Strategic Realty Trust (SGIC) 10-Q 12 Aug 15 2015 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Aug. 07, 2015
Document Information [Line Items]
Entity Registrant Name	Strategic Realty Trust, Inc.
Entity Central Index Key	1,446,371
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		10,891,798
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Investments in real estate
Land	$ 15,981,000	$ 45,740,000
Building and improvements	56,158,000	109,998,000
Tenant improvements	3,872,000	10,267,000
Investments in real estate, net	76,011,000	166,005,000
Accumulated depreciation	(8,950,000)	(16,717,000)
Investments in real estate, net	67,061,000	149,288,000
Cash and cash equivalents	3,581,000	3,211,000
Restricted cash	5,342,000	5,163,000
Prepaid expenses and other assets, net	778,000	1,363,000
Tenant receivables, net	1,265,000	2,678,000
Note receivable and related accrued interest	7,152,000	0
Investment in unconsolidated joint venture	4,664,000	0
Lease intangibles, net	4,761,000	13,658,000
Assets held for sale	43,739,000	342,000
Deferred financing costs, net	1,134,000	1,788,000
TOTAL ASSETS	139,477,000	177,491,000
LIABILITIES
Notes payable	52,470,000	122,148,000
Accounts payable and accrued expenses	1,816,000	2,516,000
Amounts due to affiliates	73,000	1,000
Other liabilities	1,662,000	1,767,000
Liabilities related to assets held for sale	34,637,000	0
Below market lease intangibles, net	3,457,000	5,541,000
Deferred gain on sale of properties to unconsolidated joint venture	1,238,000	0
TOTAL LIABILITIES	$ 95,353,000	$ 131,973,000
Commitments and contingencies (Note 13)
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; 400,000,000 shares authorized; 10,891,798 and 10,969,714 shares issued and outstanding at June 30, 2015 and December 31, 2014	109,000	110,000
Additional paid-in capital	95,726,000	96,279,000
Accumulated deficit	(53,321,000)	(54,451,000)
Total stockholders' equity	42,514,000	41,938,000
Non-controlling interests	1,610,000	3,580,000
TOTAL EQUITY	44,124,000	45,518,000
TOTAL LIABILITIES AND EQUITY	$ 139,477,000	$ 177,491,000

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2015	Dec. 31, 2014
Preferred stock par value (in dollars 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 (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	400,000,000	400,000,000
Common stock, Issued	10,891,798	10,969,714
Common stock, shares outstanding	10,891,798	10,969,714

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenue:
Rental and reimbursements	$ 3,921,000	$ 5,180,000	$ 8,725,000	$ 10,491,000
Expense:
Operating and maintenance	1,441,000	1,775,000	3,216,000	3,693,000
General and administrative	769,000	825,000	1,535,000	2,185,000
Depreciation and amortization	1,162,000	2,020,000	3,030,000	4,010,000
Interest expense	1,354,000	2,224,000	3,048,000	4,443,000
Total operating expense	4,726,000	6,844,000	10,829,000	14,331,000
Operating loss	(805,000)	(1,664,000)	(2,104,000)	(3,840,000)
Other income (loss):
Equity in income of unconsolidated joint venture	239,000	0	110,000	0
Gain on disposal of real estate	99,000	0	4,882,000	0
Loss on extinguishment of debt	33,000	0	(200,000)	0
Income (loss) from continuing operations	(434,000)	(1,664,000)	2,688,000	(3,840,000)
Discontinued operations:
Loss from discontinued operations	0	(26,000)	0	(40,000)
Gain on disposal of real estate	0	0	0	3,192,000
Income (loss) from discontinued operations	0	(26,000)	0	3,152,000
Net income (loss)	(434,000)	(1,690,000)	2,688,000	(688,000)
Net income (loss) attributable to non-controlling interests	(15,000)	(75,000)	246,000	325,000
Net income (loss) attributable to common stockholders	$ (419,000)	$ (1,615,000)	$ 2,442,000	$ (1,013,000)
Basic earnings (loss) per common share:
Continuing operations	$ (0.04)	$ (0.15)	$ 0.22	$ (0.34)
Discontinued operations	0	0	0	0.24
Net earnings (loss) attributable to common shares	(0.04)	(0.15)	0.22	(0.10)
Diluted earnings (loss) per common share:
Continuing operations	(0.04)	(0.15)	0.22	(0.34)
Discontinued operations	0	0	0	0.24
Net earnings (loss) attributable to common shares	$ (0.04)	$ (0.15)	$ 0.22	$ (0.10)
Weighted average shares outstanding used to calculate earnings (loss) per common share:
Basic and diluted	10,967,917	10,969,714	10,968,769	10,969,714

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENT OF EQUITY - 6 months ended Jun. 30, 2015 - USD ($)	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Total Stockholders' Equity	Non-controlling Interests
BALANCE at Dec. 31, 2014	$ 45,518,000	$ 110,000	$ 96,279,000	$ (54,451,000)	$ 41,938,000	$ 3,580,000
BALANCE (in shares) at Dec. 31, 2014		10,969,714
Redemption of member interests	(2,102,000)	$ 0	0	0	0	(2,102,000)
Distributions	(1,426,000)	0	0	(1,312,000)	(1,312,000)	(114,000)
Redemption of common shares	$ (554,000)	$ (1,000)	(553,000)	0	(554,000)	0
Redemption of common shares (in shares)	(77,916)	(77,916)
Net income	$ 2,688,000	$ 0	0	2,442,000	2,442,000	246,000
BALANCE at Jun. 30, 2015	$ 44,124,000	$ 109,000	$ 95,726,000	$ (53,321,000)	$ 42,514,000	$ 1,610,000
BALANCE (in shares) at Jun. 30, 2015		10,891,798

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - Entity [Domain] - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net income	$ 2,688,000	$ (688,000)
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Net gain on disposal of real estate	(4,882,000)	(3,192,000)
Loss on extinguishment of debt	200,000	0
Equity in income of unconsolidated joint venture	(110,000)	0
Straight-line rent	(51,000)	(200,000)
Amortization of deferred costs and notes payable premium/discount	287,000	407,000
Depreciation and amortization	3,030,000	4,010,000
Amortization of above and below-market leases	(75,000)	46,000
Bad debt expense (income)	25,000	(84,000)
Stock-based compensation expense	0	14,000
Interest income on note receivable	(152,000)
Changes in operating assets and liabilities:
Prepaid expenses and other assets	(167,000)	128,000
Tenant receivables	261,000	723,000
Prepaid rent	(141,000)	(67,000)
Accounts payable and accrued expenses	(700,000)	108,000
Amounts due to affiliates	72,000	3,000
Other liabilities	414,000	(720,000)
Net change in restricted cash for operational expenditures	(872,000)	(444,000)
Net cash provided by (used in) operating activities	(173,000)	44,000
Cash flows from investing activities:
Net proceeds from the sale of real estate	53,058,000	20,455,000
Improvements, capital expenditures, and leasing costs	(587,000)	(1,062,000)
Investment in unconsolidated joint venture	(4,555,000)	0
Issuance of note receivable	(7,000,000)	0
Net change in restricted cash for capital expenditures	693,000	(417,000)
Net cash provided by investing activities	41,609,000	18,976,000
Cash flows from financing activities:
Redemption of member interests	(2,102,000)	0
Redemption of common stock	(554,000)	0
Distributions	(1,426,000)	(1,203,000)
Repayment of notes payable	(36,984,000)	(17,022,000)
Net cash used in financing activities	(41,066,000)	(18,225,000)
Net increase in cash and cash equivalents	370,000	795,000
Cash and cash equivalents - beginning of period	3,211,000	2,346,000
Cash and cash equivalents - end of period	3,581,000	3,141,000
Supplemental disclosure of non-cash investing and financing activities:
Cash distributions declared but not paid	680,000	727,000
Cash paid for interest	$ 3,619,000	$ 3,816,000

ORGANIZATION AND BUSINESS

ORGANIZATION AND BUSINESS	6 Months Ended
	Jun. 30, 2015
Organization and Business [Abstract]
ORGANIZATION AND BUSINESS	1. ORGANIZATION AND BUSINESS Strategic Realty Trust, Inc. (the “Company”) was formed on September 18, 2008, as a Maryland corporation. Beginning with the taxable year ended December 31, 2009, the Company elected to be taxed, and currently qualifies, as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”) . The Company was initially capitalized by the sale of shares of common stock to Thompson National Properties, LLC (“TNP LLC”) on October 16, 2008. On November 4, 2008, the Company filed a registration statement on Form S-11 with the Securities and Exchange Commission (the “SEC”) to offer a maximum of $ 1,000,000,000 10.00 100,000,000 9.50 10,688,940 104,700,000 391,182 3,600,000 50,000 238,324 2,200,000 Substantially all of the Company’s business is conducted through Strategic Realty Operating Partnership, L.P., a Delaware limited partnership (the “OP”). During the Offering, as the Company accepted subscriptions for shares of its common stock, it transferred substantially all of the net proceeds of the Offering to the OP as a capital contribution. The Company is the sole general partner of the OP. As of June 30, 2015 and December 31, 2014, the Company owned 96.2 The Company is externally managed and advised by SRT Advisor, LLC, a Delaware limited liability company (the “Advisor”) pursuant to an advisory agreement with the Advisor (the “Advisory Agreement”).The Advisor is an affiliate of Glenborough, LLC (together with its affiliates, “Glenborough”), a privately held full-service real estate investment and management company focused on the acquisition, management and leasing of commercial properties. The Company’s principal demand for funds has been for the acquisition of real estate assets, the payment of operating expenses, the payment of interest on outstanding indebtedness and the payment of distributions to stockholders. Substantially all of the proceeds of the Offering have been used to fund investments in real properties and other real estate-related assets, for payment of operating expenses, for payment of interest, for payment of various fees and expenses, such as acquisition fees and management fees, and for payment of distributions to stockholders. The Company has invested in a portfolio of income-producing retail properties located throughout the United States, with a focus on grocery anchored multi-tenant retail centers, including neighborhood, community and lifestyle shopping centers, multi-tenant shopping centers and free standing single-tenant retail properties. As of June 30, 2015, the Company’s portfolio was comprised of 12 properties, including four properties held for sale, with approximately 1,060,000 90 On March 11, 2015, the Company formed a joint venture with Grocery Retail Grand Avenue Partners, LLC, a subsidiary of Oaktree Real Estate Opportunities Fund VI, L.P., and GLB SGO, LLC, a wholly-owned subsidiary of Glenborough Property Partners, LLC (“GPP”). GPP is an affiliate of the Advisor and the Company’s property manager.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2015
Summary Of Significant Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial statements as contained within the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) and the rules and regulations of the SEC, including the instructions to Form 10-Q and Regulation S-X. The unaudited condensed consolidated financial statements include the accounts of the Company, the OP, and their direct and indirect owned subsidiaries. All significant intercompany balances and transactions are eliminated in consolidation. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) necessary to present fairly the Company’s financial position, results of operations and cash flows have been included. The Company evaluates the need to consolidate joint ventures and variable interest entities based on standards set forth in ASC 810, Consolidation The Company’s non-controlling interests are comprised primarily of the Common Units in the OP and, until its redemption on March 12, 2015, the membership interest in SRT Secured Holdings, LLC (“Secured Holdings”), one of the Company’s subsidiaries. The Company accounts for non-controlling interests in accordance with ASC 810. In accordance with ASC 810, the Company reports non-controlling interests in subsidiaries within equity in the condensed consolidated financial statements, but separate from common stockholders’ equity. Net income (loss) attributable to non-controlling interests is presented as a reduction from net income (loss) in calculating net income (loss) attributable to common stockholders on the condensed consolidated statement of operations. Acquisitions or dispositions of non-controlling interests that do not result in a change of control are accounted for as equity transactions. In addition, ASC 810 requires that a parent company recognize a gain or loss in net income when a subsidiary is deconsolidated upon a change in control. In accordance with ASC 480-10, Distinguishing Liabilities from Equity The preparation of the Company’s condensed consolidated financial statements requires significant management judgments, assumptions and estimates about matters that are inherently uncertain. These judgments affect the reported amounts of assets and liabilities and the Company’s disclosure of contingent assets and liabilities at the dates of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. With different estimates or assumptions, materially different amounts could be reported in the Company’s condensed consolidated financial statements, and actual results could differ from the estimates or assumptions used by management. Additionally, other companies may utilize different estimates that may impact the comparability of the Company’s condensed consolidated results of operations to those of companies in similar businesses. The Company considers significant estimates to include the carrying amounts and recoverability of investments in real estate, impairments, real estate acquisition purchase price allocations, allowance for doubtful accounts, estimated useful lives to determine depreciation and amortization and fair value determinations, among others. Cash and cash equivalents represent current bank accounts and other bank deposits free of encumbrances and having maturity dates of three months or less from the respective dates of deposit. The Company limits cash investments to financial institutions with high credit standing; therefore, the Company believes it is not exposed to any significant credit risk in cash. Restricted cash includes escrow accounts for real property taxes, insurance, capital expenditures and tenant improvements, debt service and leasing costs held by lenders. Revenues include minimum rents, expense recoveries and percentage rental payments. Minimum rents are recognized on an accrual basis over the terms of the related leases on a straight-line basis when collectability is reasonably assured and the tenant has taken possession or controls the physical use of the leased property. If the lease provides for tenant improvements, the Company determines whether the tenant improvements, for accounting purposes, are owned by the tenant or the Company. When the Company is the owner of the tenant improvements, the tenant is not considered to have taken physical possession or have control of the physical use of the leased asset until the tenant improvements are substantially completed. When the tenant is the owner of the tenant improvements, any tenant improvement allowance that is funded is treated as a lease incentive and amortized as a reduction of revenue over the lease term. Tenant improvement ownership is determined based on various factors including, but not limited to: • whether the lease stipulates how a tenant improvement allowance may be spent; • whether the amount of a tenant improvement allowance is in excess of market rates; • whether the tenant or landlord retains legal title to the improvements at the end of the lease term; • whether the tenant improvements are unique to the tenant or general-purpose in nature; and • whether the tenant improvements are expected to have any residual value at the end of the lease. For leases with minimum scheduled rent increases, the Company recognizes income on a straight-line basis over the lease term when collectability is reasonably assured. Recognizing rental income on a straight-line basis for leases results in recognized revenue amounts which differ from those that are contractually due from tenants on a cash basis. If the Company determines the collectability of straight-line rents is not reasonably assured, the Company limits future recognition to amounts contractually owed and paid, and, when appropriate, establishes an allowance for estimated losses. The Company maintains an allowance for doubtful accounts, including an allowance for straight-line rent receivables, for estimated losses resulting from tenant defaults or the inability of tenants to make contractual rent and tenant recovery payments. The Company monitors the liquidity and creditworthiness of its tenants on an ongoing basis. For straight-line rent amounts, the Company’s assessment is based on amounts estimated to be recoverable over the term of the lease. The Company’s straight-line rent receivable which is included in tenant receivables, net, or in assets held for sale, on the condensed consolidated balance sheets, was $ 1,304,000 1,681,000 Certain leases contain provisions that require the payment of additional rents based on the respective tenants’ sales volume (contingent or percentage rent) and substantially all contain provisions that require reimbursement of the tenants’ allocable real estate taxes, insurance and common area maintenance costs (“CAM”). Revenue based on percentage of tenants’ sales is recognized only after the tenant exceeds its sales breakpoint. Revenue from tenant reimbursements of taxes, insurance and CAM is recognized in the period that the applicable costs are incurred in accordance with the lease agreement. The Company recognizes gains or losses on sales of real estate in accordance with ASC 360, Property, Plant, and Equipment The Company makes estimates of the collectability of its tenant receivables related to base rents, including deferred rents receivable, expense reimbursements and other revenue or income. The Company analyzes tenant receivables, deferred rent receivable, historical bad debts, customer creditworthiness, current economic trends and changes in customer payment terms when evaluating the adequacy of the allowance for doubtful accounts. In addition, with respect to tenants in bankruptcy, the Company will make estimates of the expected recovery of pre-petition and post-petition claims in assessing the estimated collectability of the related receivable. In some cases, the ultimate resolution of these claims can exceed one year. When a tenant is in bankruptcy, the Company will record a bad debt reserve for the tenant’s receivable balance and generally will not recognize subsequent rental revenue until cash is received or until the tenant is no longer in bankruptcy and has the ability to make rental payments. A concentration of credit risk arises in the Company’s business when a nationally or regionally-based tenant occupies a substantial amount of space in multiple properties owned by the Company. In that event, if the tenant suffers a significant downturn in its business, it may become unable to make its contractual rent payments to the Company, exposing the Company to potential losses in rental revenue, expense recoveries, and percentage rent. Generally, the Company does not obtain security deposits from the nationally-based or regionally-based tenants in support of their lease obligations to the Company. The Company regularly monitors its tenant base to assess potential concentrations of credit risk. As of June 30, 2015, in other than the Company’s properties classified as held for sale, Schnuck Markets, Inc. is the Company’s largest tenant (by square feet) and accounted for approximately 70,000 11 176,000 2 5 % of Annual Outstanding Tenant Receivables as of: Tenant Minimum Rent June 30, 2015 December 31, 2014 Schnuck Markets, Inc. 2% $ 13,000 $ 231,000 Randall's Food & Drugs LP 7% - 72,000 Ralph's Grocery 10% 22,000 31,000 Gold's Gym 9% 11,000 3,000 Total $ 46,000 $ 337,000 The Company records the acquisition of income-producing real estate or real estate that will be used for the production of income as a business combination when the acquired property meets the definition of a business. Assets acquired and liabilities assumed in a business combination are generally measured at their acquisition-date fair values, including tenant improvements and identifiable intangible assets or liabilities. Tenant improvements recognized represent the tangible assets associated with the existing leases valued on a fair value basis at the acquisition date. Tenant improvements are classified as assets under investments in real estate and are depreciated over the remaining lease terms. Identifiable intangible assets and liabilities relate to the value of in-place operating leases which come in three forms: (1) leasing commissions and legal costs, which represent the value associated with “cost avoidance” of acquiring in-place leases, such as lease commissions paid under terms generally experienced in markets in which the Company operates; (2) value of in-place leases, which represents the estimated loss of revenue and of costs incurred for the period required to lease the “assumed vacant” property to the occupancy level when purchased; and (3) above- or below-market value of in-place leases, which represents the difference between the contractual rents and market rents at the time of the acquisition, discounted for tenant credit risks. The value of in-place leases is recorded in acquired lease intangibles and amortized over the remaining lease term. Above- or below-market-rate leases are classified in acquired lease intangibles, or in acquired below-market lease intangibles, depending on whether the contractual terms are above- or below-market. Above-market leases are amortized as a decrease to rental revenue over the remaining non-cancelable terms of the respective leases and below-market leases are amortized as an increase to rental revenue over the remaining initial lease term and any fixed rate renewal periods, if applicable. Acquisition costs are expensed as incurred. Costs incurred in pursuit of targeted properties for acquisitions not yet closed or those determined to no longer be viable and costs incurred which are expected to result in future period disposals of property not currently classified as held for sale properties have been expensed and are also classified in the condensed consolidated statement of operations as transaction expenses. Estimates of the fair values of the tangible assets, identifiable intangibles and assumed liabilities require the Company to make significant assumptions to estimate market lease rates, property operating expenses, carrying costs during lease-up periods, discount rates, market absorption periods, and the number of years the property will be held for investment. The use of inappropriate assumptions would result in an incorrect valuation of the Company’s acquired tangible assets, identifiable intangibles and assumed liabilities, which would impact the amount of the Company’s results of operations. These allocations also impact depreciation expense, amortization expense and gains or losses recorded on future sales of properties. ASC 280, Segment Reporting Real property is recorded at estimated fair value at time of acquisition with subsequent additions at cost, less accumulated depreciation and amortization. Costs include those related to acquisition, development and construction, including tenant improvements, interest incurred during development, costs of pre-development and certain direct and indirect costs of development. Years Buildings and improvements 5 48 Exterior improvements 10 20 Equipment and fixtures 5 10 Tenant improvement costs recorded as capital assets are depreciated over the tenant’s remaining lease term which the Company has determined approximates the useful life of the improvement. Expenditures for ordinary maintenance and repairs are expensed to operations as incurred. Significant renovations and improvements that improve or extend the useful lives of assets are capitalized. The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its investments in real estate and related intangible assets may not be recoverable. When indicators of potential impairment suggest that the carrying value of real estate and related intangible assets may not be recoverable, the Company assesses the recoverability by estimating whether the Company will recover the carrying value of the real estate and related intangible assets through its undiscounted future cash flows (excluding interest) and its eventual disposition. If, based on this analysis, the Company does not believe that it will be able to recover the carrying value of the real estate and related intangible assets and liabilities, the Company would record an impairment loss to the extent that the carrying value exceeds the estimated fair value of the investments in real estate and related intangible assets. Key inputs that the Company estimates in this analysis include projected rental rates, capital expenditures, property sale capitalization rates, and expected holding period of the property. For the three and six months ended June 30, 2015 and 2014, the Company did not record any impairment losses. When certain criteria are met, long-lived assets are classified as held for sale and are reported at the lower of their carrying value or their fair value, less costs to sell, and are no longer depreciated. For property sales prior to May 1, 2014, discontinued operations is a component of an entity that has either been disposed of or is deemed to be held for sale and (i) the operations and cash flows of the component have been eliminated from ongoing operations as a result of the disposal transaction and (ii) the entity does not have any significant continuing involvement in the operations of the component after the disposal transaction. For property sales on or after May 1, 2014, a disposal of a component of an entity is required to be reported as discontinued operations only if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. Fair Value Measurements Under GAAP, the Company is required to measure or disclose certain financial instruments at fair value on a recurring basis. In addition, the Company is required to measure other financial instruments and balances at fair value on a non-recurring basis (e.g., carrying value of impaired real estate loans receivable and long-lived assets). Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The GAAP fair value framework uses a three-tiered approach. Fair value measurements are classified and disclosed in one of the following three categories: • Level 1: unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities; • Level 2: quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and • Level 3: prices or valuation techniques where little or no market data is available for inputs that are significant to the fair value measurement. When available, the Company utilizes quoted market prices or other observable inputs (Level 2 inputs), such as interest rates or yield curves, from independent third-party sources to determine fair value and classify such items in Level 1 or Level 2. In instances where the market for a financial instrument is not active, regardless of the availability of a nonbinding quoted market price, observable inputs might not be relevant and could require the Company to use significant judgment to derive a fair value measurement. Additionally, in an inactive market, a market price quoted from an independent third-party may rely more on models with inputs based on information available only to that independent third party. When the Company determines the market for an asset owned by it to be illiquid or when market transactions for similar instruments do not appear orderly, the Company uses several valuation sources (including internal valuations, discounted cash flow analysis and quoted market prices) and establishes a fair value by assigning weights to the various valuation sources. Additionally, when determining the fair value of liabilities in circumstances in which a quoted price in an active market for an identical liability is not available, the Company measures fair value using (i) a valuation technique that uses the quoted price of the identical liability when traded as an asset or quoted prices for similar liabilities when traded as assets; or (ii) a present value technique that considers the future cash flows based on contractual obligations discounted by observed or estimated market rates of comparable liabilities. The use of contractual cash flows with regard to amount and timing significantly reduces the judgment applied in arriving at fair value. Changes in assumptions or estimation methodologies can have a material effect on these estimated fair values. In this regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, may not be realized in an immediate settlement of the instrument. The Company considers the following factors to be indicators of an inactive market: (1) there are few recent transactions; (2) price quotations are not based on current information; (3) price quotations vary substantially either over time or among market makers (for example, some brokered markets); (4) indexes that previously were highly correlated with the fair values of the asset or liability are demonstrably uncorrelated with recent indications of fair value for that asset or liability; (5) there is a significant increase in implied liquidity risk premiums, yields, or performance indicators (such as delinquency rates or loss severities) for observed transactions or quoted prices when compared with the Company’s estimate of expected cash flows, considering all available market data about credit and other nonperformance risk for the asset or liability; (6) there is a wide bid-ask spread or significant increase in the bid-ask spread; (7) there is a significant decline or absence of a market for new issuances (that is, a primary market) for the asset or liability or similar assets or liabilities; and (8) little information is released publicly (for example, a principal-to-principal market). The Company considers the following factors to be indicators of non-orderly transactions: (1) there was not adequate exposure to the market for a period before the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets or liabilities under current market conditions; (2) there was a usual and customary marketing period, but the seller marketed the asset or liability to a single market participant; (3) the seller is in or near bankruptcy or receivership (that is, distressed), or the seller was required to sell to meet regulatory or legal requirements (that is, forced); and (4) the transaction price is an outlier when compared with other recent transactions for the same or similar assets or liabilities. Deferred financing costs represent commitment fees, loan fees, legal fees and other third-party costs associated with obtaining financing. These costs are amortized over the terms of the respective financing agreements using the straight-line method which approximates the effective interest method. Unamortized deferred financing costs are expensed when the associated debt is refinanced or repaid before maturity. Costs incurred in seeking financings that do not close are expensed in the period in which it is determined that the financing will not close. The Company has elected to be taxed as a REIT under the Internal Revenue Code. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90 The Company evaluates tax positions taken in the condensed consolidated financial statements under the interpretation for accounting for uncertainty in income taxes. As a result of this evaluation, the Company may recognize a tax benefit from an uncertain tax position only if it is “more-likely-than-not” that the tax position will be sustained on examination by taxing authorities. When necessary, deferred income taxes are recognized in certain taxable entities. Deferred income tax is generally a function of the period’s temporary differences (items that are treated differently for tax purposes than for financial reporting purposes). A valuation allowance for deferred income tax assets is provided if all or some portion of the deferred income tax asset may not be realized. Any increase or decrease in the valuation allowance is generally included in deferred income tax expense. The Company’s tax returns remain subject to examination and consequently, the taxability of the distributions is subject to change. Basic earnings per share (“EPS”) is computed by dividing net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted EPS is computed after adjusting the basic EPS computation for the effect of potentially dilutive securities outstanding during the period. The effect of non-vested shares, if dilutive, is computed using the treasury stock method. The Company accounts for non-vested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) as participating securities, which are included in the computation of earnings per share pursuant to the two-class method. The Company’s excess of distributions over earnings related to participating securities are shown as a reduction in income (loss) attributable to common stockholders in the Company’s computation of EPS. Assets sold or held for sale and related liabilities have been reclassified on the condensed consolidated balance sheets. For operating properties sold prior to May 1, 2014, the related operating results have been reclassified from continuing to discontinued operations on the condensed consolidated statements of operations. For operating properties sold on or after May 1, 2014, the related operating results remain in continuing operations on the condensed consolidated statements of operations unless the sold properties represent a strategic shift that have had (or will have) a major effect on the Company’s operations and financial results. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements – Going Concern. In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30), Simplifying the Presentation of Debt Issuance Costs

REAL ESTATE INVESTMENTS

REAL ESTATE INVESTMENTS	6 Months Ended
	Jun. 30, 2015
Real Estate Investments, Net [Abstract]
REAL ESTATE INVESTMENTS	3. REAL ESTATE INVESTMENTS The 53.6 Acquisition Gross Original Property Location Date Sales Price Purchase Price Osceola Village Kissimmee, Florida 10/11/2011 $ 22,000,000 $ 21,800,000 (1) Constitution Trail Normal, Illinois 10/21/2011 23,100,000 18,000,000 Aurora Commons Aurora, Ohio 3/20/2012 8,500,000 7,000,000 Total $ 53,600,000 $ 46,800,000 (1) The original purchase price for Osceola Village included an additional pad which was sold for $ 875,000 The sale of the three properties did not represent a strategic shift that will have a major effect on the Company’s operations and financial results and, as a result, was not included in discontinued operations for the three and six months ended June 30, 2015. The Company’s consolidated statements of operations include net operating losses of $ 16,000 436,000 305,000 929,000 The sale was completed in connection with the formation of the Joint Venture, as defined and further described in Note 4. “Investment in Unconsolidated Joint Venture.” The three properties were sold to the Joint Venture, and the closing of the sale was conditioned on the Company receiving a 19 4.5 36.4 Discontinued Operations The Company reports operating properties sold in periods prior to May 1, 2014, as discontinued operations. The results of discontinued operations are included as a separate component on the condensed consolidated statements of operations under the caption “Discontinued operations”. On January 8, 2014, the Company completed the sale of Visalia Marketplace in Visalia, California for a gross sales price of $ 21.1 19 80 The Company did not have any discontinued operations for the three and six months ended June 30, 2015. Three Months Six Months Ended June 30, Ended June 30, 2014 2014 Revenues from rental property $ - $ 59,000 Rental property expenses 26,000 87,000 Depreciation and amortization expenses - - Transaction expenses - - Interest expense - 12,000 Operating loss from discontinued operations (26,000) (40,000) Gain on disposal of real estate - 3,192,000 Income from discontinued operations $ (26,000) $ 3,152,000 Assets Held for Sale and Liabilities Related to Assets Held for Sale At June 30, 2015, four retail properties were classified as assets held for sale in the condensed consolidated balance sheet. These properties are Bloomingdale Hills in Riverside, Florida, Moreno Marketplace in Moreno Valley, California, Northgate Plaza in Tucson, Arizona, and Summit Point in Fayetteville, Georgia. Since the sale of these properties do not represent a strategic shift that will have a major effect on the Company’s operations and financial results, their results of operations were not reported as discontinued operations on the Company’s financial statements. The Company intends to use part of the net proceeds from the sales to retire the outstanding debt associated with these properties. The Company anticipates the disposition of these properties to occur within one year. The Company’s consolidated statements of operations include net operating income of $ 89,000 66,000 12,000 135,000 On November 21, 2014, the Company entered into a sales contract with a buyer to purchase an undeveloped parcel at Osceola Village in Kissimmee, Florida. The gross sales price was $ 875,000 June 30, 2015 December 31, 2014 ASSETS Investments in real estate Land $ 14,776,000 $ 342,000 Building and improvements 26,717,000 - Tenant improvements 2,754,000 - 44,247,000 342,000 Accumulated depreciation (5,288,000) - Investments in real estate, net 38,959,000 342,000 Prepaid expenses and other assets, net 64,000 - Tenants receivables, net 750,000 - Lease intangibles, net 3,799,000 - Deferred financing costs, net 167,000 - Assets held for sale $ 43,739,000 $ 342,000 LIABILITIES Notes payable 32,694,000 - Below market lease intangibles, net 1,795,000 - Other liabilities 148,000 - Liabilities related to assets held for sale $ 34,637,000 $ - Amounts above were presented at their carrying value which the Company believed to be lower than their estimated fair value less costs to sell.

INVESTMENT IN UNCONSOLIDATED JO

INVESTMENT IN UNCONSOLIDATED JOINT VENTURE	6 Months Ended
	Jun. 30, 2015
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENT IN UNCONSOLIDATED JOINT VENTURE	4. INVESTMENT IN UNCONSOLIDATED JOINT VENTURE Entry into Joint Venture Agreement On March 11, 2015, the Company, through a wholly-owned subsidiary, entered into the Limited Liability Company Agreement of SGO Retail Acquisition Venture, LLC (the “Joint Venture Agreement”) to form a joint venture with Grocery Retail Grand Avenue Partners, LLC, a subsidiary of Oaktree Real Estate Opportunities Fund VI, L.P. (“Oaktree”), and GLB SGO, LLC, a wholly owned subsidiary of Glenborough Property Partners, LLC (“GPP” and together with the Company and Oaktree, the “Members”). GPP is an affiliate of Glenborough and an affiliate of our Advisor. The Joint Venture Agreement provides for the ownership and operation of SGO Retail Acquisition Venture, LLC (the “Joint Venture”), in which the Company owns a 19 1 80 In exchange for ownership in the Joint Venture, the Company contributed $ 4.5 0.2 19.1 7.0 7 Sale of Initial Properties to Joint Venture On March 11, 2015, as part of the formation of the Joint Venture, the Company, through TNP SRT Osceola Village, LLC, its indirect wholly owned subsidiary, SRT Constitution Trail, LLC, a wholly owned subsidiary of Secured Holdings, and TNP SRT Aurora Commons, LLC, a wholly owned subsidiary of Secured Holdings, entered into a Purchase and Sale Agreement effective March 11, 2015 to sell the multitenant retail property located in Kissimmee, Florida commonly known as the Osceola Village (“Osceola Village”), the retail shopping center development located in Normal, Illinois commonly known as Constitution Trail (“Constitution Trail”), and the multitenant retail center and office property located in Aurora, Ohio commonly known as the Aurora Commons (“Aurora Commons” and together with Osceola Village and Constitution Trail, the “Initial Properties”) to the Joint Venture. At the time of the sale Secured Holdings was jointly owned by the OP and SRT Secured Holdings Manager, LLC (“SRT Manager”), an affiliate of Glenborough. Secured Holdings distributed the proceeds of the sale of the Initial Properties to its members. As a result, on March 12, 2015 Secured Holdings paid SRT Manager approximately $ 2.1 8.33 The closing of the sale was conditioned on the Joint Venture issuing the Company a 19 1 22.0 23.1 8.5 53.6 36.4 4.5 7.0 7.0 152,000 3.8 Due to the related party membership interests in the Joint Venture, the sale of the Initial Properties is considered a partial sale in accordance with ASC Subtopic 360-20, Property, Plant, and Equipment – Real Estate Sales 19 1 1.2 20 Accounting for Investment in Unconsolidated Joint Venture The Company evaluated its investment in the Joint Venture and deemed that requirements for consolidation were not met. As such, the Company accounts for its investment in the Joint Venture under the equity method of accounting. Under the equity method of accounting, the Company records its initial investment in the Joint Venture at cost and subsequently adjusts cost for the Company’s share of Joint Venture income or loss and cash contributions and distributions each period. Ownership Interest Investment at Date of June 30, December 31, June 30, December 31, Joint Venture Investment 2015 2014 2015 2014 SGO Retail Acquisition Venture, LLC 3/11/2015 19 % n/a $ 4,664,000 n/a Total $ 4,664,000 n/a

FUTURE MINIMUM RENTAL INCOME

FUTURE MINIMUM RENTAL INCOME	6 Months Ended
	Jun. 30, 2015
Minimum Rents [Abstract]
FUTURE MINIMUM RENTAL INCOME	5. FUTURE MINIMUM RENTAL INCOME Operating Leases The Company’s real estate properties are leased to tenants under operating leases for which the terms and expirations vary. As of June 30, 2015, the leases at the Company’s properties included in investments in real estate have remaining terms (excluding options to extend) of up to 21 years with a weighted-average remaining term (excluding options to extend) of five years. The leases may have provisions to extend the lease agreements, options for early termination after paying a specified penalty, rights of first refusal to purchase the property at competitive market rates, and other terms and conditions as negotiated. The Company retains substantially all of the risks and benefits of ownership of the real estate assets leased to tenants. Generally, upon the execution of a lease, the Company requires security deposits from tenants in the form of a cash deposit and/or a letter of credit. Amounts required as security deposits vary depending upon the terms of the respective leases and the creditworthiness of the tenant, but generally are not significant amounts. Therefore, exposure to credit risk exists to the extent that a receivable from a tenant exceeds the amount of its security deposit. Security deposits received in cash related to tenant leases are included in other liabilities in the accompanying condensed consolidated balance sheets and totaled $ 182,000 437,000 July 1 through December 31, 2015 $ 3,507,000 2016 6,625,000 2017 5,668,000 2018 4,574,000 2019 3,964,000 Thereafter 10,538,000 Total $ 34,876,000

ACQUIRED LEASE INTANGIBLES AND

ACQUIRED LEASE INTANGIBLES AND BELOW-MARKET LEASE LIABILITIES	6 Months Ended
	Jun. 30, 2015
Intangibles [Abstract]
ACQUIRED LEASE INTANGIBLES AND BELOW-MARKET LEASE LIABILITIES	6. ACQUIRED LEASE INTANGIBLES AND BELOW-MARKET LEASE LIABILITIES Lease Intangibles Below-Market Lease Liabilities June 30, 2015 December 31, 2014 June 30, 2015 December 31, 2014 Cost $ 8,601,000 $ 20,898,000 $ (4,575,000) $ (6,991,000) Accumulated amortization (3,840,000) (7,240,000) 1,118,000 1,450,000 Total $ 4,761,000 $ 13,658,000 $ (3,457,000) $ (5,541,000) Lease Intangibles Below-Market Lease Liabilities Three Months Ended June 30, Three Months Ended June 30, 2015 2014 2015 2014 Amortization $ (357,000) $ (733,000) $ 95,000 $ 132,000 Lease Intangibles Below-Market Lease Liabilities Six Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Amortization $ (950,000) $ (1,472,000) $ 212,000 $ 265,000

NOTES PAYABLE

NOTES PAYABLE	6 Months Ended
	Jun. 30, 2015
Debt [Abstract]
NOTES PAYABLE	7. NOTES PAYABLE Principal Balance Interest Rates At June 30, 2015 December 31, 2014 June 30, 2015 KeyBank credit facility $ - $ 19,014,000 n/a Secured term loans 41,456,000 57,116,000 4.10% - 4.45 % Mortgage loans 9,764,000 44,768,000 5.00 % Unsecured loans 1,250,000 1,250,000 8.00 % Total $ 52,470,000 $ 122,148,000 During the three months ended June 30, 2015 and 2014, the Company incurred $ 1,354,000 2,224,000 125,000 204,000 During the six months ended June 30, 2015 and 2014, the Company incurred $ 3,048,000 4,443,000 287,000 407,000 As of June 30, 2015 and December 31, 2014, interest expense payable was $ 419,000 1,080,000 Amount July 1 through December 31, 2015 $ 415,000 2016 864,000 2017 27,364,000 2018 473,000 2019 23,354,000 Thereafter - Total $ 52,470,000 KeyBank Amended and Restated Credit Facility Agreement The Company used a portion of the net sale proceeds from the sale of Constitution Trail and Aurora Commons on March 11, 2015 (see Note 4. “Investment in Unconsolidated Joint Venture”) to pay off the entire $ 19 The Company entered into the Amended and Restated Credit Facility with KeyBank on August 4, 2014 to amend and restate the 2010 Credit Facility (defined below) in its entirety and to establish a revolving credit facility with an initial maximum aggregate commitment of $ 30 60 The Amended and Restated Credit Facility matures on August 4, 2017. The Company has the right to prepay the Amended and Restated Credit Facility in whole at any time or in part from time to time, subject to the payment of certain expenses, costs or liabilities potentially incurred by the lenders as a result of the prepayment and subject to certain other conditions contained in the loan documents. Each loan made pursuant to the Amended and Restated Credit Facility will be either a LIBOR rate loan or a base rate loan, at the election of the Company, plus an applicable margin, as defined. Monthly payments are interest only with the entire principal balance and all outstanding interest due at maturity. The Company has provided a guaranty of all of its obligations under the Amended and Restated Credit Facility and all other loan documents in connection with the Amended and Restated Credit Facility. The Company also paid Glenborough a financing coordination fee of $ 300,000 On August 4, 2014, as required by the Amended and Restated Credit Facility, the OP contributed 100 88 12 91.67 8.33 2.1 8.33 In connection with the Constitution Transaction, the entire outstanding notes payable balance secured by the Constitution Trail property was paid in full, and the associated $ 295,000 20.8 The original line of credit was entered into on December 17, 2010, between the Company, through its subsidiary, Secured Holdings, and KeyBank (and certain other lenders) to establish a secured revolving credit facility with an initial maximum aggregate commitment of $ 35

FAIR VALUE DISCLOSURES

FAIR VALUE DISCLOSURES	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
FAIR VALUE DISCLOSURES	8. FAIR VALUE DISCLOSURES The Company believes the total carrying values reflected on its condensed consolidated balance sheets reasonably approximate the fair values for cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued expenses, and amounts due to affiliates due to their short-term nature, except for the Company’s notes payable, which are disclosed below. The fair value of the Company’s notes payable is estimated using a present value technique based on contractual cash flows and management’s observations of current market interest rates for instruments with similar characteristics, including remaining loan term, loan-to-value ratio, type of collateral and other credit enhancements. The Company significantly reduces the amount of judgment and subjectivity in its fair value determination through the use of cash flow inputs that are based on contractual obligations. Discount rates are determined by observing interest rates published by independent market participants for comparable instruments. The Company classifies these inputs as Level 2 inputs. June 30, 2015 Carrying Value (1) Fair Value (2) Notes Payable $ 52,470,000 $ 53,808,000 December 31, 2014 Carrying Value (1) Fair Value (2) Notes Payable $ 122,148,000 $ 123,511,000 (1) (2) The carrying value of the Company’s notes payable represents outstanding principal as of June 30, 2015 and December 31, 2014. The estimated fair value of the notes payable is based upon the indicative market prices of the Company’s notes payable based on prevailing market interest rates.

EQUITY

EQUITY	6 Months Ended
	Jun. 30, 2015
Stockholders' Equity Note [Abstract]
EQUITY	9. EQUITY Common Stock Under the Company’s Articles of Amendment and Restatement (the “Charter”), the Company has the authority to issue 400,000,000 0.01 22,222 200,000 111,111 1 22,222 22,222 111,111 8.00 On February 7, 2013, the Company terminated the Offering and ceased offering its securities. The Company sold 10,688,940 104,700,000 391,182 3,600,000 50,000 238,324 2,200,000 Common Units The Company’s prior advisor, TNP Strategic Retail Advisor, LLC, invested $ 1,000 287,472 2.6 9.00 144,324 1.4 9.50 The holders of common units, other than the Company and the holder of the special units, generally have the right to cause the OP to redeem all or a portion of their common units for, at the Company’s sole discretion, shares of the Company’s common stock, cash or a combination of both. If the Company elects to redeem common units for shares of common stock, the Company will generally deliver one share of common stock for each common unit redeemed. Holders of common units, other than the Company and the holders of the special units, may exercise their redemption rights at any time after one year following the date of issuance of their common units; provided, however, that a Member Interests On July 9, 2013, SRT Manager made a cash investment of approximately $ 1.9 12 88 91.67 8.33 2.1 Preferred Stock The Charter authorizes the Company to issue 50,000,000 0.01 Share Redemption Program On April 1, 2015, the board of directors of the Company approved the reinstatement of the share redemption program (which had been suspended since January 15, 2013) and adopted an Amended and Restated Share Redemption Program (the “Amended and Restated SRP”). Under the Amended and Restated SRP, only shares submitted for repurchase in connection with the death or “qualifying disability” (as defined in the Amended and Restated SRP) of a stockholder are eligible for repurchase by the Company. The number of shares to be redeemed is limited to the lesser of (i) a total of $ 2,000,000 1,000,000 5 The redemption price for shares that are redeemed is 100 The Amended and Restated SRP provides that any request to redeem less than $ 5,000 The other material terms of the Amended and Restated SRP are consistent with the terms of the share redemption program that was in effect immediately prior to January 15, 2013. During the three and six months ended June 30, 2015, the Company redeemed 77,916 554,000 Distributions In order to qualify as a REIT, the Company is required to distribute at least 90 Under the terms of the Amended and Restated Credit Facility, the Company may pay distributions to its investors so long as the total amount paid does not exceed 100 Distribution Distribution Distribution Per Total Common Total Common Record Payable Common Stock / Stockholders Unit Holders Total Date Date Common Unit Distribution Distribution Distribution First Quarter 2015 3/31/2015 4/30/2015 $ 0.06000 $ 658,000 $ 26,000 $ 684,000 Second Quarter 2015 6/30/2015 7/31/2015 $ 0.06000 654,000 26,000 680,000 Total $ 1,312,000 $ 52,000 $ 1,364,000 Distribution Distribution Distribution Per Total Common Total Common Record Payable Common Stock / Stockholders Unit Holders Total Date Date Common Unit Distribution Distribution Distribution First Quarter 2014 3/31/2014 4/30/2014 $ 0.05000 $ 548,000 $ 22,000 $ 570,000 Second Quarter 2014 6/30/2014 7/30/2014 $ 0.06000 658,000 26,000 684,000 Third Quarter 2014 9/30/2014 10/31/2014 $ 0.06000 658,000 26,000 684,000 Fourth Quarter 2014 12/31/2014 1/31/2015 $ 0.06000 658,000 26,000 684,000 Total $ 2,522,000 $ 100,000 $ 2,622,000

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
EARNINGS PER SHARE	10. EARNINGS PER SHARE EPS is computed by dividing net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding during each period. Diluted EPS is computed after adjusting the basic EPS computation for the effect of potentially dilutive securities outstanding during the period. The effect of non-vested shares, if dilutive, is computed using the treasury stock method. For the Three Months Ended June 30, For the Six Months Ended June 30, 2015 2014 2015 2014 Numerator - basic and diluted Net income (loss) from continuing operations $ (434,000) $ (1,664,000) $ 2,688,000 $ (3,840,000) Net (income) loss attributable to non-controlling interests 15,000 72,000 (246,000) 161,000 Net income (loss) attributable to common shares (419,000) (1,592,000) 2,442,000 (3,679,000) Net income (loss) from discontinued operations - (26,000) - 3,152,000 Net income (loss) attributable to non-controlling interests - 3,000 - (486,000) Net income (loss) attributable to common shares $ (419,000) $ (1,615,000) $ 2,442,000 $ (1,013,000) Denominator - basic and diluted Basic weighted average common shares 10,967,917 10,969,714 10,968,769 10,969,714 Effect of dilutive securities Common Units (1) - - - - Diluted weighted average common shares 10,967,917 10,969,714 10,968,769 10,969,714 Basic earnings (loss) per common share Net earnings (loss) from continuing operations attributable to common shares $ (0.04) $ (0.15) $ 0.22 $ (0.34) Net earnings from discontinued operations attributable to common shares - - - 0.24 Net earnings (loss) attributable to common shares $ (0.04) $ (0.15) $ 0.22 $ (0.10) Diluted earnings (loss) per common share Net earnings (loss) from continuing operations attributable to common shares $ (0.04) $ (0.15) $ 0.22 $ (0.34) Net earnings from discontinued operations attributable to common shares - - - 0.24 Net earnings (loss) attributable to common shares $ (0.04) $ (0.15) $ 0.22 $ (0.10) (1) The effect of 431,896

INCENTIVE AWARD PLAN

INCENTIVE AWARD PLAN	6 Months Ended
	Jun. 30, 2015
Incentive Award Plan [Abstract]
INCENTIVE AWARD PLAN	11. INCENTIVE AWARD PLAN The Company adopted an incentive award plan on July 7, 2009 (the “Incentive Award Plan”) that provides for the grant of equity awards to its employees (should the Company ever have employees), directors and consultants and those of the Company’s affiliates. The Incentive Award Plan authorizes the grant of non-qualified and incentive stock options, restricted stock awards, restricted stock units, stock appreciation rights, dividend equivalents and other stock-based awards or cash-based awards. The Company has reserved 2,000,000 Pursuant to the Company’s Amended and Restated Independent Directors Compensation Plan, which is a sub-plan of the Incentive Award Plan (the “Directors Plan”), on November 12, 2009 the Company granted each of its independent directors an initial grant of 5,000 2 2,500 For the three and six months ended June 30, 2014, the Company recognized compensation expense of $ 6,000 14,000 As of December 31, 2014, all of the compensation expense related to non-vested shares of restricted common stock has been recognized, and there were no restricted stock grants issued during the three and six months ended June 30, 2015.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2015
Related Party Transaction, Due from (to) Related Party [Abstract]
RELATED PARTY TRANSACTIONS	12. RELATED PARTY TRANSACTIONS The Advisor manages the Company’s business as the Company’s external advisor pursuant to the Advisory Agreement which was renewed for an additional twelve months, beginning on August 10, 2015. Pursuant to the Advisory Agreement, the Company pays the Advisor specified fees for services related to the investment of funds in real estate and real estate-related investments, management of the Company’s investments and for other services. In addition to the Advisory Agreement, the Company is party to certain property management agreements with Glenborough for the day-to-day management, operation and maintenance of certain properties. The fees related to the Advisory Agreement and property management agreements are discussed in detail below. On July 9, 2013, SRT Manager, an affiliate of the Advisor, acquired an initial 12 8.33 2.1 On January 24, 2014, GPP purchased 22,222 111,111 8.00 On March 11, 2015, the Company sold Osceola Village, Constitution Trail, and Aurora Commons for the aggregate gross sales price of $ 53.6 19 4.5 36.4 Summary of Related Party Fees Three Months Ended June 30, Six Months Ended June 30, June 30, December 31, 2015 2014 2015 2014 2015 2014 Expensed Asset management fees $ 210,000 $ 314,000 $ 530,000 $ 643,000 $ 73,000 $ - Reimbursement of operating expenses - 15,000 - 31,000 - - Property management fees 150,000 203,000 351,000 423,000 - - Disposition fees - - 525,000 211,000 - - Guaranty fees (1) - 5,000 1,000 10,000 - 1,000 Total $ 360,000 $ 537,000 $ 1,407,000 $ 1,318,000 $ 73,000 $ 1,000 Capitalized Leasing commission fees 39,000 32,000 66,000 65,000 - - Legal leasing fees 18,000 75,000 56,000 100,000 - - Construction management fees 10,000 9,000 15,000 9,000 - - Financing fees - - 32,000 - - - Total $ 67,000 $ 116,000 $ 169,000 $ 174,000 $ - $ - (1) The guaranty fees were paid to TNP LLC (see “Guaranty Fees” below for additional information), an affiliate of the Company’s prior advisor. Asset Management Fee Under the Advisory Agreement, the Advisor is entitled to receive an asset management fee equal to a monthly fee of one-twelfth (1/12th) of 0.6 250,000 Reimbursement of Operating Expenses For the three and six months ended June 30, 2015 and 2014, the Company’s total operating expenses (as defined in the Charter) did not exceed the 2%/25% Guideline. Property Management Fee Under the property management agreements between the Company and Glenborough, Glenborough is entitled to receive property management fees calculated at a maximum of up to 4 Acquisition and Origination Fee Under the Advisory Agreement, the Advisor is entitled to receive acquisition fees and origination fees. The acquisition fees are equal to 1 Origination fees are equal to 1 Disposition Fee Under the Advisory Agreement, if the Advisor or its affiliates provide a substantial amount of services, as determined by the Company’s independent directors, in connection with the sale of a real property, the Advisor or its affiliates may be paid disposition fees up to 50 3 Financing Coordination Fee Under the Advisory Agreement, the Advisor is entitled to receive a financing coordination fee equal to 1 Leasing Commission Fee Under the property management agreements, Glenborough is entitled to receive a separate fee for the leases of new tenants, and for expansions, extensions and renewals of existing tenants in an amount not to exceed the fee customarily charged by similarly situated parties rendering similar services in the same geographic area for similar properties. See the Summary of Related Party Fees table above for incurred leasing commission fees for the three and six months ended June 30, 2015 and 2014. Legal Leasing Fee Under the property management agreements, Glenborough is entitled to receive a market-based legal leasing fee for the negotiation and production of new leases, renewals, and amendments. See the Summary of Related Party Fees table above for incurred legal leasing fees for the three and six months ended June 30, 2015 and 2014. Construction Management Fee In connection with the construction or repair in or about a property, the property manager is responsible for coordinating and facilitating the planning and the performance of all construction and is entitled to receive a fee equal to 5 Guaranty Fees In connection with certain acquisition financings, the Company’s former chairman and former co-chief executive officer and/or TNP LLC had executed certain guaranty agreements to the respective lenders. As consideration for such guaranty, the Company entered into a reimbursement and fee agreement to provide for an upfront payment and an annual guaranty fee payment for the duration of the guarantee period. In March 2015, the Company retired the outstanding notes payable related to Osceola Village resulting in the expiration of the remaining guaranty agreement. See the Summary of Related Party Fees table above for incurred guaranty fees for the three and six months ended June 30, 2015 and 2014.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies [Abstract]
COMMITMENTS AND CONTINGENCIES	13. COMMITMENTS AND CONTINGENCIES Deficiency Dividend In June 2011, under TNP Strategic Retail Advisor, LLC, the Company’s prior advisor, the Company acquired a debt obligation (the “Distressed Debt”) for $ 18 27.6 The Company is able to rectify the 2011 Underreporting and avoid failing to qualify as a REIT by paying a “deficiency dividend,” which would be distributed in respect of all of our common shares pro rata and included in the Company’s deduction for dividends paid in 2011. The Company has obtained a private letter ruling (a “PLR”) from the IRS to the effect that such deficiency dividend can be satisfied via a distribution comprised, at the option of the stockholders, of either cash and/or common stock, where the cash is no less than 20% of the entire distribution. The amount of this deficiency dividend has been set at $2,248,000 and will be recorded by the Company once declared which is expected to occur in the third quarter of 2015. The Company is also required to pay an interest-like penalty to the IRS based on this amount, which has been estimated to be $440,000 if paid by October 31, 2015. $ 405,000 Amounts paid as deficiency dividends should generally be treated as taxable income to the Company’s stockholders for U.S. federal income tax purposes in the year paid, and taxable stockholders receiving such a distribution will be required to include the full amount of the deficiency dividends received as ordinary income to the extent of the Company’s current and accumulated earnings and profits for federal income tax purposes, as measured at that point in 2011. As a result, stockholders may be required to pay income taxes with respect to such dividend in excess of the cash component of the deficiency dividend. Economic Dependency As disclosed in Note 1. “Organization and Business”, the Company is managed by an external advisor. The Company is dependent on the Advisor and its affiliates for certain services that are essential to the Company, including the identification, evaluation, negotiation, purchase, and disposition of real estate and real estate-related investments, management of the daily operations of the Company’s real estate and real estate-related investment portfolio, and other general and administrative responsibilities. In the event that the Advisor and its affiliates are unable to provide such services to the Company, the Company will be required to obtain such services from other sources. Environmental As an owner of real estate, the Company is subject to various environmental laws of federal, state and local governments. The Company is not aware of any environmental liability that could have a material adverse effect on its financial condition or results of operations. However, changes in applicable environmental laws and regulations, the uses and conditions of properties in the vicinity of the Company’s properties, the activities of its tenants and other environmental conditions of which the Company is unaware with respect to the properties could result in future environmental liabilities. Legal Matters The Company continues to be a party to, or have a financial interest in, the securities litigation previously disclosed in Part I, Item 3 of our 2014 Annual Report on Form 10-K. There were no material developments in the securities litigation during the six months ended June 30, 2015, apart from what was disclosed in the Company’s 2014 Annual Report on Form 10-K.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	14. SUBSEQUENT EVENTS Distributions On July 31, 2015, the Company paid a second quarter distribution in the amount of $ 0.06 680,000

SUMMARY OF SIGNIFICANT ACCOUN21

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2015
Summary Of Significant Accounting Policies [Abstract]
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial statements as contained within the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) and the rules and regulations of the SEC, including the instructions to Form 10-Q and Regulation S-X. The unaudited condensed consolidated financial statements include the accounts of the Company, the OP, and their direct and indirect owned subsidiaries. All significant intercompany balances and transactions are eliminated in consolidation. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) necessary to present fairly the Company’s financial position, results of operations and cash flows have been included. The Company evaluates the need to consolidate joint ventures and variable interest entities based on standards set forth in ASC 810, Consolidation
Non-Controlling Interests	Non-Controlling Interests The Company’s non-controlling interests are comprised primarily of the Common Units in the OP and, until its redemption on March 12, 2015, the membership interest in SRT Secured Holdings, LLC (“Secured Holdings”), one of the Company’s subsidiaries. The Company accounts for non-controlling interests in accordance with ASC 810. In accordance with ASC 810, the Company reports non-controlling interests in subsidiaries within equity in the condensed consolidated financial statements, but separate from common stockholders’ equity. Net income (loss) attributable to non-controlling interests is presented as a reduction from net income (loss) in calculating net income (loss) attributable to common stockholders on the condensed consolidated statement of operations. Acquisitions or dispositions of non-controlling interests that do not result in a change of control are accounted for as equity transactions. In addition, ASC 810 requires that a parent company recognize a gain or loss in net income when a subsidiary is deconsolidated upon a change in control. In accordance with ASC 480-10, Distinguishing Liabilities from Equity
Use of Estimates	Use of Estimates The preparation of the Company’s condensed consolidated financial statements requires significant management judgments, assumptions and estimates about matters that are inherently uncertain. These judgments affect the reported amounts of assets and liabilities and the Company’s disclosure of contingent assets and liabilities at the dates of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. With different estimates or assumptions, materially different amounts could be reported in the Company’s condensed consolidated financial statements, and actual results could differ from the estimates or assumptions used by management. Additionally, other companies may utilize different estimates that may impact the comparability of the Company’s condensed consolidated results of operations to those of companies in similar businesses. The Company considers significant estimates to include the carrying amounts and recoverability of investments in real estate, impairments, real estate acquisition purchase price allocations, allowance for doubtful accounts, estimated useful lives to determine depreciation and amortization and fair value determinations, among others.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents represent current bank accounts and other bank deposits free of encumbrances and having maturity dates of three months or less from the respective dates of deposit. The Company limits cash investments to financial institutions with high credit standing; therefore, the Company believes it is not exposed to any significant credit risk in cash.
Restricted Cash	Restricted Cash Restricted cash includes escrow accounts for real property taxes, insurance, capital expenditures and tenant improvements, debt service and leasing costs held by lenders.
Revenue Recognition	Revenue Recognition Revenues include minimum rents, expense recoveries and percentage rental payments. Minimum rents are recognized on an accrual basis over the terms of the related leases on a straight-line basis when collectability is reasonably assured and the tenant has taken possession or controls the physical use of the leased property. If the lease provides for tenant improvements, the Company determines whether the tenant improvements, for accounting purposes, are owned by the tenant or the Company. When the Company is the owner of the tenant improvements, the tenant is not considered to have taken physical possession or have control of the physical use of the leased asset until the tenant improvements are substantially completed. When the tenant is the owner of the tenant improvements, any tenant improvement allowance that is funded is treated as a lease incentive and amortized as a reduction of revenue over the lease term. Tenant improvement ownership is determined based on various factors including, but not limited to: • whether the lease stipulates how a tenant improvement allowance may be spent; • whether the amount of a tenant improvement allowance is in excess of market rates; • whether the tenant or landlord retains legal title to the improvements at the end of the lease term; • whether the tenant improvements are unique to the tenant or general-purpose in nature; and • whether the tenant improvements are expected to have any residual value at the end of the lease. For leases with minimum scheduled rent increases, the Company recognizes income on a straight-line basis over the lease term when collectability is reasonably assured. Recognizing rental income on a straight-line basis for leases results in recognized revenue amounts which differ from those that are contractually due from tenants on a cash basis. If the Company determines the collectability of straight-line rents is not reasonably assured, the Company limits future recognition to amounts contractually owed and paid, and, when appropriate, establishes an allowance for estimated losses. The Company maintains an allowance for doubtful accounts, including an allowance for straight-line rent receivables, for estimated losses resulting from tenant defaults or the inability of tenants to make contractual rent and tenant recovery payments. The Company monitors the liquidity and creditworthiness of its tenants on an ongoing basis. For straight-line rent amounts, the Company’s assessment is based on amounts estimated to be recoverable over the term of the lease. The Company’s straight-line rent receivable which is included in tenant receivables, net, or in assets held for sale, on the condensed consolidated balance sheets, was $ 1,304,000 1,681,000 Certain leases contain provisions that require the payment of additional rents based on the respective tenants’ sales volume (contingent or percentage rent) and substantially all contain provisions that require reimbursement of the tenants’ allocable real estate taxes, insurance and common area maintenance costs (“CAM”). Revenue based on percentage of tenants’ sales is recognized only after the tenant exceeds its sales breakpoint. Revenue from tenant reimbursements of taxes, insurance and CAM is recognized in the period that the applicable costs are incurred in accordance with the lease agreement. The Company recognizes gains or losses on sales of real estate in accordance with ASC 360, Property, Plant, and Equipment
Valuation of Accounts Receivables	Valuation of Accounts Receivables The Company makes estimates of the collectability of its tenant receivables related to base rents, including deferred rents receivable, expense reimbursements and other revenue or income. The Company analyzes tenant receivables, deferred rent receivable, historical bad debts, customer creditworthiness, current economic trends and changes in customer payment terms when evaluating the adequacy of the allowance for doubtful accounts. In addition, with respect to tenants in bankruptcy, the Company will make estimates of the expected recovery of pre-petition and post-petition claims in assessing the estimated collectability of the related receivable. In some cases, the ultimate resolution of these claims can exceed one year. When a tenant is in bankruptcy, the Company will record a bad debt reserve for the tenant’s receivable balance and generally will not recognize subsequent rental revenue until cash is received or until the tenant is no longer in bankruptcy and has the ability to make rental payments.
Concentration of Credit Risk	Concentration of Credit Risk A concentration of credit risk arises in the Company’s business when a nationally or regionally-based tenant occupies a substantial amount of space in multiple properties owned by the Company. In that event, if the tenant suffers a significant downturn in its business, it may become unable to make its contractual rent payments to the Company, exposing the Company to potential losses in rental revenue, expense recoveries, and percentage rent. Generally, the Company does not obtain security deposits from the nationally-based or regionally-based tenants in support of their lease obligations to the Company. The Company regularly monitors its tenant base to assess potential concentrations of credit risk. As of June 30, 2015, in other than the Company’s properties classified as held for sale, Schnuck Markets, Inc. is the Company’s largest tenant (by square feet) and accounted for approximately 70,000 11 176,000 2 5 % of Annual Outstanding Tenant Receivables as of: Tenant Minimum Rent June 30, 2015 December 31, 2014 Schnuck Markets, Inc. 2% $ 13,000 $ 231,000 Randall's Food & Drugs LP 7% - 72,000 Ralph's Grocery 10% 22,000 31,000 Gold's Gym 9% 11,000 3,000 Total $ 46,000 $ 337,000
Business Combinations	Business Combinations The Company records the acquisition of income-producing real estate or real estate that will be used for the production of income as a business combination when the acquired property meets the definition of a business. Assets acquired and liabilities assumed in a business combination are generally measured at their acquisition-date fair values, including tenant improvements and identifiable intangible assets or liabilities. Tenant improvements recognized represent the tangible assets associated with the existing leases valued on a fair value basis at the acquisition date. Tenant improvements are classified as assets under investments in real estate and are depreciated over the remaining lease terms. Identifiable intangible assets and liabilities relate to the value of in-place operating leases which come in three forms: (1) leasing commissions and legal costs, which represent the value associated with “cost avoidance” of acquiring in-place leases, such as lease commissions paid under terms generally experienced in markets in which the Company operates; (2) value of in-place leases, which represents the estimated loss of revenue and of costs incurred for the period required to lease the “assumed vacant” property to the occupancy level when purchased; and (3) above- or below-market value of in-place leases, which represents the difference between the contractual rents and market rents at the time of the acquisition, discounted for tenant credit risks. The value of in-place leases is recorded in acquired lease intangibles and amortized over the remaining lease term. Above- or below-market-rate leases are classified in acquired lease intangibles, or in acquired below-market lease intangibles, depending on whether the contractual terms are above- or below-market. Above-market leases are amortized as a decrease to rental revenue over the remaining non-cancelable terms of the respective leases and below-market leases are amortized as an increase to rental revenue over the remaining initial lease term and any fixed rate renewal periods, if applicable. Acquisition costs are expensed as incurred. Costs incurred in pursuit of targeted properties for acquisitions not yet closed or those determined to no longer be viable and costs incurred which are expected to result in future period disposals of property not currently classified as held for sale properties have been expensed and are also classified in the condensed consolidated statement of operations as transaction expenses. Estimates of the fair values of the tangible assets, identifiable intangibles and assumed liabilities require the Company to make significant assumptions to estimate market lease rates, property operating expenses, carrying costs during lease-up periods, discount rates, market absorption periods, and the number of years the property will be held for investment. The use of inappropriate assumptions would result in an incorrect valuation of the Company’s acquired tangible assets, identifiable intangibles and assumed liabilities, which would impact the amount of the Company’s results of operations. These allocations also impact depreciation expense, amortization expense and gains or losses recorded on future sales of properties.
Reportable Segments	Reportable Segments ASC 280, Segment Reporting
Investments in Real Estate	Investments in Real Estate Real property is recorded at estimated fair value at time of acquisition with subsequent additions at cost, less accumulated depreciation and amortization. Costs include those related to acquisition, development and construction, including tenant improvements, interest incurred during development, costs of pre-development and certain direct and indirect costs of development. Years Buildings and improvements 5 48 Exterior improvements 10 20 Equipment and fixtures 5 10 Tenant improvement costs recorded as capital assets are depreciated over the tenant’s remaining lease term which the Company has determined approximates the useful life of the improvement. Expenditures for ordinary maintenance and repairs are expensed to operations as incurred. Significant renovations and improvements that improve or extend the useful lives of assets are capitalized.
Impairment of Long-lived Assets	Impairment of Long-lived Assets The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of its investments in real estate and related intangible assets may not be recoverable. When indicators of potential impairment suggest that the carrying value of real estate and related intangible assets may not be recoverable, the Company assesses the recoverability by estimating whether the Company will recover the carrying value of the real estate and related intangible assets through its undiscounted future cash flows (excluding interest) and its eventual disposition. If, based on this analysis, the Company does not believe that it will be able to recover the carrying value of the real estate and related intangible assets and liabilities, the Company would record an impairment loss to the extent that the carrying value exceeds the estimated fair value of the investments in real estate and related intangible assets. Key inputs that the Company estimates in this analysis include projected rental rates, capital expenditures, property sale capitalization rates, and expected holding period of the property. For the three and six months ended June 30, 2015 and 2014, the Company did not record any impairment losses.
Assets Held-for-Sale and Discontinued Operations	Assets Held for Sale and Discontinued Operations When certain criteria are met, long-lived assets are classified as held for sale and are reported at the lower of their carrying value or their fair value, less costs to sell, and are no longer depreciated. For property sales prior to May 1, 2014, discontinued operations is a component of an entity that has either been disposed of or is deemed to be held for sale and (i) the operations and cash flows of the component have been eliminated from ongoing operations as a result of the disposal transaction and (ii) the entity does not have any significant continuing involvement in the operations of the component after the disposal transaction. For property sales on or after May 1, 2014, a disposal of a component of an entity is required to be reported as discontinued operations only if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results.
Fair Value Measurements	Under GAAP, the Company is required to measure or disclose certain financial instruments at fair value on a recurring basis. In addition, the Company is required to measure other financial instruments and balances at fair value on a non-recurring basis (e.g., carrying value of impaired real estate loans receivable and long-lived assets). Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The GAAP fair value framework uses a three-tiered approach. Fair value measurements are classified and disclosed in one of the following three categories: • Level 1: unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities; • Level 2: quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and • Level 3: prices or valuation techniques where little or no market data is available for inputs that are significant to the fair value measurement. When available, the Company utilizes quoted market prices or other observable inputs (Level 2 inputs), such as interest rates or yield curves, from independent third-party sources to determine fair value and classify such items in Level 1 or Level 2. In instances where the market for a financial instrument is not active, regardless of the availability of a nonbinding quoted market price, observable inputs might not be relevant and could require the Company to use significant judgment to derive a fair value measurement. Additionally, in an inactive market, a market price quoted from an independent third-party may rely more on models with inputs based on information available only to that independent third party. When the Company determines the market for an asset owned by it to be illiquid or when market transactions for similar instruments do not appear orderly, the Company uses several valuation sources (including internal valuations, discounted cash flow analysis and quoted market prices) and establishes a fair value by assigning weights to the various valuation sources. Additionally, when determining the fair value of liabilities in circumstances in which a quoted price in an active market for an identical liability is not available, the Company measures fair value using (i) a valuation technique that uses the quoted price of the identical liability when traded as an asset or quoted prices for similar liabilities when traded as assets; or (ii) a present value technique that considers the future cash flows based on contractual obligations discounted by observed or estimated market rates of comparable liabilities. The use of contractual cash flows with regard to amount and timing significantly reduces the judgment applied in arriving at fair value. Changes in assumptions or estimation methodologies can have a material effect on these estimated fair values. In this regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, may not be realized in an immediate settlement of the instrument. The Company considers the following factors to be indicators of an inactive market: (1) there are few recent transactions; (2) price quotations are not based on current information; (3) price quotations vary substantially either over time or among market makers (for example, some brokered markets); (4) indexes that previously were highly correlated with the fair values of the asset or liability are demonstrably uncorrelated with recent indications of fair value for that asset or liability; (5) there is a significant increase in implied liquidity risk premiums, yields, or performance indicators (such as delinquency rates or loss severities) for observed transactions or quoted prices when compared with the Company’s estimate of expected cash flows, considering all available market data about credit and other nonperformance risk for the asset or liability; (6) there is a wide bid-ask spread or significant increase in the bid-ask spread; (7) there is a significant decline or absence of a market for new issuances (that is, a primary market) for the asset or liability or similar assets or liabilities; and (8) little information is released publicly (for example, a principal-to-principal market). The Company considers the following factors to be indicators of non-orderly transactions: (1) there was not adequate exposure to the market for a period before the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets or liabilities under current market conditions; (2) there was a usual and customary marketing period, but the seller marketed the asset or liability to a single market participant; (3) the seller is in or near bankruptcy or receivership (that is, distressed), or the seller was required to sell to meet regulatory or legal requirements (that is, forced); and (4) the transaction price is an outlier when compared with other recent transactions for the same or similar assets or liabilities.
Deferred Financing Costs	Deferred Financing Costs Deferred financing costs represent commitment fees, loan fees, legal fees and other third-party costs associated with obtaining financing. These costs are amortized over the terms of the respective financing agreements using the straight-line method which approximates the effective interest method. Unamortized deferred financing costs are expensed when the associated debt is refinanced or repaid before maturity. Costs incurred in seeking financings that do not close are expensed in the period in which it is determined that the financing will not close.
Income Taxes	Income Taxes The Company has elected to be taxed as a REIT under the Internal Revenue Code. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90 The Company evaluates tax positions taken in the condensed consolidated financial statements under the interpretation for accounting for uncertainty in income taxes. As a result of this evaluation, the Company may recognize a tax benefit from an uncertain tax position only if it is “more-likely-than-not” that the tax position will be sustained on examination by taxing authorities. When necessary, deferred income taxes are recognized in certain taxable entities. Deferred income tax is generally a function of the period’s temporary differences (items that are treated differently for tax purposes than for financial reporting purposes). A valuation allowance for deferred income tax assets is provided if all or some portion of the deferred income tax asset may not be realized. Any increase or decrease in the valuation allowance is generally included in deferred income tax expense. The Company’s tax returns remain subject to examination and consequently, the taxability of the distributions is subject to change.
Earnings Per Share	Earnings Per Share Basic earnings per share (“EPS”) is computed by dividing net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted EPS is computed after adjusting the basic EPS computation for the effect of potentially dilutive securities outstanding during the period. The effect of non-vested shares, if dilutive, is computed using the treasury stock method. The Company accounts for non-vested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) as participating securities, which are included in the computation of earnings per share pursuant to the two-class method. The Company’s excess of distributions over earnings related to participating securities are shown as a reduction in income (loss) attributable to common stockholders in the Company’s computation of EPS.
Reclassification	Reclassification Assets sold or held for sale and related liabilities have been reclassified on the condensed consolidated balance sheets. For operating properties sold prior to May 1, 2014, the related operating results have been reclassified from continuing to discontinued operations on the condensed consolidated statements of operations. For operating properties sold on or after May 1, 2014, the related operating results remain in continuing operations on the condensed consolidated statements of operations unless the sold properties represent a strategic shift that have had (or will have) a major effect on the Company’s operations and financial results.
New Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements – Going Concern. In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30), Simplifying the Presentation of Debt Issuance Costs

SUMMARY OF SIGNIFICANT ACCOUN22

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 30, 2015
Summary Of Significant Accounting Policies [Abstract]
Outstanding receivables for each of the tenants	The outstanding receivables for each of the tenants above at June 30, 2015 and December 31, 2014 were as follows: % of Annual Outstanding Tenant Receivables as of: Tenant Minimum Rent June 30, 2015 December 31, 2014 Schnuck Markets, Inc. 2% $ 13,000 $ 231,000 Randall's Food & Drugs LP 7% - 72,000 Ralph's Grocery 10% 22,000 31,000 Gold's Gym 9% 11,000 3,000 Total $ 46,000 $ 337,000
Depreciation and amortization	Years Buildings and improvements 5 48 Exterior improvements 10 20 Equipment and fixtures 5 10

REAL ESTATE INVESTMENTS (Tables

REAL ESTATE INVESTMENTS (Tables)	6 Months Ended
	Jun. 30, 2015
Real Estate Investments, Net [Abstract]
Real Estate Properties Sales Price	On March 11, 2015, the Company sold the following three properties for the aggregate gross sales price of $ 53.6 Acquisition Gross Original Property Location Date Sales Price Purchase Price Osceola Village Kissimmee, Florida 10/11/2011 $ 22,000,000 $ 21,800,000 (1) Constitution Trail Normal, Illinois 10/21/2011 23,100,000 18,000,000 Aurora Commons Aurora, Ohio 3/20/2012 8,500,000 7,000,000 Total $ 53,600,000 $ 46,800,000 (1) The original purchase price for Osceola Village included an additional pad which was sold for $ 875,000
Components Of Income And Expense Relating To Discontinued Operations	The components of income and expense relating to discontinued operations for the three and six months ended June 30, 2014 are shown below. Three Months Six Months Ended June 30, Ended June 30, 2014 2014 Revenues from rental property $ - $ 59,000 Rental property expenses 26,000 87,000 Depreciation and amortization expenses - - Transaction expenses - - Interest expense - 12,000 Operating loss from discontinued operations (26,000) (40,000) Gain on disposal of real estate - 3,192,000 Income from discontinued operations $ (26,000) $ 3,152,000
Assets And Liabilities Held For Sale	June 30, 2015 December 31, 2014 ASSETS Investments in real estate Land $ 14,776,000 $ 342,000 Building and improvements 26,717,000 - Tenant improvements 2,754,000 - 44,247,000 342,000 Accumulated depreciation (5,288,000) - Investments in real estate, net 38,959,000 342,000 Prepaid expenses and other assets, net 64,000 - Tenants receivables, net 750,000 - Lease intangibles, net 3,799,000 - Deferred financing costs, net 167,000 - Assets held for sale $ 43,739,000 $ 342,000 LIABILITIES Notes payable 32,694,000 - Below market lease intangibles, net 1,795,000 - Other liabilities 148,000 - Liabilities related to assets held for sale $ 34,637,000 $ -

INVESTMENT IN UNCONSOLIDATED 24

INVESTMENT IN UNCONSOLIDATED JOINT VENTURE (Tables)	6 Months Ended
	Jun. 30, 2015
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Investment in Unconsolidated Joint Ventures	The following table summarizes the Company’s investment in unconsolidated joint ventures as of June 30, 2015 and December 31, 2014: Ownership Interest Investment at Date of June 30, December 31, June 30, December 31, Joint Venture Investment 2015 2014 2015 2014 SGO Retail Acquisition Venture, LLC 3/11/2015 19 % n/a $ 4,664,000 n/a Total $ 4,664,000 n/a

FUTURE MINIMUM RENTAL INCOME (T

FUTURE MINIMUM RENTAL INCOME (Tables)	6 Months Ended
	Jun. 30, 2015
Minimum Rents [Abstract]
Schedule of Future Minimum Rental Receivable For Operating Leases [Table Text Block]	July 1 through December 31, 2015 $ 3,507,000 2016 6,625,000 2017 5,668,000 2018 4,574,000 2019 3,964,000 Thereafter 10,538,000 Total $ 34,876,000

ACQUIRED LEASE INTANGIBLES AN26

ACQUIRED LEASE INTANGIBLES AND BELOW-MARKET LEASE LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2015
Intangibles [Abstract]
Acquired Lease Intangibles and Below Market Lease Liabilities	As of June 30, 2015 and December 31, 2014, the Company’s acquired lease intangibles and below-market lease liabilities were as follows: Lease Intangibles Below-Market Lease Liabilities June 30, 2015 December 31, 2014 June 30, 2015 December 31, 2014 Cost $ 8,601,000 $ 20,898,000 $ (4,575,000) $ (6,991,000) Accumulated amortization (3,840,000) (7,240,000) 1,118,000 1,450,000 Total $ 4,761,000 $ 13,658,000 $ (3,457,000) $ (5,541,000)
Increases Decreases In Net Income As Result Of Amortization Of Acquired Lease Intangibles	Increases (decreases) in net income (loss) as a result of amortization of the Company’s lease intangibles and below-market lease liabilities for the three and six months ended June 30, 2015 and 2014, were as follows: Lease Intangibles Below-Market Lease Liabilities Three Months Ended June 30, Three Months Ended June 30, 2015 2014 2015 2014 Amortization $ (357,000) $ (733,000) $ 95,000 $ 132,000 Lease Intangibles Below-Market Lease Liabilities Six Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Amortization $ (950,000) $ (1,472,000) $ 212,000 $ 265,000

NOTES PAYABLE (Tables)

NOTES PAYABLE (Tables)	6 Months Ended
	Jun. 30, 2015
Debt [Abstract]
Schedule Of Notes Payable	As of June 30, 2015 and December 31, 2014, the Company’s notes payable consisted of the following: Principal Balance Interest Rates At June 30, 2015 December 31, 2014 June 30, 2015 KeyBank credit facility $ - $ 19,014,000 n/a Secured term loans 41,456,000 57,116,000 4.10% - 4.45 % Mortgage loans 9,764,000 44,768,000 5.00 % Unsecured loans 1,250,000 1,250,000 8.00 % Total $ 52,470,000 $ 122,148,000
Schedule of maturities for notes payable outstanding	The following is a schedule of future principal payments for all of the Company’s notes payable outstanding as of June 30, 2015: Amount July 1 through December 31, 2015 $ 415,000 2016 864,000 2017 27,364,000 2018 473,000 2019 23,354,000 Thereafter - Total $ 52,470,000

FAIR VALUE DISCLOSURES (Tables)

FAIR VALUE DISCLOSURES (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Notes Payable	The following table provides the carrying values and fair values of the Company’s notes payable related to continuing operations as of June 30, 2015 and December 31, 2014: June 30, 2015 Carrying Value (1) Fair Value (2) Notes Payable $ 52,470,000 $ 53,808,000 December 31, 2014 Carrying Value (1) Fair Value (2) Notes Payable $ 122,148,000 $ 123,511,000 (1) (2) The carrying value of the Company’s notes payable represents outstanding principal as of June 30, 2015 and December 31, 2014. The estimated fair value of the notes payable is based upon the indicative market prices of the Company’s notes payable based on prevailing market interest rates.

EQUITY (Tables)

EQUITY (Tables)	6 Months Ended
	Jun. 30, 2015
Stockholders' Equity Note [Abstract]
Distributions declared and paid	The following tables set forth the distributions declared to the Company’s common stockholders and Common Unit holders for the six months ended June 30, 2015, and the year ended December 31, 2014, respectively: Distribution Distribution Distribution Per Total Common Total Common Record Payable Common Stock / Stockholders Unit Holders Total Date Date Common Unit Distribution Distribution Distribution First Quarter 2015 3/31/2015 4/30/2015 $ 0.06000 $ 658,000 $ 26,000 $ 684,000 Second Quarter 2015 6/30/2015 7/31/2015 $ 0.06000 654,000 26,000 680,000 Total $ 1,312,000 $ 52,000 $ 1,364,000 Distribution Distribution Distribution Per Total Common Total Common Record Payable Common Stock / Stockholders Unit Holders Total Date Date Common Unit Distribution Distribution Distribution First Quarter 2014 3/31/2014 4/30/2014 $ 0.05000 $ 548,000 $ 22,000 $ 570,000 Second Quarter 2014 6/30/2014 7/30/2014 $ 0.06000 658,000 26,000 684,000 Third Quarter 2014 9/30/2014 10/31/2014 $ 0.06000 658,000 26,000 684,000 Fourth Quarter 2014 12/31/2014 1/31/2015 $ 0.06000 658,000 26,000 684,000 Total $ 2,522,000 $ 100,000 $ 2,622,000

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Company's basic and diluted (loss)earnings per share	The following table sets forth the computation of the Company’s basic and diluted earnings (loss) per share for the three and six months ended June 30, 2015 and 2014: For the Three Months Ended June 30, For the Six Months Ended June 30, 2015 2014 2015 2014 Numerator - basic and diluted Net income (loss) from continuing operations $ (434,000) $ (1,664,000) $ 2,688,000 $ (3,840,000) Net (income) loss attributable to non-controlling interests 15,000 72,000 (246,000) 161,000 Net income (loss) attributable to common shares (419,000) (1,592,000) 2,442,000 (3,679,000) Net income (loss) from discontinued operations - (26,000) - 3,152,000 Net income (loss) attributable to non-controlling interests - 3,000 - (486,000) Net income (loss) attributable to common shares $ (419,000) $ (1,615,000) $ 2,442,000 $ (1,013,000) Denominator - basic and diluted Basic weighted average common shares 10,967,917 10,969,714 10,968,769 10,969,714 Effect of dilutive securities Common Units (1) - - - - Diluted weighted average common shares 10,967,917 10,969,714 10,968,769 10,969,714 Basic earnings (loss) per common share Net earnings (loss) from continuing operations attributable to common shares $ (0.04) $ (0.15) $ 0.22 $ (0.34) Net earnings from discontinued operations attributable to common shares - - - 0.24 Net earnings (loss) attributable to common shares $ (0.04) $ (0.15) $ 0.22 $ (0.10) Diluted earnings (loss) per common share Net earnings (loss) from continuing operations attributable to common shares $ (0.04) $ (0.15) $ 0.22 $ (0.34) Net earnings from discontinued operations attributable to common shares - - - 0.24 Net earnings (loss) attributable to common shares $ (0.04) $ (0.15) $ 0.22 $ (0.10) (1) The effect of 431,896

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	6 Months Ended
	Jun. 30, 2015
Related Party Transaction, Due from (to) Related Party [Abstract]
Summarized below are the related-party transactions	Summarized below are the fees paid to the Advisor and other related party costs incurred by the Company for the three and six months ended June 30, 2015 and 2014, respectively, and payable as of June 30, 2015 and December 31, 2014: Three Months Ended June 30, Six Months Ended June 30, June 30, December 31, 2015 2014 2015 2014 2015 2014 Expensed Asset management fees $ 210,000 $ 314,000 $ 530,000 $ 643,000 $ 73,000 $ - Reimbursement of operating expenses - 15,000 - 31,000 - - Property management fees 150,000 203,000 351,000 423,000 - - Disposition fees - - 525,000 211,000 - - Guaranty fees (1) - 5,000 1,000 10,000 - 1,000 Total $ 360,000 $ 537,000 $ 1,407,000 $ 1,318,000 $ 73,000 $ 1,000 Capitalized Leasing commission fees 39,000 32,000 66,000 65,000 - - Legal leasing fees 18,000 75,000 56,000 100,000 - - Construction management fees 10,000 9,000 15,000 9,000 - - Financing fees - - 32,000 - - - Total $ 67,000 $ 116,000 $ 169,000 $ 174,000 $ - $ - (1) The guaranty fees were paid to TNP LLC (see “Guaranty Fees” below for additional information), an affiliate of the Company’s prior advisor.

ORGANIZATION AND BUSINESS (Deta

ORGANIZATION AND BUSINESS (Details Textual)	Feb. 07, 2013USD ($)shares	Jun. 30, 2015USD ($)shares	Jun. 30, 2015USD ($)shares	Dec. 31, 2014shares	Nov. 04, 2008$ / sharesshares
Stock Issue Plans [Line Items]
Proceeds from issuance of common stock | $	$ 104,700,000		$ 104,700,000
Organization and Business (Additional Textual) [Abstract]
Common stock, primary offering price | $ / shares					$ 10
Common Stock, Shares, Issued	10,688,940	10,891,798	10,891,798	10,969,714	1,000,000,000
Area of multi-tenant retail and commercial properties		1,060,000	1,060,000
Percentage of leased space of retail properties		90.00%	90.00%
Partnership Interest Ownership Percentage			100.00%
Stock Redeemed or Called During Period, Shares		77,916	77,916
Stock Redeemed or Called During Period, Value | $		$ 554,000	$ 554,000
Restricted Stock [Member]
Stock Issue Plans [Line Items]
Issuance of stock			50,000
Common Stock [Member]
Organization and Business (Additional Textual) [Abstract]
Stock Redeemed or Called During Period, Shares			77,916
Stock Redeemed or Called During Period, Value | $			$ 1,000
Delaware Limited Liability Company [Member]
Organization and Business (Additional Textual) [Abstract]
Partnership Interest Ownership Percentage			96.20%
DRIP [Member]
Organization and Business (Additional Textual) [Abstract]
Common stock, primary offering price | $ / shares					$ 9.50
Common Stock, Shares, Issued					100,000,000
Stock Redeemed or Called During Period, Shares			238,324
Stock Redeemed or Called During Period, Value | $			$ 2,200,000
DRIP [Member] | Common Stock [Member]
Stock Issue Plans [Line Items]
Issuance of stock			391,182
Proceeds from issuance of common stock | $			$ 3,600,000

SUMMARY OF SIGNIFICANT ACCOUN33

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Accounting Policies [Line Items]
Outstanding Tenant Receivables	$ 46,000	$ 337,000
Schnuck Markets, Inc [Member]
Accounting Policies [Line Items]
% of Annual Minimum Rent	2.00%
Outstanding Tenant Receivables	$ 13,000	231,000
Randall's Food Drugs LP [Member]
Accounting Policies [Line Items]
% of Annual Minimum Rent	7.00%
Outstanding Tenant Receivables	$ 0	72,000
Ralph's Grocery [Member]
Accounting Policies [Line Items]
% of Annual Minimum Rent	10.00%
Outstanding Tenant Receivables	$ 22,000	31,000
Gold’s Gym [Member]
Accounting Policies [Line Items]
% of Annual Minimum Rent	9.00%
Outstanding Tenant Receivables	$ 11,000	$ 3,000

SUMMARY OF SIGNIFICANT ACCOUN34

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1)	6 Months Ended
	Jun. 30, 2015
Buildings and improvements [Member] | Maximum [Member]
Depreciation and amortization
Estimated useful lives of assets	48 years
Buildings and improvements [Member] | Minimum [Member]
Depreciation and amortization
Estimated useful lives of assets	5 years
Exterior improvements [Member] | Maximum [Member]
Depreciation and amortization
Estimated useful lives of assets	20 years
Exterior improvements [Member] | Minimum [Member]
Depreciation and amortization
Estimated useful lives of assets	10 years
Equipment and fixtures [Member] | Maximum [Member]
Depreciation and amortization
Estimated useful lives of assets	10 years
Equipment and fixtures [Member] | Minimum [Member]
Depreciation and amortization
Estimated useful lives of assets	5 years

SUMMARY OF SIGNIFICANT ACCOUN35

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual)	6 Months Ended
	Jun. 30, 2015USD ($)ft²	Dec. 31, 2014USD ($)
Summary of Significant Accounting Policies (Textual) [Abstract]
Straight-line rent receivable	$ 1,304,000	$ 1,681,000
Percent Of Taxable Income Require To Distribute To Investors In Real Estate Investment Trust	90.00%
Gold’s Gym [Member]
Summary of Significant Accounting Policies (Textual) [Abstract]
Percentage Of Minimum Value Of Rentable Area Based On Company Annual Minimum Rent	5.00%
Schnuck Markets, Inc [Member]
Summary of Significant Accounting Policies (Textual) [Abstract]
Operating Leases, Rent Expense, Minimum Rentals	$ 176,000
Net Rentable Area Percentage	11.00%
Percentage Of Minimum Value Of Rentable Area Based On Company Annual Minimum Rent	2.00%
Area of Land | ft²	70,000

REAL ESTATE INVESTMENTS (Detail

REAL ESTATE INVESTMENTS (Details) - USD ($)		Mar. 11, 2015	Jun. 30, 2015
Real Estate Properties Gross Sales Price		$ 53,600,000	$ 53,600,000
Real Estate Properties Original Purchase Price			$ 46,800,000
Osceola Village [Member]
Real Estate Properties Location			Kissimmee, Florida
Real Estate Properties Acquisition Date			Oct. 11, 2011
Real Estate Properties Gross Sales Price			$ 22,000,000
Real Estate Properties Original Purchase Price	[1]		$ 21,800,000
Constitution Trail [Member]
Real Estate Properties Location			Normal, Illinois
Real Estate Properties Acquisition Date			Oct. 21, 2011
Real Estate Properties Gross Sales Price			$ 23,100,000
Real Estate Properties Original Purchase Price			$ 18,000,000
Aurora Commons [Member]
Real Estate Properties Location			Aurora, Ohio
Real Estate Properties Acquisition Date			Mar. 20, 2012
Real Estate Properties Gross Sales Price			$ 8,500,000
Real Estate Properties Original Purchase Price			$ 7,000,000
[1]	The original purchase price for Osceola Village included an additional pad which was sold for $875,000 prior to this transaction.

REAL ESTATE INVESTMENTS (Deta37

REAL ESTATE INVESTMENTS (Details 1) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues from rental property		$ 0		$ 59,000
Rental property expenses		26,000		87,000
Depreciation and amortization expenses		0		0
Transaction expenses		0		0
Interest expense		0		12,000
Operating loss from discontinued operations	$ 0	(26,000)	$ 0	(40,000)
Gain on disposal of real estate	0	0	0	3,192,000
Income from discontinued operations	$ 0	$ (26,000)	$ 0	$ 3,152,000

REAL ESTATE INVESTMENTS (Deta38

REAL ESTATE INVESTMENTS (Details 2) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Investments in real estate
Land	$ 15,981,000	$ 45,740,000
Building and improvements	56,158,000	109,998,000
Tenant improvements	3,872,000	10,267,000
Accumulated depreciation	(8,950,000)	(16,717,000)
Investments in real estate, net	67,061,000	149,288,000
Prepaid expenses and other assets, net	778,000	1,363,000
Tenants receivables, net	1,265,000	2,678,000
Lease intangibles, net	4,761,000	13,658,000
LIABILITIES
Notes payable	52,470,000	122,148,000
Below market lease intangibles, net	3,457,000	5,541,000
Other liabilities	1,662,000	1,767,000
Liabilities related to assets held for sale	34,637,000	0
Osceola Village [Member]
Investments in real estate
Land		342,000
Building and improvements		0
Tenant improvements		0
Investments in real estate, at Cost		342,000
Accumulated depreciation		0
Investments in real estate, net		342,000
Prepaid expenses and other assets, net		0
Tenants receivables, net		0
Lease intangibles, net		0
Deferred financing costs, net		0
Assets held for sale		342,000
LIABILITIES
Notes payable		0
Below market lease intangibles, net		0
Other liabilities		0
Liabilities related to assets held for sale		$ 0
Bloomingdale Hills, Moreno Marketplace, Northgate and Summit [Member]
Investments in real estate
Land	14,776,000
Building and improvements	26,717,000
Tenant improvements	2,754,000
Investments in real estate, at Cost	44,247,000
Accumulated depreciation	(5,288,000)
Investments in real estate, net	38,959,000
Prepaid expenses and other assets, net	64,000
Tenants receivables, net	750,000
Lease intangibles, net	3,799,000
Deferred financing costs, net	167,000
Assets held for sale	43,739,000
LIABILITIES
Notes payable	32,694,000
Below market lease intangibles, net	1,795,000
Other liabilities	148,000
Liabilities related to assets held for sale	$ 34,637,000

REAL ESTATE INVESTMENTS (Deta39

REAL ESTATE INVESTMENTS (Details Textual) - USD ($)	Mar. 11, 2015	Jan. 08, 2014	Nov. 21, 2014	Jun. 30, 2012	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Payments to Acquire Interest in Joint Venture	$ 4,500,000						$ 4,555,000	$ 0
Sales of Real Estate	$ 53,600,000						53,600,000
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	19.00%
Payments Of Debt By Sale of Real Estate Properties	$ 36,400,000
Operating Income (Loss)					$ (805,000)	$ (1,664,000)	(2,104,000)	(3,840,000)
Disposal Group, Held-for-sale, Not Discontinued Operations [Member]
Operating Income (Loss)					89,000	66,000	$ 12,000	135,000
Proceeds from Sale of Property Held-for-sale			$ 875,000
Visalia Marketplace [Member]
Percentage Of Net Proceeds From Sale							80.00%
Sales of Real Estate		$ 21,100,000
Payments to Acquire Real Estate				$ 19,000,000
Osceola Village [Member]
Sales of Real Estate							$ 22,000,000
Proceeds from Sale of Other Real Estate							875,000
Real Estate Properties [Member]
Operating Income (Loss)					$ (16,000)	$ (436,000)	$ (305,000)	$ (929,000)

INVESTMENT IN UNCONSOLIDATED 40

INVESTMENT IN UNCONSOLIDATED JOINT VENTURE (Details) - USD ($)	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	$ 4,664,000	$ 0
SGO Retail Acquisition Venture LLC [Member]
Schedule of Equity Method Investments [Line Items]
Date Of Equity Method Investments	Nov. 3, 2015
Equity Method Investment, Ownership Percentage	19.00%	0.00%
Equity Method Investments	$ 4,664,000	$ 0

INVESTMENT IN UNCONSOLIDATED 41

INVESTMENT IN UNCONSOLIDATED JOINT VENTURE (Details Textual) - USD ($)	Mar. 12, 2015	Mar. 11, 2015	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Schedule of Equity Method Investments [Line Items]
Payments to Acquire Interest in Joint Venture		$ 4,500,000	$ 4,555,000	$ 0
Proceeds From Sale Of Initial Properties		$ 53,600,000
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners		19.00%
Notes, Loans and Financing Receivable, Net, Current			7,152,000		$ 0
Increase (Decrease) in Interest and Dividends Receivable			$ 152,000
Used To Pay Off Notes Payable Balances [Member]
Schedule of Equity Method Investments [Line Items]
Proceeds From Sale Of Initial Properties		$ 36,400,000
Capital Contribution To Joint Venture [Member]
Schedule of Equity Method Investments [Line Items]
Proceeds From Sale Of Initial Properties		4,500,000
Available To Working Capital [Member]
Schedule of Equity Method Investments [Line Items]
Proceeds From Sale Of Initial Properties		3,800,000
Loaned To Oaktree On Short Term Demand Note [Member]
Schedule of Equity Method Investments [Line Items]
Proceeds From Sale Of Initial Properties		$ 7,000,000
SRT Manager [Member]
Schedule of Equity Method Investments [Line Items]
Full Redemption Amount Paid	$ 2,100,000
Operating Partnership Interest	8.33%
Strategic Realty Trust [Member]
Schedule of Equity Method Investments [Line Items]
Ownership Interest In Joint Venture		19.00%
Payments to Acquire Interest in Joint Venture		$ 4,500,000
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners		19.00%
Strategic Realty Trust [Member] | Related Party [Member]
Schedule of Equity Method Investments [Line Items]
Ownership Interest In Joint Venture			19.00%
Proceeds From Sale Of Initial Properties			$ 1,200,000
Percentage Of Gain Loss On sale Of initial Properties To The Joint Venture			20.00%
Oaktree [Member]
Schedule of Equity Method Investments [Line Items]
Advance In Capital Contribution To Joint Venture		$ 7,000,000
Ownership Interest In Joint Venture		80.00%
Payments to Acquire Interest in Joint Venture		$ 19,100,000
Debt Instrument, Interest Rate, Stated Percentage		7.00%
Glenborough Property Partners, LLC [Member]
Schedule of Equity Method Investments [Line Items]
Ownership Interest In Joint Venture		1.00%
Payments to Acquire Interest in Joint Venture		$ 200,000
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners		1.00%
Glenborough Property Partners, LLC [Member] | Related Party [Member]
Schedule of Equity Method Investments [Line Items]
Ownership Interest In Joint Venture			1.00%
Osceola Village [Member]
Schedule of Equity Method Investments [Line Items]
Proceeds From Sale Of Initial Properties		$ 22,000,000
Constitution Trail [Member]
Schedule of Equity Method Investments [Line Items]
Proceeds From Sale Of Initial Properties		23,100,000
Aurora Commons [Member]
Schedule of Equity Method Investments [Line Items]
Proceeds From Sale Of Initial Properties		$ 8,500,000

FUTURE MINIMUM RENTAL INCOME (D

FUTURE MINIMUM RENTAL INCOME (Details)	Jun. 30, 2015USD ($)
Operating Leases, Future Minimum Payments Receivable [Abstract]
July 1 through December 31, 2015	$ 3,507,000
2,016	6,625,000
2,017	5,668,000
2,018	4,574,000
2,019	3,964,000
Thereafter	10,538,000
Total	$ 34,876,000

FUTURE MINIMUM RENTAL INCOME 43

FUTURE MINIMUM RENTAL INCOME (Details Textual) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Security Deposit	$ 182,000	$ 437,000

ACQUIRED LEASE INTANGIBLES AN44

ACQUIRED LEASE INTANGIBLES AND BELOW-MARKET LEASE LIABILITIES (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Indefinite-lived Intangible Assets [Line Items]
Lease Intangibles, Cost	$ 8,601,000	$ 20,898,000
Lease Intangibles, Accumulated amortization	(3,840,000)	(7,240,000)
Lease Intangibles	4,761,000	13,658,000
Below - Market Lease Liabilities, Cost	(4,575,000)	(6,991,000)
Below - Market Lease Liabilities, Accumulated amortization	1,118,000	1,450,000
Below - Market Lease Liabilities	$ (3,457,000)	$ (5,541,000)

ACQUIRED LEASE INTANGIBLES AN45

ACQUIRED LEASE INTANGIBLES AND BELOW-MARKET LEASE LIABILITIES (Details 1) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Amortization of lease intangibles and below-market lease liabilities
Lease Intangibles, Amortization	$ (357,000)	$ (733,000)	$ (950,000)	$ (1,472,000)
Below - Market Lease Liabilities, Amortization	$ 95,000	$ 132,000	$ 212,000	$ 265,000

NOTES PAYABLE (Details)

NOTES PAYABLE (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Notes Payable
Principal Balance	$ 52,470,000	$ 122,148,000
Key Bank credit facility [Member]
Notes Payable
Principal Balance	0	19,014,000
Secured term loans [Member]
Notes Payable
Principal Balance	$ 41,456,000	57,116,000
Secured term loans [Member] | Minimum [Member]
Notes Payable
Interest Rate	4.10%
Secured term loans [Member] | Maximum [Member]
Notes Payable
Interest Rate	4.45%
Mortgage loans [Member]
Notes Payable
Principal Balance	$ 9,764,000	44,768,000
Interest Rate	5.00%
Unsecured loans [Member]
Notes Payable
Principal Balance	$ 1,250,000	$ 1,250,000
Interest Rate	8.00%

NOTES PAYABLE (Details 1)

NOTES PAYABLE (Details 1)	Jun. 30, 2015USD ($)
Schedule of maturities for notes payable outstanding
July 1 through December 31, 2015	$ 415,000
2,016	864,000
2,017	27,364,000
2,018	473,000
2,019	23,354,000
Thereafter	0
Total	$ 52,470,000

NOTES PAYABLE (Details Textual)

NOTES PAYABLE (Details Textual) - Related Party [Domain] - USD ($)	Aug. 04, 2014	Jul. 09, 2013	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014	Mar. 11, 2015	Dec. 17, 2010
Notes Payable
Interest expense			$ 1,354,000	$ 2,224,000	$ 3,048,000	$ 4,443,000
Amortization of deferred financing costs	$ 295,000		125,000	$ 204,000	287,000	$ 407,000
Interest expense payable			$ 419,000		$ 419,000		$ 1,080,000
Line of Credit Facility, Maximum Borrowing Capacity							60,000,000
Line of Credit Facility, Commitment Fee Description					The Company will pay KeyBank an unused commitment fee, quarterly in arrears, which will accrue at 0.30% per annum if the usage under the Amended and Restated Credit Facility is less than or equal to 50% of the Facility Amount, and 0.20% per annum if the usage under the Amended and Restated Credit Facility is greater than 50% of the Facility Amount.
Long-term Line of Credit	$ 20,800,000
Financing Coordination Fee							$ 300,000
SRT Manager [Member]
Notes Payable
Operating Partnership Interest	8.33%
Full Redemption Amount Paid	$ 2,100,000	$ 2,100,000
SRT Manager [Member] | Prior Constitution [Member]
Notes Payable
Operating Partnership Interest	12.00%
SRT Manager [Member] | After Constitution [Member]
Notes Payable
Operating Partnership Interest	8.33%
Secured Holdings [Member] | Prior Constitution [Member]
Notes Payable
Operating Partnership Interest	88.00%
Secured Holdings [Member] | After Constitution [Member]
Notes Payable
Operating Partnership Interest	91.67%
Constitution Trail Acquisition Loan [Member]
Notes Payable
Operating Partnership Interest	100.00%
Revolving Credit Facility [Member]
Notes Payable
Line of Credit Facility, Maximum Borrowing Capacity	$ 30,000,000								$ 35,000,000
Long-term Line of Credit								$ 19,000,000

FAIR VALUE DISCLOSURES (Details

FAIR VALUE DISCLOSURES (Details) - USD ($)		Jun. 30, 2015	Dec. 31, 2014
Notes Payable
Notes Payable, Carrying Value	[1]	$ 52,470,000	$ 122,148,000
Notes Payable, Fair Value	[2]	$ 53,808,000	$ 123,511,000
[1]	The carrying value of the Company’s notes payable represents outstanding principal as of June 30, 2015 and December 31, 2014.
[2]	The estimated fair value of the notes payable is based upon the indicative market prices of the Company’s notes payable based on prevailing market interest rates.

EQUITY (Details)

EQUITY (Details) - USD ($)	3 Months Ended						6 Months Ended	12 Months Ended
	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Jun. 30, 2015	Dec. 31, 2014
Company's common stockholders and non-controlling Common Unit holders
Distribution Record Date	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014
Distribution Payable Date	Jul. 31, 2015	Apr. 30, 2015	Jan. 31, 2015	Oct. 31, 2014	Jul. 30, 2014	Apr. 30, 2014
Distribution Per Common Stock /Common Unit	$ 0.06000	$ 0.06000	$ 0.06000	$ 0.06000	$ 0.06000	$ 0.05000
Total Common Stockholders Distribution	$ 654,000	$ 658,000	$ 658,000	$ 658,000	$ 658,000	$ 548,000	$ 1,312,000	$ 2,522,000
Total Common Unit Holders Distribution	26,000	26,000	26,000	26,000	26,000	22,000	52,000	100,000
Total Distribution	$ 680,000	$ 684,000	$ 684,000	$ 684,000	$ 684,000	$ 570,000	$ 1,364,000	$ 2,622,000

EQUITY (Details Textual)

EQUITY (Details Textual) - Equity Component [Domain] - USD ($)	Aug. 04, 2014	Feb. 07, 2013	Jan. 24, 2014	Jun. 30, 2015	Jun. 30, 2015	Mar. 11, 2015	Dec. 31, 2014	Dec. 31, 2013	Jul. 09, 2013	Mar. 12, 2012	May. 26, 2011	Nov. 04, 2008	Oct. 16, 2008
Equity (Textual) [Abstract]
Common stock shares sold in offering		10,688,940		10,891,798	10,891,798		10,969,714					1,000,000,000
Common Stock, Value, Issued				$ 109,000	$ 109,000		$ 110,000
Common stock par value				$ 0.01	$ 0.01		$ 0.01
Issuance of common stock under DRIP		$ 391,182
Equity (Additional Textual) [Abstract]
Authority to issue shares of common stock				400,000,000	400,000,000		400,000,000
preferred stock, shares authorized				50,000,000	50,000,000		50,000,000
Preferred stock par value				$ 0.01	$ 0.01		$ 0.01
Weighted average of the number of shares					5.00%
Annual REIT taxable income					90.00%
Alternative Investments, Fair Value Disclosure									$ 1,900,000
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners						19.00%
Related Party Transaction, Amounts Of Transaction			$ 1,000
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest					100.00%
Proceeds From Issuance Of Common Stock		104,700,000			$ 104,700,000
Stock Redeemed or Called During Period, Shares				77,916	77,916
Stock Redeemed or Called During Period, Value				$ 554,000	$ 554,000
Redemption Price for Shares Percentage					100.00%
Amended and Restated Share Redemption, Redemption Amount Minimum Limit				$ 5,000	$ 5,000
Description of Share Redemption Program					(i) a total of $2,000,000 for redemptions sought upon a stockholder’s death and a total of $1,000,000 for redemptions sought upon a stockholder’s qualifying disability, and (ii) 5% of the weighted average of the number of shares of the Company’s common stock outstanding during the prior calendar year.
Description Of Common Units					holder of common units may not deliver more than two redemption notices in a single calendar year and may not exercise a redemption right for less than 1,000 common units, unless such holder holds less than 1,000 common units, in which case, it must exercise its redemption right for all of its common units.
Death of a shareholder [Member]
Equity (Additional Textual) [Abstract]
Stock Redeemed or Called During Period, Value					$ 2,000,000
Disability of a shareholder [Member]
Equity (Additional Textual) [Abstract]
Stock Redeemed or Called During Period, Value					$ 1,000,000
Restricted Stock [Member]
Equity (Additional Textual) [Abstract]
Proceeds From Issuance Of Common Stock		$ 3,600,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		50,000
T N P Strategic Retail O P Holdings L L C [Member]
Equity (Additional Textual) [Abstract]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	91.67%								12.00%
T N P SR T Manager [Member]
Equity (Additional Textual) [Abstract]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	8.33%								88.00%
Full Redemption Amount Paid	$ 2,100,000
Glenborough Property Partners, LLC [Member]
Equity (Textual) [Abstract]
Common stock shares sold in offering			111,111
Common stock par value			$ 8
Companys Common Stock			22,222
TNP LLC [Member]
Equity (Textual) [Abstract]
Companys Common Stock								22,222
Anthony W. Thompson [Member]
Equity (Textual) [Abstract]
Common stock shares sold in offering								111,111
Common Stock, Value, Issued								$ 1,000,000
Sponsor [Member]
Equity (Textual) [Abstract]
Common stock shares sold in offering													22,222
Common Stock, Value, Issued													$ 200,000
DRIP [Member]
Equity (Additional Textual) [Abstract]
Stock Redeemed or Called During Period, Shares					238,324
Stock Redeemed or Called During Period, Value					$ 2,200,000
Pinehurst Square East [Member]
Equity (Textual) [Abstract]
Common stock shares sold in offering											287,472
Common Stock, Value, Issued											$ 2,600,000
Common stock par value											$ 9
Turkey Creek [Member]
Equity (Textual) [Abstract]
Common stock shares sold in offering										144,324
Common Stock, Value, Issued										$ 1,400,000
Common stock par value										$ 9.50

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($)		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Numerator - basic and diluted
Net income (loss) from continuing operations		$ (434,000)	$ (1,664,000)	$ 2,688,000	$ (3,840,000)
Net (income) loss attributable to non-controlling interests		15,000	72,000	(246,000)	161,000
Net income (loss) attributable to common shares		(419,000)	(1,592,000)	2,442,000	(3,679,000)
Net income (loss) from discontinued operations		0	(26,000)	0	3,152,000
Net income (loss) attributable to non-controlling interests		0	3,000	0	(486,000)
Net income (loss) attributable to common shares		$ (419,000)	$ (1,615,000)	$ 2,442,000	$ (1,013,000)
Denominator - basic and diluted
Basic weighted average common shares		10,967,917	10,969,714	10,968,769	10,969,714
Effect of dilutive securities Common units	[1]	0	0	0	0
Diluted weighted average common shares		10,967,917	10,969,714	10,968,769	10,969,714
Basic earnings (loss) per common share
Net earnings (loss) from continuing operations attributable to common shares		$ (0.04)	$ (0.15)	$ 0.22	$ (0.34)
Net earnings from discontinued operations attributable to common shares		0	0	0	0.24
Net earnings (loss) attributable to common shares		(0.04)	(0.15)	0.22	(0.10)
Diluted earnings (loss) per common share
Net earnings (loss) from continuing operations attributable to common shares		(0.04)	(0.15)	0.22	(0.34)
Net earnings from discontinued operations attributable to common shares		0	0	0	0.24
Net earnings (loss) attributable to common shares		$ (0.04)	$ (0.15)	$ 0.22	$ (0.10)
[1]	The effect of 431,896 convertible Common Units pursuant to the redemption rights outlined in the Company’s registration statement Form S-11 have not been included as they would not be dilutive.

EARNINGS PER SHARE (Details Tex

EARNINGS PER SHARE (Details Textual)	6 Months Ended
	Jun. 30, 2015shares
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Antidiluted Convertible Common Units of Redemption	431,896

INCENTIVE AWARD PLAN (Details T

INCENTIVE AWARD PLAN (Details Textual) - USD ($)	Feb. 07, 2013	Nov. 12, 2009	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Jul. 07, 2009
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense			$ 6,000	$ 0	$ 14,000
Initial Restricted Stock Grant [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures		5,000
Restricted Stock On Re Election [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures	2,500
Incentive Award Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock registered and reserved						2,000,000
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from Issuance Initial Public Offering		$ 2,000,000

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($)		1 Months Ended	3 Months Ended		6 Months Ended
		Jan. 24, 2014	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Summarized below are the related-party transactions
Related-party costs, Incurred		$ 1,000
Advisor Fees, Asset management fees [Member]
Summarized below are the related-party transactions
Related-party costs, Incurred			$ 210,000	$ 314,000	$ 530,000	$ 643,000
Related-party costs, Payable			73,000		73,000		$ 0
Reimbursement Of Operating Expenses [Member]
Summarized below are the related-party transactions
Related-party costs, Incurred			0	15,000	0	31,000
Related-party costs, Payable			0		0		0
Advisor Fees, Property management fees [Member]
Summarized below are the related-party transactions
Related-party costs, Incurred			150,000	203,000	351,000	423,000
Related-party costs, Payable			0		0		0
Advisor Fees, Disposition fees [Member]
Summarized below are the related-party transactions
Related-party costs, Incurred			0	0	525,000	211,000
Related-party costs, Payable			0		0		0
Guaranty Fees [Member]
Summarized below are the related-party transactions
Related-party costs, Incurred	[1]		0	5,000	1,000	10,000
Related-party costs, Payable	[1]		0		0		1,000
Advisor Fees, Leasing commission fees [Member]
Summarized below are the related-party transactions
Related-party costs, Incurred			39,000	32,000	66,000	65,000
Related-party costs, Payable			0		0		0
Advisor Fees, Legal leasing fees [Member]
Summarized below are the related-party transactions
Related-party costs, Incurred			18,000	75,000	56,000	100,000
Related-party costs, Payable			0		0		0
Advisor Fees, Construction management fees [Member]
Summarized below are the related-party transactions
Related-party costs, Incurred			10,000	9,000	15,000	9,000
Related-party costs, Payable			0		0		0
Financing Fees [Member]
Summarized below are the related-party transactions
Related-party costs, Incurred			0	0	32,000	0
Related-party costs, Payable			0		0		0
Advisor Fees, Expensed [Member]
Summarized below are the related-party transactions
Related-party costs, Incurred			360,000	537,000	1,407,000	1,318,000
Related-party costs, Payable			73,000		73,000		1,000
Advisor Fees, Capitalized [Member]
Summarized below are the related-party transactions
Related-party costs, Incurred			67,000	$ 116,000	169,000	$ 174,000
Related-party costs, Payable			$ 0		$ 0		$ 0
[1]	The guaranty fees were paid to TNP LLC (see “Guaranty Fees” below for additional information), an affiliate of the Company’s prior advisor.

RELATED PARTY TRANSACTIONS (D56

RELATED PARTY TRANSACTIONS (Details Textual) - USD ($)	Mar. 11, 2015	Aug. 04, 2014	Jul. 09, 2013	Jan. 24, 2014	Jun. 30, 2015	Jun. 30, 2015	Jun. 30, 2014
Related party transactions (Textual) [Abstract]
Related-party costs, Incurred				$ 1,000
Property Management Fee, Percent Fee						4.00%
Related Party Transactions (Additional Textual) [Abstract]
Market-based property management fee of gross revenues						5.00%
Company pays Advisor a monthly asset management fee on all real estate investments						0.60%
Advisor or its affiliates also will be paid disposition fees of a customary and competitive real estate commission						50.00%
Advisor or its affiliates also will be paid disposition fees of a customary and competitive real estate commission, not to exceed						3.00%
Reimbursement Of Operating Expenses Description						The Company reimburses the Advisor for all expenses paid or incurred by the Advisor in connection with the services provided to the Company, subject to the limitation that the Company will not reimburse the Advisor for any amount by which the Companys total operating expenses (including the asset management fee described below) at the end of the four preceding fiscal quarters exceeded the greater of (1)2% of its average invested assets (as defined in the Charter); or (2)25% of its net income (as defined in the Charter) determined without reduction for any additions to depreciation, bad debts or other similar non-cash expenses and excluding any gain from the sale of the Companys assets for that period (the 2%/25% Guideline). The Advisor is required to reimburse the Company quarterly for any amounts by which total operating expenses exceed the 2%/25% Guideline in the previous expense year that the independent directors do not approve. The Company will not reimburse the Advisor for any of its personnel costs or other overhead costs except for customary reimbursements for personnel costs under property management agreements entered into between the OP and the Advisor or its affiliates. Notwithstanding the above, the Company may reimburse the Advisor for expenses in excess of the 2%/25% Guideline if a majority of the independent directors determine that such excess expenses are justified based on unusual and non-recurring factors.
Percentage Of Acquisition Fee On Costs Of Investments Acquired						1.00%
Percentage Of Origination Fee						1.00%
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	19.00%
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Common Stock Sale Price Per Share				$ 8
Proceeds from Sale of Real Estate	$ 53,600,000					$ 53,058,000	$ 20,455,000
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	19.00%
Payments to Acquire Interest in Joint Venture	$ 4,500,000					4,555,000	$ 0
Payments Of Debt By Sale of Real Estate Properties	$ 36,400,000
TNP LLC [Member]
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Sale Of Stock Number Of Shares Issued				22,222
Sharon D. Thompson [Member]
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Sale Of Stock Number Of Shares Issued				111,111
SRT Manager [Member]
Related Party Transactions (Additional Textual) [Abstract]
Operating Partnership Interest		8.33%
Full Redemption Amount Paid		$ 2,100,000	$ 2,100,000
Asset management fees [Member]
Related party transactions (Textual) [Abstract]
Related-party costs, Incurred					$ 250,000	$ 250,000
Financing coordination fees [Member]
Related Party Transactions (Additional Textual) [Abstract]
Payment of financial Coordination fees					1.00%	1.00%
Mortgage Notes [Member]
Related Party Transactions (Additional Textual) [Abstract]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners			12.00%
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners			12.00%

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details Textual) - USD ($)	1 Months Ended	3 Months Ended	6 Months Ended
	Oct. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Oct. 31, 2011	Jun. 30, 2011
Commitments and Contingencies (Textual) [Abstract]
Distressed Debt					$ 18,000,000
Debt Collateral Fair Market Value				$ 27,600,000
Deficiency Dividend		$ 2,248,000
Income Tax Examination, Interest Expense	$ 440,000		$ 405,000

SUBSEQUENT EVENTS (Details Text

SUBSEQUENT EVENTS (Details Textual) - USD ($)	3 Months Ended						6 Months Ended	12 Months Ended
	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Jun. 30, 2015	Dec. 31, 2014
Subsequent Event [Line Items]
Dividend Distribution To Common Stockholders And Unit Holders	$ 680,000	$ 684,000	$ 684,000	$ 684,000	$ 684,000	$ 570,000	$ 1,364,000	$ 2,622,000
Common Stock, Dividends, Per Share, Declared	$ 0.06000	$ 0.06000	$ 0.06000	$ 0.06000	$ 0.06000	$ 0.05000
Subsequent Event [Member]
Subsequent Event [Line Items]
Dividend Distribution To Common Stockholders And Unit Holders							$ 680,000
Common Stock, Dividends, Per Share, Declared							$ 0.06