Lightstone Value Plus REIT IV (LTSV) 10-Q 14 Aug 18 2018 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares shares in Millions	6 Months Ended
	Jun. 30, 2018	Aug. 01, 2018
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2,018
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		8.7

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Assets
Investment in related party	$ 37,000,000	$ 37,000,000
Investments in unconsolidated affiliated real estate entities	30,979,343	30,717,641
Cash	8,524,887	14,064,001
Deposit and other assets	47,863	8,878
Total Assets	76,552,093	81,790,520
Liabilities and Stockholders' Equity
Accounts payable and other accrued expenses	59,138	56,104
Due to related parties	54,000	54,882
Distributions payable	572,981	606,897
Subordinated advances - related party	12,983,539	12,890,830
Total liabilities	13,669,658	13,608,713
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, 8,734,093 and 8,952,132 shares issued and outstanding, respectively	87,341	89,521
Additional paid-in-capital	73,557,777	75,586,926
Accumulated deficit	(10,762,684)	(7,494,640)
Total Stockholders' Equity	62,882,434	68,181,807
Total Liabilities and Stockholders' Equity	$ 76,552,092	$ 81,790,520

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2018	Dec. 31, 2017
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	8,734,093	8,952,132
Common Stock, shares outstanding	8,734,093	8,952,132

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Income:
Investment income	$ 1,122,333	$ 1,122,333	$ 2,232,333	$ 2,232,333
Loss from investment in unconsolidated affiliated real estate entity	(551,428)	(813,170)	(1,326,535)	(1,325,877)
Total income	570,905	309,163	905,798	906,456
Expenses:
General and administrative costs	288,119	246,574	602,736	501,036
Interest expense	46,611	46,611	92,709	92,709
Total expenses	334,730	293,185	695,445	593,745
Net income	$ 236,175	$ 15,978	$ 210,353	$ 312,711
Net income per common share, basic and diluted	$ 0.03	$ 0	$ 0.02	$ 0.04
Weighted average number of common shares outstanding, basic and diluted	8,759,662	8,957,184	8,815,410	8,194,647

CONSOLIDATED STATEMENT OF STOCK

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - 6 months ended Jun. 30, 2018 - USD ($)	Total	Common Shares [Member]	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]
BALANCE at Dec. 31, 2017	$ 68,181,807	$ 89,521	$ 75,586,926	$ (7,494,640)
BALANCE (in shares) at Dec. 31, 2017		8,952,132
Net income	210,353	$ 0	0	210,353
Distributions declared	(3,478,397)	0	0	(3,478,397)
Redemption and cancellation of shares	(2,031,329)	$ (2,180)	(2,029,149)	0
Redemption and cancellation of shares (in shares)		(218,039)
BALANCE at Jun. 30, 2018	$ 62,882,434	$ 87,341	$ 73,557,777	$ (10,762,684)
BALANCE (in shares) at Jun. 30, 2018		8,734,093

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 210,353	$ 312,711
Adjustments to reconcile net income to net cash provided by operating activities:
Loss from investment in unconsolidated affiliated real estate entity	1,326,535	1,325,877
Changes in assets and liabilities:
(Increase)/decrease in other assets	(38,985)	94,748
Increase in accounts payable and other accrued expenses	3,035	10,686
Increase in accrued interest on subordinated advances - related party	92,709	92,709
(Decrease)/increase in due to related parties	(882)	84,840
Net cash provided by operating activities	1,592,765	1,921,571
CASH FLOWS FROM INVESTING ACTIVITIES:
Investments in unconsolidated affiliated real estate entities	(1,588,237)	(26,835,160)
Cash used in investing activities	(1,588,237)	(26,835,160)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock	0	25,164,695
Payment of commissions and offering costs	0	(2,447,606)
Redemption and cancellation of common stock	(2,031,329)	(116,580)
Distributions paid to Company's common stockholders	(3,512,313)	(2,409,542)
Net cash (used in)/provided by financing activities	(5,543,642)	20,190,967
Net change in cash	(5,539,114)	(4,722,622)
Cash, beginning of year	14,064,001	21,874,240
Cash, end of period	8,524,887	17,151,618
Supplemental disclosure of cash flow information:
Distributions declared, but not paid	572,981	587,859
Commissions and other offering costs accrued but not paid	0	127,515
Value of shares issued from distribution reinvestment program	0	658,652
Application of deposit to acquisition of investment property	$ 0	$ 5,687,250

Organization

Organization	6 Months Ended
	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	1. Organization Lightstone Real Estate Income Trust Inc. (‘‘Lightstone Income Trust’’), incorporated on September 9, 2014, in Maryland, elected to qualify to be taxed as a real estate investment trust (‘‘REIT’’) for U.S. federal income tax purposes beginning with the taxable year ended December 31, 2016. Lightstone Income Trust sold 20,000 Common Shares to Lightstone Real Estate Income LLC, a Delaware limited liability company (the ‘‘Advisor’’), an entity majority owned by David Lichtenstein, on September 12, 2014, for $10.00 per share. Mr. Lichtenstein also is a majority owner of the equity interests of Lightstone Income Trust’s sponsor, The Lightstone Group, LLC (the ‘‘Sponsor’’). 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 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 shares of its common stock, par value $0.01 per share (which may be referred to herein as ‘‘shares of common stock’’ or as ‘‘Common Shares’’) for an initial offering of $10.00 per share, subject to certain volume and other discounts (the “Primary Offering”) (exclusive of 10,000,000 shares available pursuant to its distribution reinvestment program (the ‘‘DRIP’’) which were offered at a discounted price equivalent to 95% of the initial price per Common Share) was declared effective by the Securities and Exchange Commission (the “SEC”) under the Securities Act of 1933 on February 26, 2015. On June 30, 2016, the Company adjusted its offering price to $9.14 per Common Share in its Primary Offering, which was equal to the Company’s estimated net asset value (“NAV”) per Common Share as of March 31, 2016, and effective July 25, 2016, the Company’s offering price was adjusted to $10.00 per Common Share in its Primary Offering, which was equal to the estimated NAV per Common Share as of June 30, 2016. Our estimated NAV per Common Share remained unchanged at $10.00 as of both September 30, 2016 and December 31, 2016. The Offering, which terminated on March 31, 2017, raised aggregate gross proceeds of approximately $85.6 million from the sale of approximately 8.9 million shares of common stock (including $2.0 million in Common Shares at a purchase price of $9.00 per Common Share to an entity 100% owned by David Lichtenstein, who also owns a majority interest in the Company’s Sponsor). After including aggregate advances from our Sponsor of $12.6 million under a subordinated agreement (the “Subordinated Agreement”) (as discussed in Note 6) and allowing for the payment of approximately $7.6 million in selling commissions and dealer manager fees and $3.2 million in organization and offering expenses, the Offering generated aggregate net proceeds of approximately $87.5 million. On April 21, 2017, the 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 million shares of common stock under its DRIP, representing approximately $1.2 million of additional proceeds under the Offering. The Company has and expects it 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 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, 2018
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 and Subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (‘‘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. Recently Adopted Accounting Pronouncements Effective January 1, 2018, the Company adopted guidance issued by the FASB that outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most of the existing revenue recognition guidance. The new guidance requires companies to apply a five-step model in accounting for revenue arising from contracts with customers, as well as enhance disclosures regarding revenue recognition. Lease contracts are excluded from this revenue recognition criteria; however, the sale of real estate is required to follow the new model. The Company has adopted this standard for the year beginning on January 1, 2018 using the modified retrospective approach. The adoption of this pronouncement did not have a material effect on our consolidated financial statements.

Investments in Unconsolidated A

Investments in Unconsolidated Affiliated Real Estate Entities	6 Months Ended
	Jun. 30, 2018
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 A summary of the Company’s investments in the unconsolidated affiliated real estate entities is as follows: As of Entity Date of Ownership Ownership % June 30, 2018 December 31, 2017 RP Maximus Cove, L.L.C. (the "Cove Joint Venture") January 31, 2017 22.50 % $ 17,502,476 $ 17,805,871 40 East End Ave. Pref Member LLC ( “40 East End Ave. Joint Venture”) March 31, 2017 33.30 % 13,476,867 12,911,770 Total investments in unconsolidated affiliated real estate entities $ 30,979,343 $ 30,717,641 The Cove Joint Venture On January 31, 2017, the Company, through its wholly owned subsidiary, REIT IV COVE LLC along with LSG Cove LLC, an affiliate of the Company’s Sponsor and a related party, REIT III COVE LLC, a subsidiary of the operating partnership of Lightstone Value Plus Real Estate Investment Trust III, Inc., a real estate investment trust also sponsored by the Company’s Sponsor and a related party and Maximus Cove Investor LLC (“Maximus”), an unrelated third party, completed the acquisition of all of RP Cove, L.L.C’s membership interest in RP Maximus Cove, L.L.C. (the “Cove Joint Venture”) for aggregate consideration of approximately $255.0 million, which consisted of $80.0 million of cash and $175.0 million of proceeds from a loan from a financial institution. The Cove Joint Venture owns and operates The Cove at Tiburon (the “Cove”), a multi-family complex consisting of 281-units, or 289,690 square feet, contained within 32 apartment buildings over 20.1 acres originally constructed in 1967, located in Tiburon, California. In connection with the acquisition, the Company paid the Advisor an acquisition fee of $0.6 million, equal to 1.0% of the Company’s pro-rata share of the contractual purchase price which is reflected in the Company’s carrying value which is included in investments in unconsolidated affiliated real estate entities on the consolidated balance sheets. The Company paid approximately $20.0 million for a 22.5% membership interest in the Cove Joint Venture. The Company’s ownership interest in the Cove Joint Venture is a non-managing interest. The Company has determined that the Cove Joint Venture is a variable interest entity not the Company accounts for its ownership interest in the Cove Joint Venture in accordance with the equity method of accounting All capital contributions and 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. During the six months ended June 30, 2018, the Company made additional capital contributions of $1.0 million to the Cove Joint Venture. In connection with the closing of the Cove Transaction, the Cove Joint Venture simultaneously entered into a $175.0 million loan (the “Loan”) initially scheduled to mature on January 31, 2020 with two, one-year extension options, subject to certain conditions. The Loan requires monthly interest payments through its maturity date. The Loan bears interest at Libor plus 3.85% through its initial maturity and Libor plus 4.15% during each of the extension periods. The Loan is collateralized by the Cove and an affiliate of the Company’s Sponsor (the “Guarantor”) has guaranteed the Cove Joint Venture‘s obligation to pay the outstanding balance of the Loan up to approximately $43.8 million (the “Loan Guarantee”). The Members have agreed to reimburse the Guarantor for any balance that may become due under the Loan Guarantee, of which the Company’s share is up to approximately $10.9 million. Starting in 2013, the Cove has been undergoing an extensive refurbishment which is substantially completed. The Members used the remaining proceeds from the Loan and have invested additional capital as necessary to complete the refurbishment. The Guarantor has provided an additional guarantee of up to approximately $13.4 million (the “Refurbishment Guarantee”) to provide any necessary funds to complete the remaining renovations as defined in the Loan. The Members have agreed to reimburse the Guarantor for any balance that may become due under the Refurbishment Guarantee, of which the Company’s share is up to approximately $3.3 million. 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. The following table represents the unaudited condensed income statements for the Cove Joint Venture: (amounts in thousands) For the Three Months ‎ Ended June 30, 2018 For the Three Months ‎ Ended June 30, 2017 For the Six Months ‎ Ended June 30, 2018 For the Period January 31, ‎ 2017 (date of investment) ‎ through June 30, 2017 Revenues $ 3,638 $ 3,127 $ 7,233 $ 5,201 Property operating expenses 1,193 1,268 2,421 1,901 General and administrative costs 48 16 95 142 Depreciation and amortization 2,398 2,381 4,794 3,964 Operating loss (1 ) (538 ) (77 ) (806 ) Interest expense and other, net (2,741 ) (2,278 ) (5,311 ) (3,756 ) Net loss $ (2,742 ) $ (2,816 ) $ (5,388 ) $ (4,562 ) Company's share of net loss (22.50%) $ (617 ) $ (633 ) $ (1,213 ) $ (1,027 ) Adjustment to depreciation and amortization expense (1) 103 (180 ) (76 ) (299 ) Company's loss from investment $ (514 ) $ (813 ) $ (1,289 ) $ (1,326 ) The following table represents the unaudited condensed balance sheets for the Cove Joint Venture: As of As of (amounts in thousands) June 30, 2018 December 31, 2017 Real estate, at cost (net) $ 150,360 $ 149,727 Cash and restricted cash 1,369 2,538 Other assets 1,815 1,541 Total assets $ 153,544 $ 153,806 Mortgage payable, net $ 173,681 $ 173,534 Other liabilities 3,159 2,830 Members' deficit (1) (23,296 ) (22,558 ) Total liabilities and members' deficit $ 153,544 $ 153,806 (1) The adjustment to 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. During the second quarter of 2018, the Company noted that the adjustment to the depreciation and amortization expense of the Cove Joint Venture was overstated in the first quarter of 2018 by approximately $0.1million, resulting in an understatement of the investment in the Cove Joint Venture and an overstatement of the net loss in the first quarter of 2018 for that amount. This misstatement was corrected in the second quarter of 2018 resulting in the overstatement of net income for the quarter of the same $0.1 million. This correction had no impact on the results of operations for the six months ended June 30, 2018 or the balance sheet as of June 30, 2018. 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% of the 40 East End Seller’s approximate 100% membership interest in 40 East End Ave. Pref Member LLC ( “40 East End Ave. Joint Venture”) for aggregate consideration of approximately $10.3 million. The Company subsequently made additional capital contributions aggregating $2.6 million to the 40 East End Ave. Joint Venture during 2017. During the six months ended June 30, 2018, the Company made additional capital contributions of $0.6 million to the 40 East End Ave. Joint Venture. 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% in the 40 East End Ave. Joint Venture. Additionally, Lightstone Value Plus Real Estate Investment Trust, Inc. (“Lightstone I”), a real estate investment trust also sponsored by the Company’s Sponsor, has made $30.0 million of preferred equity contributions to a subsidiary of the 40 East End Ave. Joint Venture, pursuant to an instrument that entitles Lightstone I to monthly preferred distributions at a rate of 12% per annum. The 40 East End Ave. Joint Venture, through affiliates, owns a parcel of land located at the corner of 81st Street and East End Avenue in the Upper East Side neighborhood of New York City on which it is constructing a luxury residential project consisting of 29 condominium units (the “40 East End Ave. Project”). As of June 30, 2018, the 40 East End Ave. Project was still under development but incurred certain costs related to an off-site sales office which opened in May 2018. The following table represents the unaudited condensed income statements for the 40 East End Ave. Joint Venture: (amounts in thousands) For the Three Months ‎ June 30, 2018 For the Three Months ‎ June 30, 2017 For the Six Months ‎ Ended June 30, 2018 For the Period March 31, ‎ 2017 (date of investment) ‎ through June 30, 2017 Property operating expenses $ 14 $ - $ 14 $ - Depreciation and amortization 99 - 99 - Net loss $ (113 ) $ - $ (113 ) $ - Company's share of net loss (33.3%) $ (38 ) $ - $ (38 ) $ - The following table represents the unaudited condensed balance sheets for the 40 East End Ave. Joint Venture: As of As of (amounts in thousands) June 30, 2018 December 31, 2017 Real estate inventory $ 110,462 $ 93,228 Cash and restricted cash 781 765 Other assets 228 227 Total assets $ 111,471 $ 94,220 Mortgage payable, net $ 37,240 $ 20,792 Other liabilities 3,699 4,593 Members' capital 70,532 68,835 Total liabilities and members' capital $ 111,471 $ 94,220

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2018
Stockholders' Equity Note [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 loss/(income) by the weighted-average number of shares of common stock outstanding during the applicable period. Distributions Distribution Declaration On August 7, 2018, the Board of Directors authorized and the Company declared a distribution for each month during the three-month period ending September 30, 2018. The distributions will be calculated based on shareholders of record at a rate of $0.002191781 per day, and will equal a daily amount that, if paid each day for a 365-day period, would equal a 8.0% annualized rate based on a share price of $10.00 payable on or about the 15th day following each month end to stockholders of record at the close of business on the last day of the prior month. Distribution Payments On May 15, 2018, June 15, 2018 and July 16, 2018, the Company paid distributions for the months ended April 30, 2018, May 31, 2018 and June 30, 2018, respectively, totaling $1.7 million. The distributions were paid in cash.

Selling Commissions, Dealer Man

Selling Commissions, Dealer Manager Fees and Other Offering Costs	6 Months Ended
	Jun. 30, 2018
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 In connection with the Offering, selling commissions and dealer manager fees were paid to the Dealer Manager pursuant to various agreements that were terminated in connection with the termination of the Offering on March 31, 2017. These selling commissions and dealer manager fees and other third-party offering costs such as registration fees, due diligence fees, marketing costs, and professional fees were accounted for as a reduction against additional paid-in capital as costs were incurred. Organizational costs were expensed as general and administrative costs. During the three months ended March 31, 2017, the Company incurred approximately $2.3 million of selling commissions and deal manager fees and $0.2 million of other offering costs. The Company has not incurred any of these costs subsequent to the termination of the Offering. From the Company’s inception through March 31, 2017 (the termination date of the Offering), it incurred approximately $7.6 million in selling commissions and dealer manager fees and $3.2 million of other offering costs in connection with the public offering of shares of its common stock.

Related Party Transaction and O

Related Party Transaction and Other Arrangements	6 Months Ended
	Jun. 30, 2018
Related Party Transactions [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. 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, 2018 2017 2018 2017 Acquisition fees (1) $ - $ - $ - $ 573,750 Asset management fees (general and administrative costs) 156,622 157,514 312,864 261,807 Total $ 156,622 $ 157,514 $ 312,864 $ 835,557 (1) An acquisition fee of $573,750 paid to our Advisor in connection with the acquisition of our investment in the Cove Joint Venture during the first quarter of 2017 was capitalized and is reflected in the carrying value of the Company’s investment in the Cove Joint Venture which is included in unconsolidated affiliated real estate entities on the consolidated balance sheets. Investment in Related Party 105-109 W. 28 th Street Preferred Investment 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 th th th th On August 30, 2016, the Company and the Moxy Developer further amended the Moxy Transaction so that Company’s total aggregate contributions under the 105-109 W. 28 th The Company made an initial contribution of $4.0 million during the fourth quarter of 2015 and additional aggregate contributions of $33.0 million during the year ended December 31, 2016. As of both June 30, 2018 and December 31, 2017, the 105-109 W. 28th Street Preferred Investment had an outstanding balance of $37.0 million, which is classified as an investment in related party on the consolidated balance sheets. The Company funded its contributions using proceeds generated from the Offering and draws under the Subordinated Agreement (see below). During both the three and six months ended June 30, 2018 and 2017, the Company recorded $1.1 million and $2.2 million of investment income related to the 105-109 W. 28 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 million, which was equivalent to 12.0% of the $300.0 million maximum offering amount of Common Shares under the Offering, which was terminated on March 31, 2017. The outstanding advances under the Subordinated Agreement (the “Subordinated Advances”) accrue interest at a rate of 1.48%, but no interest or outstanding advances are due and payable to the Sponsor until holders of the Company’s Common Shares have received liquidation distributions equal to their respective net investments (defined as $10.00 per Common Share) plus a cumulative, pre-tax, non-compounded annual return of 8.0% on their respective net investments. Distributions in connection with a liquidation of the Company initially will be made to holders of its Common Shares until holders of its Common Shares have received liquidation distributions equal to their respective net investments plus a cumulative, pre-tax, non-compounded annual return of 8.0% on their respective net investments. Thereafter, only if additional liquidating distributions are available, the Company will be obligated to repay the outstanding 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% return on investment and then the outstanding advances under the Subordinated Agreement and accrued interest to its Sponsor, such additional distributions will be paid to holders of its Common Shares and its Sponsor: 85.0% of the aggregate amount will be payable to holders of the Company’s Common Shares and the remaining 15.0% will be payable to the Sponsor. The 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 both June 30, 2018 and December 31, 2017, an aggregate of approximately $12.6 million of Subordinated Advances had been funded, which along with the related accrued interest of $ 351,526 and $258,817, respectively, are classified as Subordinated Advances – Related Party, a liability on the consolidated balance sheets. During both the three and six months ended June 30, 2018 and 2017, the Company accrued $46,611 and $92,709 of interest on the Subordinated Advances. 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.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2018
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, 2018
Accounting Policies [Abstract]
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of Lightstone Income Trust and Subsidiaries (over which the Company exercises financial and operating control). All inter-company accounts and transactions have been eliminated in consolidation. In determining whether the Company has a controlling financial interest in a joint venture and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the other partners or members as well as whether the entity is a variable interest entity for which the Company is the primary beneficiary.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements Effective January 1, 2018, the Company adopted guidance issued by the FASB that outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most of the existing revenue recognition guidance. The new guidance requires companies to apply a five-step model in accounting for revenue arising from contracts with customers, as well as enhance disclosures regarding revenue recognition. Lease contracts are excluded from this revenue recognition criteria; however, the sale of real estate is required to follow the new model. The Company has adopted this standard for the year beginning on January 1, 2018 using the modified retrospective approach. The adoption of this pronouncement did not have a material effect on our consolidated financial statements.

Investments in Unconsolidated15

Investments in Unconsolidated Affiliated Real Estate Entities (Tables)	6 Months Ended
	Jun. 30, 2018
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 Ownership % June 30, 2018 December 31, 2017 RP Maximus Cove, L.L.C. (the "Cove Joint Venture") January 31, 2017 22.50 % $ 17,502,476 $ 17,805,871 40 East End Ave. Pref Member LLC ( “40 East End Ave. Joint Venture”) March 31, 2017 33.30 % 13,476,867 12,911,770 Total investments in unconsolidated affiliated real estate entities $ 30,979,343 $ 30,717,641
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 statements for the Cove Joint Venture: (amounts in thousands) For the Three Months ‎ Ended June 30, 2018 For the Three Months ‎ Ended June 30, 2017 For the Six Months ‎ Ended June 30, 2018 For the Period January 31, ‎ 2017 (date of investment) ‎ through June 30, 2017 Revenues $ 3,638 $ 3,127 $ 7,233 $ 5,201 Property operating expenses 1,193 1,268 2,421 1,901 General and administrative costs 48 16 95 142 Depreciation and amortization 2,398 2,381 4,794 3,964 Operating loss (1 ) (538 ) (77 ) (806 ) Interest expense and other, net (2,741 ) (2,278 ) (5,311 ) (3,756 ) Net loss $ (2,742 ) $ (2,816 ) $ (5,388 ) $ (4,562 ) Company's share of net loss (22.50%) $ (617 ) $ (633 ) $ (1,213 ) $ (1,027 ) Adjustment to depreciation and amortization expense (1) 103 (180 ) (76 ) (299 ) Company's loss from investment $ (514 ) $ (813 ) $ (1,289 ) $ (1,326 )
Equity Method Investments, Summarized Balance Sheet Information	The following table represents the unaudited condensed balance sheets for the Cove Joint Venture: As of As of (amounts in thousands) June 30, 2018 December 31, 2017 Real estate, at cost (net) $ 150,360 $ 149,727 Cash and restricted cash 1,369 2,538 Other assets 1,815 1,541 Total assets $ 153,544 $ 153,806 Mortgage payable, net $ 173,681 $ 173,534 Other liabilities 3,159 2,830 Members' deficit (1) (23,296 ) (22,558 ) Total liabilities and members' deficit $ 153,544 $ 153,806 (1) The adjustment to 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 sheets for the 40 East End Ave. Joint Venture: As of As of (amounts in thousands) June 30, 2018 December 31, 2017 Real estate inventory $ 110,462 $ 93,228 Cash and restricted cash 781 765 Other assets 228 227 Total assets $ 111,471 $ 94,220 Mortgage payable, net $ 37,240 $ 20,792 Other liabilities 3,699 4,593 Members' capital 70,532 68,835 Total liabilities and members' capital $ 111,471 $ 94,220
40 East End Ave Project [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments, Summarized Balance Sheet Information	The following table represents the unaudited condensed income statements for the 40 East End Ave. Joint Venture: (amounts in thousands) For the Three Months ‎ June 30, 2018 For the Three Months ‎ June 30, 2017 For the Six Months ‎ Ended June 30, 2018 For the Period March 31, ‎ 2017 (date of investment) ‎ through June 30, 2017 Property operating expenses $ 14 $ - $ 14 $ - Depreciation and amortization 99 - 99 - Net loss $ (113 ) $ - $ (113 ) $ - Company's share of net loss (33.3%) $ (38 ) $ - $ (38 ) $ -

Related Party Transaction and16

Related Party Transaction and Other Arrangements (Tables)	6 Months Ended
	Jun. 30, 2018
Related Party Transactions [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, 2018 2017 2018 2017 Acquisition fees (1) $ - $ - $ - $ 573,750 Asset management fees (general and administrative costs) 156,622 157,514 312,864 261,807 Total $ 156,622 $ 157,514 $ 312,864 $ 835,557 (1) An acquisition fee of $573,750 paid to our Advisor in connection with the acquisition of our investment in the Cove Joint Venture during the first quarter of 2017 was capitalized and is reflected in the carrying value of the Company’s investment in the Cove Joint Venture which is included in unconsolidated affiliated real estate entities on the consolidated balance sheets.

Organization (Details Textual)

Organization (Details Textual) - USD ($)	May 15, 2017	Sep. 12, 2014	Mar. 31, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jul. 25, 2016	Jun. 30, 2016
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				$ 0	$ 25,164,695
Discounted Price Percentage				95.00%
Adjusted Offering Price									$ 10	$ 9.14
Payments of Stock Issuance Costs				$ 0	$ 2,447,606
Estimated Net Assets Value Per Common Share							$ 10	$ 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, 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 Unconsolidated18

Investments in Unconsolidated Affiliated Real Estate Entities (Equity Method Investments) (Details) - USD ($)	6 Months Ended
	Jun. 30, 2018	Dec. 31, 2017	Mar. 31, 2017
Schedule of Equity Method Investments [Line Items]
Total investments in unconsolidated affiliated real estate entities	$ 30,979,343	$ 30,717,641
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	$ 13,476,867	12,911,770
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	$ 17,502,476	$ 17,805,871

Investments in Unconsolidated19

Investments in Unconsolidated Affiliated Real Estate Entities (Equity Method Investments Summarized Income Statement Information) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Schedule of Equity Method Investments [Line Items]
Company's loss from investment	$ (551,428)	$ (813,170)	$ (1,326,535)	$ (1,325,877)
Rp Maximus Cove, Llc [Member]
Schedule of Equity Method Investments [Line Items]
Revenue	3,638,000	3,127,000	7,233,000	5,201,000
Property operating expenses	1,193,000	1,268,000	2,421,000	1,901,000
General and administrative costs	48,000	16,000	95,000	142,000
Depreciation and amortization	2,398,000	2,381,000	4,794,000	3,964,000
Operating loss	(1,000)	(538,000)	(77,000)	(806,000)
Interest expense and other, net	(2,741,000)	(2,278,000)	(5,311,000)	(3,756,000)
Net loss	(2,742,000)	(2,816,000)	(5,388,000)	(4,562,000)
Rp Maximus Cove, Llc [Member] | Parent Company [Member]
Schedule of Equity Method Investments [Line Items]
Company's share of net loss	(617,000)	(633,000)	(1,213,000)	(1,027,000)
Adjustment to depreciation and amortization expense	103,000	(180,000)	(76,000)	(299,000)
Company's loss from investment	(514,000)	(813,000)	(1,289,000)	(1,326,000)
40 East End Ave Project [Member]
Schedule of Equity Method Investments [Line Items]
Property operating expenses	14,000	0	14,000	0
Depreciation and amortization	99,000	0	99,000	0
Net loss	(113,000)	0	(113,000)	0
Company's share of net loss	$ (38,000)	$ 0	$ (38,000)	$ 0

Investments in Unconsolidated20

Investments in Unconsolidated Affiliated Real Estate Entities (Equity Method Investments Summarized Balance Sheet Information) (Details) - USD ($) $ in Thousands		Jun. 30, 2018	Dec. 31, 2017
RP Maximus Cove, L.L.C [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Total assets		$ 153,544	$ 153,806
Members' deficit	[1]	(23,296)	(22,558)
Total liabilities and members' deficit		153,544	153,806
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		150,360	149,727
RP Maximus Cove, L.L.C [Member] | Cash and restricted cash [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Total assets		1,369	2,538
RP Maximus Cove, L.L.C [Member] | Other assets [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Total assets		1,815	1,541
RP Maximus Cove, L.L.C [Member] | Mortgage payable, net [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Liabilities		173,681	173,534
RP Maximus Cove, L.L.C [Member] | Other liabilities [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Liabilities		3,159	2,830
40 East End Ave. Pref Member LLC [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Total assets		111,471	94,220
Members' deficit		70,532	68,835
Total liabilities and members' deficit		111,471	94,220
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		781	765
40 East End Ave. Pref Member LLC [Member] | Other assets [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Total assets		228	227
40 East End Ave. Pref Member LLC [Member] | Real Estate Inventory [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Total assets		110,462	93,228
40 East End Ave. Pref Member LLC [Member] | Mortgage payable, net [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Liabilities		37,240	20,792
40 East End Ave. Pref Member LLC [Member] | Other liabilities [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Liabilities		$ 3,699	$ 4,593
[1]	The adjustment to 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 (Details Textual)	1 Months Ended			3 Months Ended		6 Months Ended
	Jan. 31, 2020	Mar. 31, 2017USD ($)	Jan. 31, 2017USD ($)a	Jun. 30, 2018USD ($)	Mar. 31, 2017USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)
Schedule of Equity Method Investments [Line Items]
Business Acquisition, Percentage of Voting Interests Acquired			22.50%
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
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			$ 1,000,000
Business Acquisition, Percentage of Voting Interests Acquired			22.50%
Revenue from Contract with Customer, Including Assessed Tax			$ 600,000
Area of Land | a			20.1
Number of Apartment Buildings			32
RP Maximus Cove, L.L.C [Member] | Parent Company [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment Summarized Financial Information Additional Depreciation And Amortization Expense				$ 100,000
Lightstone Value Plus Real Estate Investment Trust, Inc. [Member]
Schedule of Equity Method Investments [Line Items]
Proceeds from Contributions from Affiliates					$ 30
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						$ 600,000	$ 2,600,000
Business Acquisition, Percentage of Voting Interests Acquired		33.30%			33.30%
Equity Method Investment, Ownership Percentage		33.30%		33.30%	33.30%	33.30%
David Lichtenstein [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage		100.00%			100.00%
40 East End Ave Project [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage				33.30%		33.30%

Stockholders' Equity (Details T

Stockholders' Equity (Details Textual) - USD ($)	6 Months Ended
	Jun. 30, 2018	Aug. 07, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends, Common Stock	$ 3,478,397
Dividend Paid [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends, Common Stock	$ 1,700,000
Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Distribution on per day basis		$ 0.002191781
Annualized rate of dividend		8.00%
Share Price		$ 10

Selling Commissions, Dealer M23

Selling Commissions, Dealer Manager Fees and Other Offering Costs (Details Textual) - IPO [Member] - USD ($) $ in Millions	3 Months Ended	31 Months Ended
	Mar. 31, 2017	Mar. 31, 2017
Noninterest Expense Offering Cost	$ 0.2	$ 3.2
Financial Service [Member]
Revenue from Contract with Customer, Including Assessed Tax	$ 2.3	$ 7.6

Related Party Transaction and24

Related Party Transaction and Other Arrangements (Details) - USD ($)		3 Months Ended		6 Months Ended
		Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Investment Advice [Member]
Related Party Transaction [Line Items]
Acquisition fees	[1]	$ 0	$ 0	$ 0	$ 573,750
Total	[1]	0	0	0	573,750
Asset Management [Member]
Related Party Transaction [Line Items]
Asset management fees (general and administrative costs)		156,622	157,514	312,864	261,807
Investment Advisory, Management and Administrative Service [Member]
Related Party Transaction [Line Items]
Acquisition fees		156,622	157,514	312,864	835,557
Total		$ 156,622	$ 157,514	$ 312,864	$ 835,557
[1]	An acquisition fee of $573,750 paid to our Advisor in connection with the acquisition of our investment in the Cove Joint Venture during the first quarter of 2017 was capitalized and is reflected in the carrying value of the Company’s investment in the Cove Joint Venture which is included in unconsolidated affiliated real estate entities on the consolidated balance sheets.

Related Party Transaction and25

Related Party Transaction and Other Arrangements (Details Textual) - USD ($)	1 Months Ended		3 Months Ended			6 Months Ended		12 Months Ended
	Aug. 30, 2016	Mar. 18, 2016	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2015	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2016	Dec. 31, 2017	Nov. 25, 2015
Related Party Transaction [Line Items]
Cumulative Annual Return On Net Investments Percent		8.00%
Interest Payable			$ 351,526			$ 351,526			$ 258,817
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
Payments to Acquire Interest in Subsidiaries and Affiliates					$ 4,000,000			$ 33,000,000
Investment Income, Net			1,122,333	$ 1,122,333		2,232,333	$ 2,232,333
Notes Payable, Related Parties			12,983,539			$ 12,983,539			12,890,830
Preferred Stock, Dividend Rate, Percentage						12.00%
Interest Payable, Current			46,611	$ 92,709		$ 46,611	$ 92,709
Cove Transaction [Member]
Related Party Transaction [Line Items]
Notes Payable, Related Parties			$ 12,600,000			$ 12,600,000			$ 12,600,000
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		$ 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%