | Other assets [Member]
Equity Method Investment, Total assets	227
40 East End Ave. Pref Member LLC [Member] | Other liabilities [Member]
Equity Method Investment, Total assets	4,593
40 East End Ave. Pref Member LLC [Member] | Mortgage payable, net [Member]
Equity Method Investment, Total assets	$ 20,792
[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.

Related Party Transactions an26

Related Party Transactions and Other Arrangements (Details Textual)	1 Months Ended						3 Months Ended	12 Months Ended
	Mar. 31, 2017USD ($)	Jan. 31, 2017USD ($)a	Sep. 29, 2016USD ($)	Aug. 30, 2016USD ($)	Mar. 18, 2016USD ($)$ / shares	Nov. 25, 2015USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2017USD ($)		Dec. 31, 2016USD ($)
Related Party Transaction [Line Items]
Marketing expenses related to offering, recorded in APIC										$ 36,298
Fees and Commissions								$ 2,330,905		4,968,164
Noninterest Expense Offering Cost								25,493		1,044,980
Interest Payable								258,817		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		37,000,000
Payments to Acquire Interest in Subsidiaries and Affiliates, Total							$ 4,000,000	0		33,000,000
Investment Income, Net								$ 4,501,667		1,928,708
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
Guarantor Obligations, Current Carrying Value		$ 43,800,000
Area of Land | a		20.1
Notes Payable, Related Parties								$ 12,890,830		12,703,876
Preferred Stock, Dividend Rate, Percentage						12.00%
Investment Advisory Fees		$ 600,000						573,750	[1]	0	[1]
Business Acquisition Fee Percentage		1.00%
Loan [Member]
Related Party Transaction [Line Items]
Debt Instrument, Face Amount		$ 175,000,000
Debt Instrument, Maturity Date		Jan. 31, 2020
Refurbishment Guarantee [Member]
Related Party Transaction [Line Items]
Guarantor Obligations, Current Carrying Value								13,400,000
Parent Company [Member]
Related Party Transaction [Line Items]
Guarantor Obligations, Current Carrying Value		$ 10,900,000
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	$ 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
Notes Payable, Related Parties								12,600,000		12,600,000
Deposit Assets										$ 5,700,000
Investment Advisory Fees								573,750
Lightstone Value Plus Real Estate Investment Trust Inc [Member]
Related Party Transaction [Line Items]
Preferred Stock, Dividend Rate, Percentage	12.00%
Proceeds from Contributions from Affiliates	$ 30,000,000
IPO [Member]
Related Party Transaction [Line Items]
Fees and Commissions								7,600,000
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, 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%
David Lichtenstein [Member]
Related Party Transaction [Line Items]
Equity Method Investment, Ownership Percentage	100.00%
40 East End Ave. Pref Member LLC [Member]
Related Party Transaction [Line Items]
Business Combination, Consideration Transferred	$ 10,300,000
Business Acquisition, Percentage of Voting Interests Acquired	33.30%
Payments to Acquire Interest in Joint Venture	$ 2,600,000
Equity Method Investment, Ownership Percentage	33.30%
[1]	The acquisition fee for the Cove Joint Venture (see below) of $573,750 was capitalized and included in unconsolidated affiliated real estate entities on the consolidated balance sheets.

Quarterly Financial Data (Detai

Quarterly Financial Data (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Total income	$ 387,721	$ 393,665	$ 309,163	$ 597,293	$ 825,575	$ 600,366	$ 347,634	$ 155,133	$ 1,687,842	$ 1,928,708
Net income	26,212	80,583	15,978	296,733	675,206	493,955	275,357	93,481	419,506	1,537,999
Net income applicable to Company's common shares	$ 26,212	$ 80,583	$ 15,978	$ 296,733	$ 675,206	$ 493,955	$ 275,357	$ 93,481	$ 419,506	$ 1,537,999
Net income per common share, basic and diluted	$ 0	$ 0.01	$ 0	$ 0.04	$ 0.12	$ 0.13	$ 0.2	$ 0.11	$ 0.05	$ 0.53