Lightstone Value Plus REIT IV (LTSV) 10-Q 11 Aug 21 2021 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2021	Aug. 10, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2021
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2021
Current Fiscal Year End Date	--12-31
Entity File Number	000-55773
Entity Registrant Name	LIGHTSTONE REAL ESTATE INCOME TRUST INC.
Entity Central Index Key	0001619312
Entity Tax Identification Number	47-1796830
Entity Incorporation, State or Country Code	MD
Entity Address, Address Line One	1985 Cedar Bridge Avenue
Entity Address, Address Line Two	Suite 1
Entity Address, City or Town	Lakewood
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	08701
City Area Code	(732)
Local Phone Number	367-0129
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		8,500,000

CONSOLIDATED BALANCE SHEETS (un

CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Investment property:
Construction in progress	$ 50,297,654	$ 40,479,640
Investment in unconsolidated affiliated real estate entity	9,620,918	10,988,023
Cash and cash equivalents	19,639,122	31,406,204
Restricted cash and other assets	382,697	116,419
Total Assets	79,940,391	82,990,286
Liabilities and Stockholders’ Equity
Mortgage payable, net	15,993,333	16,000,000
Accounts payable, accrued expenses and other liabilities	2,948,870	1,178,674
Distributions payable	0	3,151,447
Subordinated advances - related party	13,544,400	13,451,692
Total Liabilities	32,486,603	33,781,813
Stockholders’ Equity:
Preferred stock, $0.01 par value; 50.0 million shares authorized, none issued and outstanding	0	0
Common stock, $0.01 par value; 200.0 million shares authorized, 8.5 million shares issued and outstanding	85,374	85,374
Additional paid-in-capital	71,665,213	71,665,213
Accumulated deficit	(24,296,799)	(22,542,114)
Total Stockholders’ Equity	47,453,788	49,208,473
Total Liabilities and Stockholders’ Equity	$ 79,940,391	$ 82,990,286

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
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	8,500,000	8,500,000
Common Stock, shares outstanding	8,500,000	8,500,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
(Loss)/Income:
Investment income	$ 9,600	$ 17,686	$ 21,283	$ 135,850
Gain from disposition of investment in unconsolidated affiliated real estate entity	0	0	0	8,180,509
Gain on sale of marketable securities	0	0	0	264,589
Loss from investments in unconsolidated affiliated real estate entities	(908,857)	(522,007)	(1,367,105)	(914,294)
Total (loss)/income	(899,257)	(504,321)	(1,345,822)	7,666,654
Expenses:
General and administrative costs	158,061	224,007	316,155	450,623
Interest expense	46,610	46,483	92,708	92,966
Foreign currency transaction loss	0	0	0	47,648
Total expenses	204,671	270,490	408,863	591,237
Net (loss)/income	$ (1,103,928)	$ (774,811)	$ (1,754,685)	$ 7,075,417
Net (loss)/income per common share, basic and diluted	$ (0.13)	$ (0.09)	$ 0.21	$ 0.83
Weighted average number of common shares outstanding, basic and diluted	8,537,424	8,537,424	8,537,424	8,546,952

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Net (loss)/income	$ (1,103,928)	$ (774,811)	$ (1,754,685)	$ 7,075,417
Other comprehensive loss:
Holding loss on marketable securities, available for sale	0	0	0	(135,500)
Reclassification adjustment for gain included in net income	0	0	0	(264,589)
Other comprehensive loss	0	0	0	(400,089)
Comprehensive (loss)/income	$ (1,103,928)	$ (774,811)	$ (1,754,685)	$ 6,675,328

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (unaudited) - USD ($)		Common Stock [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Beginning balance, value at Dec. 31, 2019		$ 85,952	$ 72,215,685	$ 400,089	$ (23,324,903)	$ 49,376,823
Balance at beginning (in shares) at Dec. 31, 2019		8,595,224
Net loss					7,075,417	7,075,417
Distributions declared (a)	[1]				(851,742)	(851,742)
Redemption and cancellation of shares		$ (578)	(550,472)			(551,050)
Redemption and cancellation of shares (in shares)		(57,800)
Other comprehensive loss				(400,089)		(400,089)
Ending balance, value at Jun. 30, 2020		$ 85,374	71,665,213		(17,101,228)	54,649,359
Balance at ending (in shares) at Jun. 30, 2020		8,537,424
Beginning balance, value at Mar. 31, 2020		$ 85,374	71,665,213	0	(16,326,417)	55,424,170
Balance at beginning (in shares) at Mar. 31, 2020		8,537,424
Net loss					(774,811)	(774,811)
Ending balance, value at Jun. 30, 2020		$ 85,374	71,665,213		(17,101,228)	54,649,359
Balance at ending (in shares) at Jun. 30, 2020		8,537,424
Beginning balance, value at Dec. 31, 2020		$ 85,374	71,665,213		(22,542,114)	49,208,473
Balance at beginning (in shares) at Dec. 31, 2020		8,537,424
Net loss					(1,754,685)	(1,754,685)
Ending balance, value at Jun. 30, 2021		$ 85,374	71,665,213		(24,296,799)	47,453,788
Balance at ending (in shares) at Jun. 30, 2021		8,537,424
Beginning balance, value at Mar. 31, 2021		$ 85,374	71,665,213		(23,192,871)	48,557,716
Balance at beginning (in shares) at Mar. 31, 2021		8,537,424
Net loss					(1,103,928)	(1,103,928)
Ending balance, value at Jun. 30, 2021		$ 85,374	$ 71,665,213		$ (24,296,799)	$ 47,453,788
Balance at ending (in shares) at Jun. 30, 2021		8,537,424
[1]	Dividends per share were $0.10.

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss)/income	$ (1,754,685)	$ 7,075,417
Adjustments to reconcile net (loss)/income to cash used in operating activities:
Loss from investments in unconsolidated affiliated real estate entities	1,367,105	914,294
Gain from disposition of investment in unconsolidated affiliated real estate entity	0	(8,180,509)
Gain on sale of marketable securities	0	(264,589)
Amortization of discount on debt securities	0	(30,196)
Foreign currency transaction loss	0	47,648
Changes in assets and liabilities:
Increase in other assets	(271,240)	(85,126)
Increase in accounts payable, accrued expenses and other liabilities	363,000	75,867
Increase in accrued interest on subordinated advances - related party	92,708	92,966
Cash used in operating activities	(203,112)	(354,228)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of investment property	(8,377,485)	(3,017,054)
Proceeds from sale of marketable securities	0	4,141,195
Proceeds from disposition of  investment in unconsolidated affiliated real estate entity	0	21,869,246
Cash (used in)/provided by investing activities	(8,377,485)	22,993,387
CASH FLOWS FROM FINANCING ACTIVITIES:
Redemption and cancellation of common stock	0	(551,050)
Payment of loan fees and expenses	(40,000)	0
Distributions paid to Company’s common stockholders	(3,151,447)	(1,137,582)
Cash used in financing activities	(3,191,447)	(1,688,632)
Effect of exchange rate changes on cash and cash equivalents	0	(47,648)
Net change in cash, cash equivalents and restricted cash	(11,772,044)	20,902,879
Cash, cash equivalents and restricted cash, beginning of year	31,490,826	14,263,182
Cash, cash equivalents and restricted cash, end of period	19,718,782	35,166,061
Supplemental disclosure of cash flow information:
Non-cash purchase of investment property	2,387,845	261,000
Amortization of deferred financing costs included in construction in progress	33,333	257,819
The following is a summary of the Company’s cash, cash equivalents and restricted cash total as presented in our statements of cash flows for the periods presented:
Cash and cash equivalents	19,639,122	35,008,159
Restricted cash	79,660	157,902
Total cash, cash equivalents and restricted cash	$ 19,718,782	$ 35,166,061

Structure

Structure	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Structure	1. Structure Lightstone Real Estate Income Trust Inc. (’‘Lightstone Income Trust’’), is a Maryland corporation, formed on September 9, 2014 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 has and intends to continue to seek opportunities to invest in real estate and real estate-related investments. The Company’s real estate-related investment may include mezzanine loans, mortgage loans, bridge loans and preferred equity interests, with a focus on development-related investments, including investments intended to finance development or redevelopment opportunities. The Company may also invest in debt and derivative securities related to real estate assets. A portion of the Company’s investments by value may be secured by or related to properties or entities advised by, or wholly or partially, directly or indirectly owned by, The Lightstone Group, LLC (the “Sponsor”), its affiliates or other real estate investment programs it sponsors. Although the Company expects that most of its investments will be of these various types, it may also make other investments. In fact, it may invest in whatever types of investments that it believes are in its best interests. The Company currently has one operating segment. As of June 30, 2021, it wholly owned and consolidated the operating results of one development project, the Williamsburg Moxy Hotel and held an unconsolidated approximate 33.3 The Company’s advisor is Lightstone Real Estate Income LLC (the “Advisor”), which is majority owned by David Lichtenstein. On September 12, 2014, the Advisor contributed $ 200,000 20,000 10.00 222,222 2.0 9.00 The Company does not have any employees. The Advisor receives compensation and fees for services related to the investment and management of the Company’s assets. The Advisor has certain affiliates which may manage the properties the Company acquires. However, the Company may also contract with other unaffiliated third-party property managers. The Company’s Common Shares are not currently listed on a national securities exchange. The Company may seek to list its Common Shares for trading on a national securities exchange only if a majority of its independent directors believe listing would be in the best interest of its stockholders. The Company does not intend to list its Common Shares at this time. The Company does not anticipate that there would be any market for its Common Shares until they are listed for trading. In the event the Company does not begin the process of achieving a liquidity event prior to March 31, 2022, which is the fifth anniversary of the termination of its Offering, its charter requires either (a) an amendment to the Company’s charter to extend the deadline to begin the process of achieving a liquidity event, or (b) the holding of a stockholders meeting to vote on a proposal for an orderly liquidation of its portfolio.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2021
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 generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. The consolidated financial statements have been prepared in accordance with 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 income 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 consolidated balance sheet as of December 31, 2020 included herein has been derived from the consolidated balance sheet included in the Company’s Annual Report on Form 10-K. 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. Financial Instruments The carrying amounts reported in the consolidated balance sheets for cash and cash equivalents, restricted cash and other assets, mortgage payable and accounts payable, accrued expenses and other liabilities approximate their fair values because of the short maturity of these instruments. Reclassifications Certain prior period amounts have been reclassified to conform to the current year presentation. COVID-19 Pandemic The World Health Organization declared COVID-19 a global pandemic on March 11, 2020 and since that time many of the previously imposed restrictions and other measures which were instituted in response have been subsequently reduced or lifted. However, the COVID-19 pandemic remains highly unpredictable and dynamic and its duration and extent continue to be dependent on various developments, such as the emergence of variants to the virus that may cause additional strains of COVID-19, the administration and ultimate effectiveness of vaccines, and the eventual timeline to achieve a sufficient level of herd immunity among the general population. Accordingly, the COVID-19 pandemic may continue to have negative effects on the health of the U.S. economy for the foreseeable future. To-date, the COVID-19 pandemic has not had any significant impact on the Company’s Williamsburg Moxy Hotel development project. The Company’s other investment is its 33.3 The extent to which the Company’s business may be affected by the ongoing COVID-19 pandemic will largely depend on both current and future developments, all of which are highly uncertain and cannot be reasonably predicted. If the COVID-19 pandemic or its effect on the U.S. economy negatively impact the Williamsburg Moxy Hotel development project and/or investment in the 40 East End Ave. Joint Venture for an extended period, the Company’s business and financial results could be materially and adversely impacted. New Accounting Pronouncements The Company has reviewed and determined that 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.

Williamsburg Moxy Hotel

Williamsburg Moxy Hotel	6 Months Ended
	Jun. 30, 2021
Williamsburg Moxy Hotel
Williamsburg Moxy Hotel	3. Williamsburg Moxy Hotel On July 17, 2019, the Company, through its then wholly owned subsidiary, Bedford Avenue Holdings LLC acquired four adjacent parcels of land located at 353-361 Bedford Avenue in Brooklyn, New York (collectively, the “Williamsburg Land”), from unaffiliated third parties, for an aggregate purchase price of approximately $ 30.4 As of June 30, 2021, the Company incurred and capitalized to construction in progress an aggregate of $ 50.3 1.7 0.1 0.2 0.3 0.6 On August 5, 2021, the Company formed a joint venture (the “Williamsburg Moxy Hotel Joint Venture”) with Lightstone Value Plus Real Estate Investment Trust III, Inc (“Lightstone REIT III”), a real estate investment trust also sponsored by the Company’s Sponsor, pursuant to which Lightstone REIT III acquired 25 7.9 75 25 Williamsburg Mortgage In connection with the closing of the acquisition of the Williamsburg Land, the Williamsburg Moxy Hotel Joint Venture simultaneously entered into a nonrecourse mortgage loan collateralized by the Williamsburg Land (the “Williamsburg Mortgage”) for $16.0 million. The Williamsburg Mortgage matures on August 9, 2021 2.60 16.0 6,667 On August 5, 2021, Williamsburg Moxy Hotel Joint Venture entered into a recourse construction loan facility for up to $ 77.0 The Williamsburg Construction Loan bears interest at LIBOR plus 9.00%, subject to a 9.50% floor, with monthly interest-only payments based on LIBOR plus 7.50% with the accrued and unpaid interest due at maturity. The Williamsburg Construction Loan is collateralized by the Williamsburg Moxy Hotel. The Williamsburg Moxy Hotel Joint Venture received initial proceeds of $16.0 million under the Williamsburg Construction Loan and repaid the Williamsburg Mortgage ($16.0 million) in full. As a result, the Williamsburg Construction Loan has remaining availability of $61.0 million.

Investments in Unconsolidated A

Investments in Unconsolidated Affiliated Real Estate Entities	6 Months Ended
	Jun. 30, 2021
Real Estate [Abstract]
Investments in Unconsolidated Affiliated Real Estate Entities	4. Investments in Unconsolidated Affiliated Real Estate Entities 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 approximately 33.3 10.3 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, if any, 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 the 40 East End Avenue Project, a luxury residential 29-unit condominium project located at the corner of 81st Street and East End Avenue in the Upper East Side neighborhood of New York City. The 40 East End Avenue Project received its final TCO in March 2020 and through June 30, 2021, eight of the condominium units have been sold. On March 21, 2017, the 40 East End Ave. Joint Venture obtained financing from a financial institution of up to $ 85.3 95.2 90.2 5.0 December 19, 2021 LIBOR plus 2.45% Pursuant to the terms of the Condo Loan, the 40 East End Ave. Joint Venture was required to make a principal paydown on December 19, 2020 if the then outstanding principal balance of the Condo Loan had not been paid down to at least $ 81.0 11.7 2.0 9.7 As of June 30, 2021, the Condo Loan had an outstanding principal balance of $ 81.0 8.0 73.0 The Condo Loan is scheduled to mature on December 19, 2021. Because of the impact of the COVID-19 pandemic on the pace of condominium unit sales, the 40 East End Ave. Joint Venture is engaged in discussions with the lender to extend the maturity date of the Condo Loan. However, there can be no assurance that the 40 East End Ave. Joint Venture will be successful in such endeavors. The Company’s Sponsor and its affiliates (collectively, the “40 East End Guarantors”) have provided certain guarantees with respect to the Condo Loan and the members have agreed to reimburse the 40 East End Guarantors for any balance that may become due under the guarantees (the “40 East End Guarantee”), of which the Company’s share is approximately 33.3%. The Company has determined that the fair value of its share of the 40 East End Guarantee is immaterial. In connection with the closing of the Condo Loan , the 40 East End Ave. Joint Venture used a portion of the initial loan proceeds to (i) fully repay the then outstanding principal balance of $ 80.3 0.2 9.5 The 40 East End Ave. Joint Venture subsequently redeemed an additional $ 3.5 11.0 Subsequent to the Company’s acquisition through June 30, 2021, it has made an aggregate of $ 5.7 9.9 11.0 The 40 East End Ave. Joint Venture Financial Information The following table represents the condensed income statements for the 40 East End Ave. Joint Venture: Schedule of financial information of joint venture (amounts in thousands) For the Three Months Ended For the Three Months Ended For the Six Months Ended For the Six Months Ended Revenues $ - $ - $ 10,507 $ 12,902 Cost of goods sold - - 10,279 11,581 Impairment of real estate inventory 1,232 - 1,232 - Other expenses 582 545 1,224 1,248 Operating (loss)/income (1,814 ) (545 ) (2,228 ) 73 Interest expense and other, net (915 ) (1,023 ) (1,877 ) (2,345 ) Net loss $ (2,729 ) $ (1,568 ) $ (4,105 ) $ (2,272 ) Company’s share of net loss (33.3%) $ (909 ) $ (522 ) $ (1,367 ) $ (757 ) The following table represents the condensed balance sheets for the 40 East End Ave. Joint Venture: As of As of (amounts in thousands) June 30, December 31, Real estate inventory $ 113,991 $ 125,086 Cash and restricted cash 2,434 4,446 Other assets 660 587 Total assets $ 117,085 $ 130,119 Mortgage payable, net $ 80,537 $ 89,876 Other liabilities 1,705 1,309 Members’ capital 34,843 38,934 Total liabilities and members’ capital $ 117,085 $ 130,119 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 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 20.0 22.5 The Cove Joint Venture owned and operated The Cove at Tiburon (the “Cove”), a 281-unit, luxury waterfront multifamily residential property located in Tiburon, California from January 31, 2017 through February 12, 2020, As discussed below, the Company disposed of its 22.5 The Company accounted for its 22.5% membership interest in the Cove Joint Venture in accordance with the equity method of accounting because it exercised significant influence, but did not exercise financial and operating control over this entity. For the period from January 1, 2020 through February 12, 2020, the Company’s share of the Cove Joint Venture’s loss of approximately $ 0.7 0.2 On February 12, 2020, REIT IV Cove LLC, LSG Cove LLC and REIT III COVE LLC each redeemed their respective membership interests in the Cove Joint Venture for an aggregate redemption price of $ 87.6 21.9 8.2 As a result of the redemption of the Company’s 22.5% membership interest in the Cove Joint Venture on February 12, 2020, it no longer had an ownership interest in the Cove Joint Venture. During August 2020, the Company received $ 0.1 0.1 8.3

Stockholders_ Equity

Stockholders’ Equity	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Stockholders’ Equity	5. Stockholders’ Equity Distributions On March 25, 2020, the Board of Directors determined to suspend regular monthly distributions for months ending after March 2020. Future distributions, if any, declared will be at the discretion of the Board of Directors based on their analysis of the Company’s performance over the previous periods and expectations of performance for future periods. The Board of Directors will consider various factors in its determination, including but not limited to, the sources and availability of capital, operating and interest expenses, the Company’s ability to refinance near-term debt, as well as the IRS’s annual distribution requirement that REITs distribute no less than 90% of their taxable income. The Company cannot assure that any future distributions will be made or that it will maintain any particular level of distributions that it has previously established or may establish. 2020 Special Distribution On December 21, 2020, the Board of Directors authorized and the Company declared a special distribution of $ 0.37 3.2 2021 Special Distribution On August 9, 2021, the Board of Directors authorized and the Company declared a special distribution of $ 0.215 Share Repurchase Program The Company’s share repurchase program may provide its stockholders with limited, interim liquidity by enabling them to sell their Common Shares back to the Company, subject to restrictions. On March 25, 2020, the Board of Directors amended the share repurchase program to remove stockholder notice requirements and also approved the suspension of all redemptions effective immediately. On March 25, 2020, the Board of Directors determined to suspend the share repurchase program effective immediately. Effective May 10, 2021, the Board of Directors reopened the share repurchase program for redemptions submitted in connection with a stockholder’s death or hardship and set the price for all such purchases to 100% of the NAV per Share ($ 8.50 Deaths that occurred subsequent to January 1, 2020 are eligible for consideration. Beginning January 1, 2022, requests for redemptions in connection with a stockholder’s death must be submitted and received by the Company within one year of the stockholder’s date of death for consideration. On an annual basis, the Company will not redeem in excess of 0.5 Net Earnings per Common Share Net earnings per Common Share on a basic and fully diluted basis is earnings divided by the weighted average number of shares of common stock outstanding. The Company does not have any potentially dilutive securities.

Related Party Transactions and

Related Party Transactions and Other Arrangements	6 Months Ended
	Jun. 30, 2021
Related Party Transactions [Abstract]
Related Party Transactions and Other Arrangements	6. Related Party Transactions and Other Arrangements The Company has various agreements, including an advisory agreement, with the Advisor to pay certain fees, in exchange for services performed by the Advisor and/or its affiliated entities. As of June 30, 2021, the Company owed the Advisor and its affiliated entities $ 7,270 accounts payable, accrued expenses and other liabilities 122 restricted cash and other assets The following table represents the fees incurred associated with the payments to the Company’s Advisor for the periods indicated: Schedule of Fees and offering costs For the Three Months Ended For the Six Months Ended 2021 2020 2021 2020 Development cost reimbursement (1) $ 136,203 $ 62,556 $ 266,857 $ 132,756 Asset management fees (general and administrative costs) - - - 77,313 Total $ 136,203 $ 62,556 $ 266,857 $ 210,069 (1) Development costs that the Company reimburses its Advisor for are capitalized and are included in the carrying value of the Company’s investment in the Williamsburg Moxy Hotel which is classified as construction in progress on the consolidated balance sheets. The advisory agreement has a one-year term and is renewable for an unlimited number of successive one-year periods upon the mutual consent of the Advisor and the Company’s independent directors. Payments to the Advisor or its affiliates may include asset acquisition fees and the reimbursement of acquisition-related expenses, development fees and the reimbursement of development-related costs, financing coordination fees, asset management fees or asset management participation, and construction management fees. The Company may also reimburse the Advisor and its affiliates for actual expenses it incurs for administrative and other services provided for it. Upon the liquidation of the Company’s assets, it may pay the Advisor or its affiliates a disposition commission. 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 made aggregate principal advances of $ 12.6 1.48 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 principal advances and related 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 principal 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 principal advances and the 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 simultaneously terminated the Subordinated Agreement. As a result of the termination, the Sponsor is no longer obligated to make any additional principal advances to the Company. Interest will continue to accrue on the outstanding principal advances and repayment, if any, of the principal advances and related accrued interest will be made according to the terms of the Subordinated Agreement disclosed above. As of both June 30, 2021 and December 31, 2020, an aggregate of approximately $ 12.6 912,387 819,679 46,610 92,708 46,483 92,966

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
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. As of the date hereof, the Company is not a party to any material pending legal proceedings of which the outcome is probable or reasonably possible to have a material adverse effect on its results of operations or financial condition, which would require accrual or disclosure of the contingency and possible range of loss. Additionally, the Company has not recorded any loss contingencies related to legal proceedings in which the potential loss is deemed to be remote.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2021
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.
Financial Instruments	Financial Instruments The carrying amounts reported in the consolidated balance sheets for cash and cash equivalents, restricted cash and other assets, mortgage payable and accounts payable, accrued expenses and other liabilities approximate their fair values because of the short maturity of these instruments.
Reclassifications	Reclassifications Certain prior period amounts have been reclassified to conform to the current year presentation.
COVID-19 Pandemic	COVID-19 Pandemic The World Health Organization declared COVID-19 a global pandemic on March 11, 2020 and since that time many of the previously imposed restrictions and other measures which were instituted in response have been subsequently reduced or lifted. However, the COVID-19 pandemic remains highly unpredictable and dynamic and its duration and extent continue to be dependent on various developments, such as the emergence of variants to the virus that may cause additional strains of COVID-19, the administration and ultimate effectiveness of vaccines, and the eventual timeline to achieve a sufficient level of herd immunity among the general population. Accordingly, the COVID-19 pandemic may continue to have negative effects on the health of the U.S. economy for the foreseeable future. To-date, the COVID-19 pandemic has not had any significant impact on the Company’s Williamsburg Moxy Hotel development project. The Company’s other investment is its 33.3 The extent to which the Company’s business may be affected by the ongoing COVID-19 pandemic will largely depend on both current and future developments, all of which are highly uncertain and cannot be reasonably predicted. If the COVID-19 pandemic or its effect on the U.S. economy negatively impact the Williamsburg Moxy Hotel development project and/or investment in the 40 East End Ave. Joint Venture for an extended period, the Company’s business and financial results could be materially and adversely impacted.
New Accounting Pronouncements	New Accounting Pronouncements The Company has reviewed and determined that 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.

Investments in Unconsolidated_2

Investments in Unconsolidated Affiliated Real Estate Entities (Tables)	6 Months Ended
	Jun. 30, 2021
Real Estate [Abstract]
Schedule of financial information of joint venture	Schedule of financial information of joint venture (amounts in thousands) For the Three Months Ended For the Three Months Ended For the Six Months Ended For the Six Months Ended Revenues $ - $ - $ 10,507 $ 12,902 Cost of goods sold - - 10,279 11,581 Impairment of real estate inventory 1,232 - 1,232 - Other expenses 582 545 1,224 1,248 Operating (loss)/income (1,814 ) (545 ) (2,228 ) 73 Interest expense and other, net (915 ) (1,023 ) (1,877 ) (2,345 ) Net loss $ (2,729 ) $ (1,568 ) $ (4,105 ) $ (2,272 ) Company’s share of net loss (33.3%) $ (909 ) $ (522 ) $ (1,367 ) $ (757 ) The following table represents the condensed balance sheets for the 40 East End Ave. Joint Venture: As of As of (amounts in thousands) June 30, December 31, Real estate inventory $ 113,991 $ 125,086 Cash and restricted cash 2,434 4,446 Other assets 660 587 Total assets $ 117,085 $ 130,119 Mortgage payable, net $ 80,537 $ 89,876 Other liabilities 1,705 1,309 Members’ capital 34,843 38,934 Total liabilities and members’ capital $ 117,085 $ 130,119

Related Party Transactions an_2

Related Party Transactions and Other Arrangements (Tables)	6 Months Ended
	Jun. 30, 2021
Related Party Transactions [Abstract]
Schedule of Fees and offering costs	Schedule of Fees and offering costs For the Three Months Ended For the Six Months Ended 2021 2020 2021 2020 Development cost reimbursement (1) $ 136,203 $ 62,556 $ 266,857 $ 132,756 Asset management fees (general and administrative costs) - - - 77,313 Total $ 136,203 $ 62,556 $ 266,857 $ 210,069

Structure (Details Narrative)

Structure (Details Narrative) - USD ($)	Sep. 12, 2014	Jun. 15, 2015	Jun. 30, 2021
Schedule of Equity Method Investments [Line Items]
Date of incorporation			Sep. 9, 2014
Company Owned By David Lichtenstein [Member]
Schedule of Equity Method Investments [Line Items]
Stock Issued During Period, Value, New Issues	$ 200,000
Lightstone Real Estate Income Llc [Member]
Schedule of Equity Method Investments [Line Items]
Stock Issued During Period, Shares, New Issues	20,000
Shares issued, price per share	$ 10
David Lichtenstein [Member]
Schedule of Equity Method Investments [Line Items]
Stock Issued During Period, Shares, New Issues		222,222
Shares issued, price per share		$ 9
Proceeds from issuance of common stock		$ 2,000,000
Forty East End Ave Project [Member]
Schedule of Equity Method Investments [Line Items]
Membership interest (as a percentage)			33.30%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details Narrative)	Jun. 30, 2021
Forty East End Ave Project [Member]
Schedule of Equity Method Investments [Line Items]
Membership interest (as a percentage)	33.30%

Williamsburg Moxy Hotel (Detail

Williamsburg Moxy Hotel (Details Narrative) - USD ($)	Aug. 05, 2021	Jul. 17, 2019	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Lessor, Lease, Description [Line Items]
Payment to acquire property, plant and equipment					$ 5,700,000
Construction in Progress, Gross			$ 50,297,654		50,297,654		$ 40,479,640
Mortgage payable, net			15,993,333		15,993,333		$ 16,000,000
Subsequent Event [Member]
Lessor, Lease, Description [Line Items]
Business acqired percentage	25.00%
Aggregate consideration	$ 7,900,000
Business combination consideration of loan facility	$ 77,000,000
Business combination consideration description	The Williamsburg Construction Loan bears interest at LIBOR plus 9.00%, subject to a 9.50% floor, with monthly interest-only payments based on LIBOR plus 7.50% with the accrued and unpaid interest due at maturity. The Williamsburg Construction Loan is collateralized by the Williamsburg Moxy Hotel. The Williamsburg Moxy Hotel Joint Venture received initial proceeds of $16.0 million under the Williamsburg Construction Loan and repaid the Williamsburg Mortgage ($16.0 million) in full. As a result, the Williamsburg Construction Loan has remaining availability of $61.0 million.
Subsequent Event [Member] | Maximum [Member]
Lessor, Lease, Description [Line Items]
Business acqired percentage	75.00%
Subsequent Event [Member] | Minimum [Member]
Lessor, Lease, Description [Line Items]
Business acqired percentage	25.00%
Williamsburg Land [Member]
Lessor, Lease, Description [Line Items]
Payment to acquire property, plant and equipment		$ 30,400,000
Construction in Progress, Gross			50,300,000		50,300,000
Mortgage payable, net			1,700,000		1,700,000
Capitalized interest			100,000	$ 300,000	200,000	$ 600,000
Unamortized deferred financing costs			$ 6,667		$ 6,667
Williamsburg Land [Member] | Mortgage Loan [Member]
Lessor, Lease, Description [Line Items]
Maturity date					Aug. 9, 2021
Interest rate			2.60%		2.60%
Principal amount			$ 16,000,000		$ 16,000,000

Investments in Unconsolidated_3

Investments in Unconsolidated Affiliated Real Estate Entities (Details - Financial information) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Operating (loss)/income	$ (899,257)	$ (504,321)	$ (1,345,822)	$ 7,666,654
Net loss	(1,103,928)	(774,811)	(1,754,685)	7,075,417
Company’s share of net loss (33.3%)			(1,754,685)	7,075,417
Total assets	79,940,391		79,940,391			$ 82,990,286
Mortgage payable, net	15,993,333		15,993,333			16,000,000
Members’ capital	47,453,788	54,649,359	47,453,788	54,649,359	$ 48,557,716	49,208,473	$ 55,424,170	$ 49,376,823
Total liabilities and members’ capital	79,940,391		79,940,391			82,990,286
Forty East End Ave Pref Llc [Member]
Schedule of Equity Method Investments [Line Items]
Revenues	0	0	10,507,000	12,902,000
Cost of goods sold	0	0	10,279,000	11,581,000
Impairment of real estate inventory	1,232,000	0	1,232,000	0
Other expenses	582,000	545,000	1,224,000	1,248,000
Operating (loss)/income	(1,814,000)	(545,000)	(2,228,000)	73,000
Interest expense and other, net	(915,000)	(1,023,000)	(1,877,000)	(2,345,000)
Net loss	(2,729,000)	(1,568,000)	(4,105,000)	(2,272,000)
Company’s share of net loss (33.3%)	(909,000)	$ (522,000)	(1,367,000)	$ (757,000)
Real estate inventory	113,991,000		113,991,000			125,086,000
Cash and restricted cash	2,434,000		2,434,000			4,446,000
Other assets	660,000		660,000			587,000
Total assets	117,085,000		117,085,000			130,119,000
Mortgage payable, net	80,537,000		80,537,000			89,876,000
Other liabilities	1,705,000		1,705,000			1,309,000
Members’ capital	34,843,000		34,843,000			38,934,000
Total liabilities and members’ capital	$ 117,085,000		$ 117,085,000			$ 130,119,000

Investments in Unconsolidated_4

Investments in Unconsolidated Affiliated Real Estate Entities (Details Narrative) - USD ($)

Feb. 12, 2020

Jun. 19, 2021

Feb. 12, 2021

Dec. 18, 2020

Aug. 31, 2020

Dec. 19, 2019

Mar. 31, 2017

Jan. 31, 2017

Sep. 30, 2020

Mar. 31, 2020

Jun. 30, 2021

Dec. 31, 2020

Feb. 13, 2020

Dec. 26, 2019

Mar. 21, 2017

SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]

Outstanding balance

$ 15,993,333

$ 16,000,000

Payments to Acquire Property, Plant, and Equipment

5,700,000

Business combination consideration investment

9,900,000

11,000,000

Lightstone Value Plus Real Estate Investment Trust Inc [Member]

SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]

Ownership interests redeemed (as a percent)

22.50%

Gain (Loss) on disposition of investment

$ 100,000

$ 8,200,000

$ 8,300,000

Redemption price

$ 87,600,000

Proceeds from redemption of ownership interests

$ 21,900,000

$ 100,000

Lightstone [Member]

SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]

Preferred contributions

9,500,000

Gain (Loss) on Extinguishment of Debt

80,300,000

Accrued and unpaid interest repaid

200,000

Lightstone Value Plus Real Estate Investment Trust Inc [Member]

SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]

Redemption of Preferred Contributions

$ 11,000,000

$ 3,500,000

Cove Transaction [Member]

SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]

Interest rate

22.50%

Business combination, consideration transferred

$ 255,000,000

Payments to acquire interest in joint venture

$ 20,000,000

Loss on joint venture

$ 700,000

Gain (Loss) on disposition of investment

$ 200,000

Condo Loan [Member]

SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]

Repayments of outstanding principal balance

$ 73,000,000

$ 2,000,000

$ 11,700,000

9,700,000

Condo Loan [Member]

SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]

Line of credit

$ 81,000,000

81,000,000

Deferred financing costs

$ 8,000,000

Forty East End Ave Pref Llc [Member]

SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]

Interest rate

33.30%

Business combination, consideration transferred

$ 10,300,000

Equity Method Investment, Ownership Percentage

33.30%

Preferred contributions

$ 30,000,000

Preferred stock, dividend rate, percentage

12.00%

Line of credit facility, maximum borrowing capacity

$ 85,300,000

Maturity date

Dec. 19, 2021

Debt Instrument, Description of Variable Rate Basis

LIBOR plus 2.45%

Forty East End Ave Pref Llc [Member] | Condo Loan [Member]

SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]

Line of credit facility, maximum borrowing capacity

$ 95,200,000

Outstanding balance

90,200,000

Remaining borrowing capacity

$ 5,000,000

Stockholders_ Equity (Details N

Stockholders’ Equity (Details Narrative) - USD ($)	Aug. 09, 2021	Jan. 15, 2021	Dec. 21, 2020	Jun. 30, 2021	Jun. 30, 2020	[1]	Dec. 31, 2020
Subsequent Event [Line Items]
Common stock dividends Per Share			$ 0.37
Dividends, common stock		$ 3,200,000			$ 851,742
Average share repurchase price per share (in dollars per share)							$ 8.50
Share redemption program, annual limitation, percentage of weighted average shares outstanding				0.50%
Subsequent Event [Member]
Subsequent Event [Line Items]
Average share repurchase price per share (in dollars per share)	$ 0.215
[1]	Dividends per share were $0.10.

Related Party Transaction and O

Related Party Transaction and Other Arrangements (Details - Acquisition fees) - Investment Advisory, Management and Administrative Service [Member] - USD ($)		3 Months Ended		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]
Development Costs, Period Cost	[1]	$ 136,203	$ 62,556	$ 266,857	$ 132,756
Asset management fees (general and administrative costs)					77,313
Total		$ 136,203	$ 62,556	$ 266,857	$ 210,069
[1]	Development costs that the Company reimburses its Advisor for are capitalized and are included in the carrying value of the Company’s investment in the Williamsburg Moxy Hotel which is classified as construction in progress on the consolidated balance sheets.

Related Party Transactions an_3

Related Party Transactions and Other Arrangements (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Mar. 18, 2016
Related Party Transaction [Line Items]
Accounts paybale	$ 7,270		$ 7,270
Accrued expenses and other liabilities	7,270		7,270
Subordinated Advances [Member]
Related Party Transaction [Line Items]
Proceeds from related party debt			12,600,000		$ 12,600,000
Accrued interest	912,387		912,387		819,679
Interest expense	$ 46,610	$ 46,483	$ 92,708	$ 92,966
Subordinated Agreement [Member]
Related Party Transaction [Line Items]
Principal amount						$ 12,600,000
Interest rate						1.48%
Advisor [Member]
Related Party Transaction [Line Items]
Due from related party					$ 122