1. Business and Organization Lightstone Real Estate Income Trust Inc. (Lightstone Income Trust), is a Maryland corporation, formed on September 9, 2014, which elected to qualify 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, 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 will continue to seek to originate, acquire and manage a diverse portfolio of real estate and real estate-related investments; including investments in mezzanine loans, first lien mortgage loans, second lien mortgage loans, bridge loans and preferred equity interests, with a focus on development investments and investments intended to finance development or redevelopment opportunities. The Company may also invest in debt and derivative securities related to real estate assets. A substantial portion of the Companys 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 by other real estate investment programs it sponsors. 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 currently has one operating segment. As of September 30, 2020, it wholly owned and consolidated the operating results of one development project, the Williamsburg Moxy Hotel, and held an unconsolidated approximate 33.3% membership interest in 40 East End Ave. Pref Member LLC (the 40 East End Ave. Joint Venture). The Company accounts for its unconsolidated membership interest in the 40 East End Ave. Joint Venture in accordance with the equity method of accounting. The Companys 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 for 20,000 shares of common stock (Common Shares), or $10.00 per share of the Lightstone Income Trust. Mr. Lichtenstein also is a majority owner of the equity interests of The Lightstone Group, LLC. The Lightstone Group, LLC served as the Companys Sponsor during its initial public offering (the Offering) which terminated on March 31, 2017. Mr. Lichtenstein owns 222,222 Common Shares which were issued on June 15, 2015 for $2.0 million, or $9.00 per share. Subject to the oversight of the Companys board of directors (the Board of Directors), the Advisor has primary responsibility for making investment decisions on behalf of the Company and managing its day-to-day operations. Mr. Lichtenstein also acts as the Companys Chairman and Chief Executive Officer. As a result, he exerts influence over but does not control Lightstone Income Trust. The Company does not have any employees. The Advisor receives compensation and fees for services related to the investment and management of the Companys 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 Companys 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 our 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.