Strategic Realty Trust (SGIC) 10-Q 13 May 22 2022 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2022	May 09, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	000-54376
Entity Registrant Name	STRATEGIC REALTY TRUST, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	90-0413866
Entity Address, Address Line One	550 W Adams St, Suite 200
Entity Address, City or Town	Chicago,
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60661
City Area Code	312
Local Phone Number	878-4860
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001446371
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		10,752,966

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Mar. 31, 2022	Dec. 31, 2021
Investments in real estate
Land		$ 25,400	$ 25,400
Building and improvements		27,568	27,550
Tenant improvements		1,815	1,753
Real Estate Investment Property, at Cost		54,783	54,703
Accumulated depreciation		(5,410)	(5,148)
Investments in real estate, net		49,373	49,555
Properties under development and development costs
Land		12,958	12,958
Development costs		3,668	3,189
Properties under development and development costs		16,626	16,147
Cash, cash equivalents and restricted cash		2,575	2,407
Prepaid expenses and other assets		192	129
Tenant receivables, net of $21 and $83 bad debt reserve		904	844
Bad Debt Reserve		21	83
Deferred Costs, Leasing, Net		251	270
Lease intangibles, net		448	500
Total assets	[1]	70,369	69,852
LIABILITIES
Notes payable, net		41,434	39,780
Accounts payable and accrued expenses		481	731
Amounts due to affiliates		55	63
Other Liabilities		168	240
Below Market Lease, Net		125	130
TOTAL LIABILITIES (1)	[1]	42,263	40,944
Commitments and contingencies (Note 12)
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; 10,752,966 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively		110	110
Additional paid-in capital		94,644	94,644
Accumulated deficit		(67,094)	(66,307)
Total stockholders’ equity		27,660	28,447
Non-controlling interests		446	461
TOTAL EQUITY		28,106	28,908
TOTAL LIABILITIES AND EQUITY		$ 70,369	$ 69,852
Preferred Stock, Shares Outstanding		0	0
Preferred Stock, Shares Issued		0	0
Preferred Stock, Shares Authorized		50,000,000	50,000,000
Preferred Stock, Par or Stated Value Per Share		$ 0.01	$ 0.01
Common Stock, Shares, Outstanding		10,752,966	10,752,966
Common Stock, Shares, Issued		10,752,966	10,752,966
Common Stock, Shares Authorized		400,000,000	400,000,000
Common Stock, Par or Stated Value Per Share		$ 0.01	$ 0.01
Variable Interest Entity, Primary Beneficiary [Member]
Investments in real estate
Land		$ 13,026	$ 13,026
Building and improvements		5,236	5,218
Tenant improvements		469	467
Real Estate Investment Property, at Cost		18,731	18,711
Accumulated depreciation		(561)	(520)
Investments in real estate, net		18,170	18,191
Properties under development and development costs
Land		12,958	12,958
Development costs		3,668	3,189
Properties under development and development costs		16,626	16,147
Cash, cash equivalents and restricted cash		593	371
Prepaid expenses and other assets		6	13
Tenant receivables, net of $21 and $83 bad debt reserve		65	69
Deferred Costs, Leasing, Net		33	29
Total assets	[2]	35,493	34,820
LIABILITIES
Notes payable, net	[3]	21,296	21,063
Accounts payable and accrued expenses		246	347
Amounts due to affiliates		0	4
Other Liabilities		71	71
TOTAL LIABILITIES (1)		$ 21,613	$ 21,485
[1]	As of March 31, 2022 and December 31, 2021, includes approximately $35.5 million and $34.8 million, respectively, of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities and approximately $21.6 million and $21.5 million, respectively, of liabilities of consolidated variable interest entities for which creditors do not have recourse to the general credit of the Company. Refer to Note 3. “Variable Interest Entities”.
[2]	The assets of the Sunset & Gardner Joint Venture and Wilshire Joint Venture can be used only to settle obligations of the respective consolidated joint ventures.
[3]	As of both March 31, 2022 and December 31, 2021, includes approximately $0.1 million and $0.2 million, respectively, of deferred financing costs, net, as a contra-liability. The creditors of the consolidated joint ventures do not have recourse to the general credit of the Company. The notes payable of the Wilshire Joint Venture is partially guaranteed by the Company, refer to Note 7, “Notes Payable, Net”. The notes payable of the Sunset & Gardner Joint Venture is not guaranteed by the Company.

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue:
Rental and reimbursements	$ 734	$ 715
Expense:
Operating and maintenance	485	506
General and administrative	437	410
Depreciation and amortization	294	357
Interest expense	320	313
Total expense	1,536	1,586
Operating loss	(802)	(871)
Other income:
Net loss	(802)	(871)
Net loss attributable to non-controlling interests	(15)	(17)
Net loss attributable to common shares	$ (787)	$ (854)
Earnings Per Share, Diluted	$ (0.07)	$ (0.08)
Earnings Per Share, Basic	$ (0.07)	$ (0.08)
Weighted average shares outstanding used to calculate loss per common share - basic and diluted	10,752,966	10,739,729

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENT OF EQUITY - USD ($)	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Total Stockholders' Equity	Non-controlling Interests
Stockholders' Equity Attributable to Parent		$ 110,000	$ 94,602,000	$ (55,771,000)	$ 38,941,000
BALANCE at Dec. 31, 2020	$ 39,655,000					$ 714,000
BALANCE (in shares) at Dec. 31, 2020		10,739,814
Net loss attributable to non-controlling interests	(17,000)					(17,000)
Net loss attributable to common shares	(854,000)	$ 0	0	(854,000)	(854,000)
Net loss	(871,000)	$ 0
BALANCE at Mar. 31, 2021	38,784,000					697,000
BALANCE (in shares) at Mar. 31, 2021		10,739,814
Other Noncash Expense	0
Proceeds from Contributions from Affiliates	0
Stockholders' Equity Attributable to Parent		$ 110,000	94,602,000	(56,625,000)	38,087,000
Stockholders' Equity Attributable to Parent	28,447,000	$ 110,000	94,644,000	(66,307,000)	28,447,000
BALANCE at Dec. 31, 2021	28,908,000					461,000
BALANCE (in shares) at Dec. 31, 2021		10,752,966
Net loss attributable to non-controlling interests	(15,000)					(15,000)
Net loss attributable to common shares	(787,000)	$ 0	0	(787,000)	(787,000)
Net loss	(802,000)	$ 0
BALANCE at Mar. 31, 2022	28,106,000					$ 446,000
BALANCE (in shares) at Mar. 31, 2022		10,752,966
Other Noncash Expense	42,000
Proceeds from Contributions from Affiliates	1,350,000
Stockholders' Equity Attributable to Parent	$ 27,660,000	$ 110,000	$ 94,644,000	$ (67,094,000)	$ 27,660,000

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net loss	$ (802)	$ (871)
Adjustments to reconcile net loss to net cash used in operating activities:
Straight-line rent	(93)	(50)
Amortization of deferred financing costs	108	103
Depreciation and amortization	294	357
Amortization of above and below-market leases	(4)	(7)
Provision for losses on tenant receivable	21	175
Other Noncash Expense	42	0
Changes in operating assets and liabilities:
Prepaid expenses and other assets	(63)	(152)
Tenant receivables	12	(277)
Accounts payable and accrued expenses	(259)	(90)
Amounts due to affiliates	(8)	100
Other liabilities	(72)	33
Net cash used in operating activities	(824)	(679)
Cash flows from investing activities:
Investment in properties under development and development costs	(426)	(366)
Improvements and capital expenditures	(79)	(48)
Payments for leasing costs	(5)	(48)
Net cash used in investing activities	(510)	(462)
Cash flows from financing activities:
Proceeds from notes payable from investments in consolidated variable interest entities	152	0
Proceeds from Contributions from Affiliates	1,350	0
Net cash provided by financing activities	1,502	0
Net increase (decrease) in cash, cash equivalents and restricted cash	168	(1,141)
Cash, cash equivalents and restricted cash – beginning of period	2,407	2,622
Cash, cash equivalents and restricted cash – end of period	2,575	1,481
Supplemental disclosure of non-cash investing and financing activities and other cash flow information:
Change in accrued liabilities capitalized to investment in development	9	60
Amortization of deferred loan fees capitalized to investment in development	44	43
Changes in capital improvements and leasing costs, accrued but not paid	0	118
Cash paid for interest, net of amounts capitalized	$ 193	$ 210

ORGANIZATION AND BUSINESS

ORGANIZATION AND BUSINESS	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND BUSINESS	1. ORGANIZATION AND BUSINESS Strategic Realty Trust, Inc. (the “Company”) was formed on September 18, 2008, as a Maryland corporation. Effective August 22, 2013, the Company changed its name from TNP Strategic Retail Trust, Inc. to Strategic Realty Trust, Inc. The Company believes it qualifies as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), and has elected REIT status beginning with the taxable year ended December 31, 2009, the year in which the Company began material operations. Since the Company’s inception, its business has been managed by an external advisor. The Company has no direct employees and all management and administrative personnel responsible for conducting the Company’s business are employed by its advisor. As of March 31, 2022, the Company was 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”) initially executed on August 10, 2013, and subsequently renewed every year through 2022. The current term of the Advisory Agreement terminates on August 9, 2022. The advisor is an affiliate of PUR Management LLC (“PUR”), which is an affiliate of L3 Capital, LLC. L3 Capital, LLC is a real estate investment firm focused on institutional quality, value-add, prime urban retail and mixed-use investment within first tier U.S. metropolitan markets. Substantially all of the Company’s business is conducted through Strategic Realty Operating Partnership, L.P. (the “OP”). During the Company’s initial public offering (“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 March 31, 2022 and December 31, 2021, the Company owned 98.1% of the limited partnership interests in the OP. The Company’s principal demand for funds has been for the acquisition of real estate assets, the payment of operating expenses, interest on outstanding indebtedness, the payment of distributions to stockholders, and investments in development of properties. Substantially all of the proceeds of the Offering, which terminated in February 2013, 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’s available capital resources, cash and cash equivalents on hand and sources of liquidity are currently limited. The Company expects its future cash needs will be funded using cash from operations, future asset sales, debt financing and the proceeds to the Company from any sale of equity that it may conduct in the future. The Company invests in and manages a portfolio of income-producing retail properties, located in the United States, real estate-owning entities and real estate-related assets. The Company has invested directly, and indirectly through joint ventures, in a portfolio of income-producing retail properties located throughout the United States, with a focus on multi-tenant retail centers, including neighborhood, community and lifestyle shopping centers, multi-tenant shopping centers and free standing single-tenant retail properties. During the first quarter of 2016, the Company invested, through joint ventures, in two significant retail projects under development. During the third quarter of 2020, construction of one of the development projects was completed and placed in service. As of March 31, 2022, this property had approximately 12,000 rentable square feet of retail space, which was 42% leased. As of March 31, 2022, in addition to one development project and the property placed in service, the Company’s portfolio of wholly-owned properties was comprised of six properties, with approximately 27,000 rentable square feet of retail space located in one state, as well as an improved land parcel. As of March 31, 2022, the rentable space at the Company’s retail properties was 86% leased, excluding the property placed in service noted above. COVID-19 Pandemic and Liquidity Currently, a material risk and uncertainty facing the Company, the retail industry, the real estate industry and the economy generally is the adverse effect of the public health crisis of the novel coronavirus disease (COVID-19) pandemic. The Company continues to monitor the impact of the COVID-19 pandemic on all aspects of its business, including how the pandemic is impacting its tenants and business partners and retail commercial real estate. A majority of the Company’s tenants requested rent deferral or rent abatement as a result of the pandemic. Recently, some of the tenants have resumed paying full or partial rent. As such, the Company is unable to predict the full impact that the pandemic will have on its financial condition, results of operations and cash flows. The full extent to which the COVID-19 pandemic impacts the Company’s operations and those of its tenants will depend on future developments, which are uncertain and cannot be predicted with confidence, including the long term impact of the pandemic on retail commercial real estate and whether customers will engage with the Company’s retail tenants at pre-pandemic levels. Since the termination of the Offering in 2013, the Company’s cash flows have been primarily funded by cash provided by property operations, debt financings and the sales of properties. The COVID-19 pandemic has had a material detrimental impact on the Company’s retail tenants and their ability to pay rent and consequently on the Company’s liquidity. As of March 31, 2022, the Company had approximately $2.1 million in cash and cash equivalents. In addition, the Company had approximately $0.5 million of restricted cash (funds held by the lenders for property taxes, insurance, tenant improvements, leasing commissions, capital expenditures, rollover reserves and other financing needs). The Company has taken several steps to preserve capital and increase liquidity, such as: • On March 27, 2020, the Company’s board of directors (the “Board”) decided to suspend the payment of any dividend for the quarter ending March 31, 2020, and will consider future dividend payments on a quarter by quarter basis. Dividend payments were not reinstated as of March 31, 2022. • Effective May 21, 2020, the Company suspended its Amended and Restated Share Redemption Program (the “SRP”). The SRP will remain suspended and no further redemptions will be made unless and until the Board approves the resumption of the SRP. • The Company obtained a $4.0 million Unsecured Loan (as defined below) from PUR Holdings Lender, LLC, an affiliate of the Advisor, to be used for working capital and other general corporate purposes. The Unsecured Loan (as defined below) does not have covenants that could trigger a default. The Unsecured Loan matures on December 30, 2022, though the Company has the option to extend the maturity date until June 30, 2023. • The Company is actively exploring options should cash flow from operations not sufficiently improve, such as a sale of one or more assets that are not generating positive cash flow. As of March 31, 2022, the Company was in compliance with all the terms of the Wilshire Construction Loan (as defined below). The Wilshire Construction Loan was scheduled to mature on May 10, 2022; however, the lender has informed us that the maturity date will be extended to September 22, 2022 on the same terms and conditions as currently in effect. Similarly, as of March 31, 2022, the Company was in compliance with the Sunset & Gardner Loan (as defined below), which matures on October 31, 2022. The SRT Loan (as defined below) is secured by six of the Company’s core urban properties in Los Angeles and San Francisco. The SRT Loan does not have restrictive covenants that could trigger a default caused by tenants not paying rent or seeking rent relief. The SRT Loan has two extension options available with covenants and conditions and while there is no guarantee of meeting the covenants and conditions, management believes they would exercise the extension options, or refinance if needed.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation and Basis of Presentation The accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) as contained within the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) and the rules and regulations of the Securities and Exchange Commission (the “SEC”), including the instructions to Form 10-K and Regulation S-X. The interim unaudited condensed consolidated financial statements include the accounts of the Company, the OP, their direct and indirect owned subsidiaries, and the accounts of joint ventures that are determined to be variable interest entities for which the Company is the primary beneficiary. 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 condensed consolidated 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 Topic 810, Consolidation (“ASC 810”). In determining whether the Company has a controlling interest in a joint venture or a variable interest entity and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the partners/members, as well as whether the entity is a variable interest entity for which the Company is the primary beneficiary. During the three months ended March 31, 2022 and 2021, the Company held variable interests in two variable interest entities and consolidated those entities. Refer to Note 3. “Variable Interest Entities” for additional information. Cash, Cash Equivalents and Restricted Cash 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. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported on the condensed consolidated balance sheets that sum to the total of the same such amounts shown on the condensed consolidated statement of cash flows (amounts in thousands): March 31, 2022 March 31, 2021 Cash and cash equivalents $ 2,117 $ 714 Restricted cash 458 767 Total cash, cash equivalents, and restricted cash $ 2,575 $ 1,481 Reclassifications Certain prior period amounts have been reclassified to conform with current period’s presentation. The reclassifications had no effect on the Company’s condensed consolidated financial condition, results of operations, or cash flows. Recent Accounting Pronouncements The FASB issued the following ASUs, which could have potential impact to the Company’s condensed consolidated financial statements: In July 2021, the FASB issued ASU No. 2021-05, Leases (Topic 842): Lessors - Certain Leases with Variable Lease Payments (“ASU 2021-05”). ASU 2021-05 amends the lease classification requirements for lessors to align them with practice under Topic 840. Lessors should classify and account for a lease with variable lease payments that do not depend on a reference index or a rate as an operating lease, if both of the following criteria are met: (1) the lease would have been classified as a sales-type lease or a direct financing lease; (2) the lessor would have otherwise recognized a day-one loss. ASU 2021-05 is effective for fiscal years beginning after December 31, 2021. The adoption of ASU 2021-05 on January 1, 2022, did not have an impact on the Company’s condensed consolidated financial statements. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU No. 2020-04 is optional and may be elected over time through December 31, 2022. The Company is evaluating the impact of reference rate reform and whether it will apply any of these practical expedients. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (“ASU 2016-13”). ASU 2016-13 requires a financial asset, measured at amortized cost basis to be presented at the net amount expected to be collected. ASU 2016-13 was effective for fiscal years beginning after December 15, 2019, with adoption permitted for fiscal years beginning after December 15, 2018. Adjustments resulting from adopting ASU 2016-13 shall be applied through a cumulative-effect adjustment to retained earnings. In November 2019, the FASB issued ASU No. 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842) Effective Dates (“ASU 2019-10”). ASU 2019-10 extended the mandatory effective date for smaller reporting companies to beginning after December 15, 2022. The Company is evaluating the impact of Financial Instruments - Credit Losses on the Company’s condensed consolidated financial statements.

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
VARIABLE INTEREST ENTITIES	3. VARIABLE INTEREST ENTITIES The Company has variable interests in, and is the primary beneficiary of, variable interest entities (“VIEs”) through its investments in (i) the Sunset & Gardner Joint Venture and (ii) the 3032 Wilshire Joint Venture. The Company has consolidated the accounts of these variable interest entities. Through March 31, 2022, post the initial capital contributions, the Company made additional capital contributions totaling $8.8 million and $9.7 million to the Sunset & Gardner Joint Venture and Wilshire Joint Venture, respectively. The following table reflects the aggregate assets and liabilities of the Sunset & Gardner Joint Venture and the Wilshire Joint Venture, which were consolidated by the Company, as of March 31, 2022 and December 31, 2021 (amounts in thousands): March 31, December 31, 2022 2021 ASSETS Investments in real estate Land $ 13,026 $ 13,026 Building and improvements 5,236 5,218 Tenant improvements 469 467 18,731 18,711 Accumulated depreciation (561) (520) Investments in real estate, net 18,170 18,191 Property under development and development costs: Land 12,958 12,958 Development costs 3,668 3,189 Property under development and development costs 16,626 16,147 Cash, cash equivalents and restricted cash 593 371 Prepaid expenses and other assets, net 6 13 Other receivables, net 65 69 Deferred leasing costs, net 33 29 TOTAL ASSETS (1) $ 35,493 $ 34,820 LIABILITIES Notes payable, net (2) $ 21,296 $ 21,063 Accounts payable and accrued expenses 246 347 Amounts due to affiliates — 4 Other liabilities 71 71 TOTAL LIABILITIES $ 21,613 $ 21,485 (1) The assets of the Sunset & Gardner Joint Venture and Wilshire Joint Venture can be used only to settle obligations of the respective consolidated joint ventures. (2) As of both March 31, 2022 and December 31, 2021, includes approximately $0.1 million and $0.2 million, respectively, of deferred financing costs, net, as a contra-liability. The creditors of the consolidated joint ventures do not have recourse to the general credit of the Company. The notes payable of the Wilshire Joint Venture is partially

LEASES

LEASES	3 Months Ended
	Mar. 31, 2022
Operating Leases, Future Minimum Payments Receivable [Abstract]
FUTURE MINIMUM RENTAL INCOME	4. LEASES Operating Leases The Company’s real estate properties are leased to tenants under operating leases for which the terms and expirations vary. As of March 31, 2022, the leases at the Company’s properties have remaining terms (excluding options to extend) of up to 10.4 years with a weighted-average remaining term (excluding options to extend) of approximately 8.0 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 approximately $0.1 million as of March 31, 2022 and December 31, 2021, respectively. The following table presents the components of income from real estate operations for the three months ended March 31, 2022 and 2021 (amounts in thousands): Three Months Ended 2022 2021 Lease income - operating leases $ 577 $ 594 Variable lease income (1) 157 121 Rental and reimbursements income $ 734 $ 715 (1) Primarily includes tenant reimbursements for real estate taxes, insurance, consideration based on sales, common area maintenance, utilities, marketing, and certain other items including negative variable lease income. As of March 31, 2022, approximately $0.2 million of rental income due and payable was outstanding. The Company collected a total of approximately $0.04 million, or 24%, of the outstanding balance in April 2022. Additionally, there was no income which was earned and recognized to date, that was deferred and expected to be collected in future periods. As of March 31, 2022, the future minimum rental income from the Company’s properties under non-cancelable operating leases was as follows (amounts in thousands): Remainder 2022 $ 1,619 2023 2,373 2024 2,413 2025 2,276 2026 1,973 Thereafter 7,922 Total $ 18,576

LEASE INTANGIBLES AND BELOW-MAR

LEASE INTANGIBLES AND BELOW-MARKET LEASE LIABILITIES	3 Months Ended
	Mar. 31, 2022
Finite-Lived Intangible Assets, Net [Abstract]
ACQUIRED LEASE INTANGIBLES AND BELOW-MARKET LEASE LIABILITIES	5. LEASE INTANGIBLES AND BELOW-MARKET LEASE LIABILITIES, NET As of March 31, 2022 and December 31, 2021, the Company’s above-market lease intangibles, at-market lease intangibles and below-market lease liabilities were as follows (amounts in thousands): March 31, 2022 December 31, 2021 At-Market Lease Intangibles Above-Market Lease Intangibles Below-Market Lease Intangibles At-Market Lease Intangibles Above-Market Lease Intangibles Below-Market Lease Intangibles Cost $ 1,629 $ 82 $ (388) $ 1,661 $ 82 $ (388) Accumulated amortization (1,195) (68) 263 (1,176) (67) 258 Total $ 434 $ 14 $ (125) $ 485 $ 15 $ (130) Amortization of at-market lease intangible assets is recorded in depreciation and amortization expense and amortization of above-market rent and below-market rent is recorded as a reduction to and increase to rental and reimbursements, respectively, in the consolidated statements of operations. The Company’s amortization of above-market lease intangibles, at-market lease intangibles and below-market lease liabilities for the three months ended March 31, 2022 and 2021, were as follows (amounts in thousands): At-Market Lease Intangibles Above-Market Lease Intangibles Below-Market Lease Liabilities Three Months Ended Three Months Ended Three Months Ended 2022 2021 2022 2021 2022 2021 Amortization $ (22) $ (42) $ (1) $ (2) $ 5 $ 9

Deferred Costs, Capitalized, Pr

Deferred Costs, Capitalized, Prepaid, and Other Assets	3 Months Ended
	Mar. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred Leasing Costs	6. DEFERRED LEASING COSTS, NET Deferred leasing costs consist primarily of initial direct costs in connection with lease originations. We record amortization of deferred leasing costs on a straight-line basis over the terms of the related leases. As of March 31, 2022 and December 31, 2021, details of these deferred costs were as follows (amounts in thousands): March 31, 2022 December 31, 2021 Deferred leasing costs $ 341 $ 350 Accumulated amortization (90) (80) Deferred leasing costs, net $ 251 $ 270 Amortization of deferred leasing costs is recorded in depreciation and amortization expense in the consolidated statements of operations. The Company’s deferred leasing costs amortization for the three months ended March 31, 2022 and 2021, were as follows (amounts in thousands): Three Months Ended March 31, 2022 2021 Amortization of deferred leasing costs $ (11) $ (5)

NOTES PAYABLE, NET

NOTES PAYABLE, NET	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
NOTES PAYABLE	7. NOTES PAYABLE, NET On December 24, 2019, the Company entered into a Loan Agreement (the “SRT Loan Agreement”) with PFP Holding Company, LLC (the “SRT Lender”) for a non-recourse secured loan (the “SRT Loan”). The SRT Loan is secured by first deeds of trust on the Company’s five San Francisco assets (Fulton Shops, 8 Octavia, 400 Grove, 450 Hayes and 388 Fulton Street) as well as the Company’s Silverlake Collection located in Los Angeles. The SRT Loan matures on January 9, 2023. The Company has an option to extend the term of the loan for two additional twelve-month periods, subject to the satisfaction of certain covenants and conditions contained in the SRT Loan Agreement. The Company has the right to prepay the SRT Loan in whole at any time or in part from time to time, subject to the payment of yield maintenance payments if such prepayment occurs in the first 18 months of the loan term, calculated through the 18th monthly payment date, as well as certain expenses, costs or liabilities potentially incurred by the SRT Lender as a result of the prepayment and subject to certain other conditions contained in the loan documents. Individual properties may be released from the SRT Loan collateral in connection with bona fide third-party sales, subject to compliance with certain covenants and conditions contained in the SRT Loan Agreement. Any prepayment or repayment on or before the first 12 months of the loan term in connection with a bona fide third-party sale of a property securing the SRT Loan shall only require the payment of yield maintenance payments calculated through the 12th monthly payment date. As of March 31, 2022, the SRT Loan had a principal balance of approximately $18.0 million. The SRT Loan is a floating LIBOR rate loan which bears interest at 30-day LIBOR (with a floor of 1.50%) plus 2.80%. The default rate is equal to 5% above the rate that otherwise would be in effect. Monthly payments are interest-only with the entire principal balance and all outstanding interest due at maturity. Pursuant to the SRT Loan, the Company must comply with certain matters contained in the loan documents including but not limited to, (i) requirements to deliver audited and unaudited financial statements, SEC filings, tax returns, pro forma budgets, and quarterly compliance certificates, and (ii) minimum limits on the Company’s liquidity and tangible net worth. The SRT Loan contains customary covenants, including, without limitation, covenants with respect to maintenance of properties and insurance, compliance with laws and environmental matters, covenants limiting or prohibiting the creation of liens, and transactions with affiliates. At March 31, 2022, the Company was in compliance with the loan requirements in effect as of that date. In connection with the SRT Loan, the Company executed customary non-recourse carveout and environmental guaranties, together with limited additional assurances with regard to the condominium structures of the San Francisco assets. On May 7, 2019, the Company refinanced and repaid its financing from Lone Oak Fund, LLC with a new construction loan from ReadyCap Commercial, LLC (the “Lender”) (the “Wilshire Construction Loan”). As of March 31, 2022, the Wilshire Construction Loan had a principal balance of approximately $12.7 million, with future funding available up to a total of approximately $13.9 million, and bears an interest rate of 1-month LIBOR (with a floor of 2.467%) plus an interest margin of 4.25% per annum, payable monthly. The Wilshire Loan was scheduled to mature on May 10, 2022, with options to extend for two additional twelve-month periods, subject to certain conditions as stated in the loan agreement. The lender has informed us that the maturity date will be extended to September 22, 2022 on the same terms and conditions as currently in effect. The Wilshire Construction Loan is secured by a first Deed of Trust on the Wilshire Property. The Company executed a guaranty that guaranties that the loan interest reserve amounts are kept in compliance with the terms of the loan agreement. The Lender also required that a principal in the upstream owner of the Company’s joint venture partner in the Wilshire Joint Venture (the “Guarantor”), guarantees performance of borrower’s obligations under the loan agreement with respect to the completion of capital improvements to the property. The Company executed an Indemnity Agreement in favor of the Guarantor against liability under that completion guaranty except to the extent caused by gross negligence or willful misconduct, as well as for liabilities incurred under the Environmental Indemnity Agreement executed by the Guarantor in favor of the Lender. The Company used working capital funds of approximately $3.1 million to repay the difference between the Wilshire Construction Loan initial advance and the prior loan, to pay transaction costs, as well as to fund certain required interest and construction reserves. Pursuant to the Wilshire Construction Loan, the Company must comply with certain matters contained in the loan documents including but not limited to minimum limits on the Company’s liquidity and tangible net worth. The Company remains in compliance with all the terms of the Wilshire Construction Loan. On October 29, 2018, the Company entered into a loan agreement with Lone Oak Fund, LLC (the “Sunset & Gardner Loan”). The Sunset & Gardner Loan has a principal balance of approximately $8.7 million, and had an interest rate of 6.9% per annum. The original Sunset & Gardner Loan agreement matured on October 31, 2019. The Company extended the Sunset & Gardner Loan for an additional twelve-month period under the same terms, with an interest rate of 6.5% per annum. On July 31, 2020, the Company extended the Sunset & Gardner Loan for an additional twelve-month period under the same terms, with an interest rate of 7.3% per annum. On July 21, 2021, the Company extended the Sunset & Gardner Loan for an additional twelve-month period under the same terms, with an interest rate of 7.9% per annum. The new maturity date is October 31, 2022. The Sunset & Gardner Loan is secured by a first Deed of Trust on the Sunset & Gardner Property. As of March 31, 2022, the Unsecured Loan (as defined below) from PUR Holdings Lender, LLC, an affiliate of the Advisor, had an outstanding balance of approximately $2.4 million. Refer to Note 11. “Related Party Transactions” for further information. The following is a schedule of future principal payments for all of the Company’s notes payable outstanding as of March 31, 2022 (amounts in thousands): Remainder of 2022 $ 23,761 2023 18,000 Total future principal payments 41,761 Unamortized financing costs, net 327 Notes payable, net $ 41,434 The following table sets forth interest costs incurred by the Company for the periods presented (amounts in thousands): Three Months Ended 2022 2021 Expensed Interest costs, net of amortization of deferred financing costs $ 212 $ 210 Amortization of deferred financing costs 108 103 Total interest expensed $ 320 $ 313 Capitalized Interest costs, net of amortization of deferred financing costs $ 383 $ 353 Amortization of deferred financing costs 44 43 Total interest capitalized $ 427 $ 396 As of both March 31, 2022 and December 31, 2021, interest expense payable was approximately $0.2 million, including an amount related to the variable interest entities of approximately $0.1 million, for each period.

FAIR VALUE DISCLOSURES

FAIR VALUE DISCLOSURES	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
FAIR VALUE DISCLOSURES	8. FAIR VALUE DISCLOSURES The Company believes the total carrying values reflected on its consolidated balance sheets for cash, cash equivalents and restricted cash, accounts receivable, accounts payable and accrued expenses, amounts due to affiliates, mortgage loan and construction loan secured by properties under development, and the Company’s multi-property secured financing, reasonably approximated their fair values based on their nature, terms, and interest rates that approximate current market rates at March 31, 2022. As part of the Company’s ongoing evaluation of the Company’s real estate portfolio, the Company estimates the fair value of its investments in real estate by obtaining outside independent appraisals on all of the operating properties. The appraised values are compared with the carrying values of its real estate portfolio to determine if there are indications of impairment. For both the three months ended March 31, 2022 and 2021, the Company did not record any impairment losses.

EQUITY

EQUITY	3 Months Ended
	Mar. 31, 2022
Stockholders' Equity Note [Abstract]
EQUITY	9. EQUITY Share Redemption Program On April 1, 2015, the Company’s board of directors approved the reinstatement of the share redemption program (which had been suspended since January 15, 2013). Under the SRP as reinstated, only shares submitted for repurchase in connection with the death or “qualifying disability” (as defined in the SRP) of a stockholder are eligible for repurchase by the Company. Under the SRP, as amended to date, the number of shares to be redeemed is limited to the lesser of (i) a total of $3.8 million for redemptions sought upon a stockholder’s death and a total of $1.2 million for redemptions sought upon a stockholder’s qualifying disability, and (ii) 5% of the weighted-average number of shares of the Company’s common stock outstanding during the prior calendar year. Share repurchases pursuant to the SRP are made at the sole discretion of the Company. The Company reserves the right to reject any redemption request for any reason or no reason or to amend or terminate the share redemption program at any time subject to the notice requirements in the SRP. The redemption price for shares that are redeemed is 100% of the Company’s most recent estimated net asset value per share as of the applicable redemption date. A redemption request must be made within one year after the stockholder’s death or qualifying disability. In order to preserve cash in response to the potential economic impact of COVID-19 on the Company, the board of directors approved the suspension of the SRP effective on May 21, 2020. The SRP will remain suspended and no further redemptions will be made until the board of directors approves the resumption of the SRP. There is no guarantee if or when the board of directors will lift the suspension, and if they do, what the terms will be. There were no share redemptions during the three months ended March 31, 2022 and 2021. Cumulatively, through March 31, 2022, the Company has redeemed 878,458 shares sold for $6.2 million. Quarterly Distributions In order to qualify as a REIT, the Company is required to distribute at least 90% of its annual REIT taxable income, subject to certain adjustments, to its stockholders. Some or all of the Company’s distributions have been paid, and in the future may continue to be paid from sources other than cash flows from operations. The Company’s board of directors evaluates the Company’s ability to make quarterly distributions based on the Company’s operational cash needs.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2022
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. The following table sets forth the computation of the Company’s basic and diluted earnings per share for the three months ended March 31, 2022 and 2021 (amounts in thousands, except shares and per share amounts): Three Months Ended 2022 2021 Numerator - basic and diluted Net loss $ (802) $ (871) Net loss attributable to non-controlling interests (15) (17) Net loss attributable to common shares $ (787) $ (854) Denominator - basic and diluted Basic weighted average common shares 10,752,966 10,739,729 Common Units (1) — — Diluted weighted average common shares 10,752,966 10,739,729 Loss per common share - basic and diluted Net loss attributable to common shares $ (0.07) $ (0.08) (1) For the three months ended March 31, 2022 and 2021, the effect of 204,323 and 217,475 of convertible Common Units, respectively, pursuant to the redemption rights outlined in the Company’s registration statement on Form S-11 have not been included as they would not be dilutive.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2022
Related Party Transaction, Due from (to) Related Party [Abstract]
RELATED PARTY TRANSACTIONS	11. RELATED PARTY TRANSACTIONS On August 7, 2013, the Company entered into the Advisory Agreement with the Advisor, which has been renewed for successive terms with a current expiration date of August 9, 2022. The Advisor manages the Company’s business as the Company’s external advisor pursuant to the Advisory Agreement. Pursuant to the Advisory Agreement, the Company will pay 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. On December 30, 2021, the Company obtained a $4.0 million unsecured loan (the “Unsecured Loan”) from PUR Holdings Lender, LLC, an affiliate of the Advisor. The Unsecured Loan has a term of 12 months with an interest rate of 7.0% per annum, compounding monthly with the ability to pay-off during the term of the loan. The Unsecured Loan requires draw downs in increments of no less than approximately $0.3 million. The Company has the right to prepay or repay the Unsecured Loan in whole or in part at any time without penalty. The Unsecured Loan will be due and payable upon the earlier of 12 months or the termination of the Advisory Agreement by the Company. On March 15, 2022, the Company and PUR Holdings Lender, LLC, amended the loan agreement to allow for an extension of the maturity date of the Unsecured Loan by six months, from December 30, 2022 to June 30, 2023, if we provide PUR Holdings Lender, LLC, with notice, pay an extension fee, and no event of default has occurred. The Unsecured Loan is guaranteed by the Company. The Company paid $20 thousand in financing fees, at the close of the loan. As of March 31, 2022 the Unsecured Loan had an outstanding balance of approximately $2.4 million. The Company is party to property management agreements with respect to each of its properties pursuant to which PUR was engaged to serve as property manager. The property management agreements expire August 10, 2022 and will automatically renew every year, unless expressly terminated. Summary of Related Party Fees The following table sets forth the Advisor related party costs incurred and payable by the Company for the periods presented (amounts in thousands): Incurred Payable as of Three Months Ended March 31, December 31, Expensed 2022 2021 2022 2021 Asset management fees $ 143 $ 153 $ 48 $ 48 Reimbursement of operating expenses 14 — — — Property management fees 24 20 7 11 Total $ 181 $ 173 $ 55 $ 59 Capitalized Acquisition fees $ — $ 3 $ — $ 4 Leasing fees — 20 — — Legal leasing fees — 10 — — Construction management fees — 32 — — Total $ — $ 65 $ — $ 4 Acquisition Fees Under the Advisory Agreement, the Advisor is entitled to receive an acquisition fee equal to 1% of (1) the cost of each investment acquired directly by the Company or (2) the Company’s allocable cost of an investment acquired pursuant to a joint venture, in each case including purchase price, acquisition expenses and any debt attributable to such investments. An acquisition fee is capitalized by the Company when the related transaction does not qualify as a business combination; otherwise an acquisition fee is expensed. Asset Management Fees 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% of the higher of (1) aggregate cost on a GAAP basis (before non-cash reserves and depreciation) of all investments the Company owns, including any debt attributable to such investments, or (2) the fair market value of the Company’s investments (before non-cash reserves and depreciation) if the board of directors has authorized the estimate of a fair market value of the Company’s investments; provided, however, that the asset management fee will not be less than $250,000 in the aggregate during any one calendar year. Reimbursement of Operating Expenses 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 Company’s total operating expenses (including the asset management fee described above) at the end of the four preceding fiscal quarters exceeded the greater of (1) 2% of its average invested assets (as defined in the Company’s Articles of Amendment and Restatement (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 Company’s 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. Pursuant to an amendment to the Advisory Agreement entered on August 2, 2018, the board of directors, including a majority of the independent directors identified certain unusual and non-recurring factors that would justify reimbursement to the Advisor of amounts in excess of the 2%/25% Guidelines and confirmed that the Advisor would not be obligated to reimburse the Company for these excess amounts to the extent the excess was caused by such factors. For the three months ended March 31, 2022 and 2021, the Company’s total operating expenses (as defined in the Charter) did not exceed the 2%/25% Guideline. Property Management Fees Under the property management agreements the Company pays property management fees calculated at a maximum of up to 4% of the properties’ gross revenue. Disposition Fees 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% of a customary and competitive real estate commission, but not to exceed 3% of the contract sales price of each property sold. Leasing Fees Under the property management agreements, the Company pays 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. Legal Leasing Fees Under the property management agreements, the Company pays a market-based legal leasing fee for the negotiation and production of new leases, renewals, and amendments. Construction Management Fees 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 in exchange the Company pays a fee equal to 5% of the hard costs for the project in question.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	12. COMMITMENTS AND CONTINGENCIES Economic Dependency 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 is 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 condensed consolidated 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.

SUBSEQUENT EVENTS SUBSEQUENT EV

SUBSEQUENT EVENTS SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Events [Text Block]	13. SUBSEQUENT EVENTS The Company evaluates subsequent events up until the date the condensed consolidated financial statements are issued.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation The accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) as contained within the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) and the rules and regulations of the Securities and Exchange Commission (the “SEC”), including the instructions to Form 10-K and Regulation S-X. The interim unaudited condensed consolidated financial statements include the accounts of the Company, the OP, their direct and indirect owned subsidiaries, and the accounts of joint ventures that are determined to be variable interest entities for which the Company is the primary beneficiary. 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 condensed consolidated 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 Topic 810, Consolidation (“ASC 810”). In determining whether the Company has a controlling interest in a joint venture or a variable interest entity and the requirement to consolidate the accounts of that entity, management considers factors such as ownership interest, authority to make decisions and contractual and substantive participating rights of the partners/members, as well as whether the entity is a variable interest entity for which the Company is the primary beneficiary. During the three months ended March 31, 2022 and 2021, the Company held variable interests in two variable interest entities and consolidated those entities. Refer to Note 3. “Variable Interest Entities” for additional information.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash 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. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported on the condensed consolidated balance sheets that sum to the total of the same such amounts shown on the condensed consolidated statement of cash flows (amounts in thousands): March 31, 2022 March 31, 2021 Cash and cash equivalents $ 2,117 $ 714 Restricted cash 458 767 Total cash, cash equivalents, and restricted cash $ 2,575 $ 1,481
Reclassifications	Reclassifications Certain prior period amounts have been reclassified to conform with current period’s presentation. The reclassifications had no effect on the Company’s condensed consolidated financial condition, results of operations, or cash flows.
Recent Accounting Pronouncements	Recent Accounting Pronouncements The FASB issued the following ASUs, which could have potential impact to the Company’s condensed consolidated financial statements: In July 2021, the FASB issued ASU No. 2021-05, Leases (Topic 842): Lessors - Certain Leases with Variable Lease Payments (“ASU 2021-05”). ASU 2021-05 amends the lease classification requirements for lessors to align them with practice under Topic 840. Lessors should classify and account for a lease with variable lease payments that do not depend on a reference index or a rate as an operating lease, if both of the following criteria are met: (1) the lease would have been classified as a sales-type lease or a direct financing lease; (2) the lessor would have otherwise recognized a day-one loss. ASU 2021-05 is effective for fiscal years beginning after December 31, 2021. The adoption of ASU 2021-05 on January 1, 2022, did not have an impact on the Company’s condensed consolidated financial statements. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU No. 2020-04 is optional and may be elected over time through December 31, 2022. The Company is evaluating the impact of reference rate reform and whether it will apply any of these practical expedients. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (“ASU 2016-13”). ASU 2016-13 requires a financial asset, measured at amortized cost basis to be presented at the net amount expected to be collected. ASU 2016-13 was effective for fiscal years beginning after December 15, 2019, with adoption permitted for fiscal years beginning after December 15, 2018. Adjustments resulting from adopting ASU 2016-13 shall be applied through a cumulative-effect adjustment to retained earnings. In November 2019, the FASB issued ASU No. 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842) Effective Dates (“ASU 2019-10”). ASU 2019-10 extended the mandatory effective date for smaller reporting companies to beginning after December 15, 2022. The Company is evaluating the impact of Financial Instruments - Credit Losses on the Company’s condensed consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2022
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]
Cash, Cash Equivalents and Restricted Cash [Table Text Block]	The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported on the condensed consolidated balance sheets that sum to the total of the same such amounts shown on the condensed consolidated statement of cash flows (amounts in thousands): March 31, 2022 March 31, 2021 Cash and cash equivalents $ 2,117 $ 714 Restricted cash 458 767 Total cash, cash equivalents, and restricted cash $ 2,575 $ 1,481

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	The following table reflects the aggregate assets and liabilities of the Sunset & Gardner Joint Venture and the Wilshire Joint Venture, which were consolidated by the Company, as of March 31, 2022 and December 31, 2021 (amounts in thousands): March 31, December 31, 2022 2021 ASSETS Investments in real estate Land $ 13,026 $ 13,026 Building and improvements 5,236 5,218 Tenant improvements 469 467 18,731 18,711 Accumulated depreciation (561) (520) Investments in real estate, net 18,170 18,191 Property under development and development costs: Land 12,958 12,958 Development costs 3,668 3,189 Property under development and development costs 16,626 16,147 Cash, cash equivalents and restricted cash 593 371 Prepaid expenses and other assets, net 6 13 Other receivables, net 65 69 Deferred leasing costs, net 33 29 TOTAL ASSETS (1) $ 35,493 $ 34,820 LIABILITIES Notes payable, net (2) $ 21,296 $ 21,063 Accounts payable and accrued expenses 246 347 Amounts due to affiliates — 4 Other liabilities 71 71 TOTAL LIABILITIES $ 21,613 $ 21,485 (1) The assets of the Sunset & Gardner Joint Venture and Wilshire Joint Venture can be used only to settle obligations of the respective consolidated joint ventures. (2) As of both March 31, 2022 and December 31, 2021, includes approximately $0.1 million and $0.2 million, respectively, of deferred financing costs, net, as a contra-liability. The creditors of the consolidated joint ventures do not have recourse to the general credit of the Company. The notes payable of the Wilshire Joint Venture is partially

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Mar. 31, 2022
Operating Leased Assets [Line Items]
Operating Lease, Lease Income [Table Text Block]	The following table presents the components of income from real estate operations for the three months ended March 31, 2022 and 2021 (amounts in thousands): Three Months Ended 2022 2021 Lease income - operating leases $ 577 $ 594 Variable lease income (1) 157 121 Rental and reimbursements income $ 734 $ 715 (1) Primarily includes tenant reimbursements for real estate taxes, insurance, consideration based on sales, common area maintenance, utilities, marketing, and certain other items including negative variable lease income.
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity	As of March 31, 2022, the future minimum rental income from the Company’s properties under non-cancelable operating leases was as follows (amounts in thousands): Remainder 2022 $ 1,619 2023 2,373 2024 2,413 2025 2,276 2026 1,973 Thereafter 7,922 Total $ 18,576

LEASE INTANGIBLES AND BELOW-M_2

LEASE INTANGIBLES AND BELOW-MARKET LEASE LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2022
Finite-Lived Intangible Assets, Net [Abstract]
Acquired Lease Intangibles and Below Market Lease Liabilities	As of March 31, 2022 and December 31, 2021, the Company’s above-market lease intangibles, at-market lease intangibles and below-market lease liabilities were as follows (amounts in thousands): March 31, 2022 December 31, 2021 At-Market Lease Intangibles Above-Market Lease Intangibles Below-Market Lease Intangibles At-Market Lease Intangibles Above-Market Lease Intangibles Below-Market Lease Intangibles Cost $ 1,629 $ 82 $ (388) $ 1,661 $ 82 $ (388) Accumulated amortization (1,195) (68) 263 (1,176) (67) 258 Total $ 434 $ 14 $ (125) $ 485 $ 15 $ (130)
Amortization Of Finite Lease Intangibles and Below-Market Lease Liabilities	The Company’s amortization of above-market lease intangibles, at-market lease intangibles and below-market lease liabilities for the three months ended March 31, 2022 and 2021, were as follows (amounts in thousands): At-Market Lease Intangibles Above-Market Lease Intangibles Below-Market Lease Liabilities Three Months Ended Three Months Ended Three Months Ended 2022 2021 2022 2021 2022 2021 Amortization $ (22) $ (42) $ (1) $ (2) $ 5 $ 9

Deferred Costs, Capitalized, _2

Deferred Costs, Capitalized, Prepaid, and Other Assets (Tables)	3 Months Ended
	Mar. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure	As of March 31, 2022 and December 31, 2021, details of these deferred costs were as follows (amounts in thousands): March 31, 2022 December 31, 2021 Deferred leasing costs $ 341 $ 350 Accumulated amortization (90) (80) Deferred leasing costs, net $ 251 $ 270
Lease, Cost	The Company’s deferred leasing costs amortization for the three months ended March 31, 2022 and 2021, were as follows (amounts in thousands): Three Months Ended March 31, 2022 2021 Amortization of deferred leasing costs $ (11) $ (5)

NOTES PAYABLE, NET (Tables)

NOTES PAYABLE, NET (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
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 March 31, 2022 (amounts in thousands): Remainder of 2022 $ 23,761 2023 18,000 Total future principal payments 41,761 Unamortized financing costs, net 327 Notes payable, net $ 41,434
Interest Income and Interest Expense Disclosure	The following table sets forth interest costs incurred by the Company for the periods presented (amounts in thousands): Three Months Ended 2022 2021 Expensed Interest costs, net of amortization of deferred financing costs $ 212 $ 210 Amortization of deferred financing costs 108 103 Total interest expensed $ 320 $ 313 Capitalized Interest costs, net of amortization of deferred financing costs $ 383 $ 353 Amortization of deferred financing costs 44 43 Total interest capitalized $ 427 $ 396

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2022
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 per share for the three months ended March 31, 2022 and 2021 (amounts in thousands, except shares and per share amounts): Three Months Ended 2022 2021 Numerator - basic and diluted Net loss $ (802) $ (871) Net loss attributable to non-controlling interests (15) (17) Net loss attributable to common shares $ (787) $ (854) Denominator - basic and diluted Basic weighted average common shares 10,752,966 10,739,729 Common Units (1) — — Diluted weighted average common shares 10,752,966 10,739,729 Loss per common share - basic and diluted Net loss attributable to common shares $ (0.07) $ (0.08) (1) For the three months ended March 31, 2022 and 2021, the effect of 204,323 and 217,475 of convertible Common Units, respectively, pursuant to the redemption rights outlined in the Company’s registration statement on Form S-11 have not been included as they would not be dilutive.

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	3 Months Ended
	Mar. 31, 2022
Related Party Transaction, Due from (to) Related Party [Abstract]
Related Party Transactions	The following table sets forth the Advisor related party costs incurred and payable by the Company for the periods presented (amounts in thousands): Incurred Payable as of Three Months Ended March 31, December 31, Expensed 2022 2021 2022 2021 Asset management fees $ 143 $ 153 $ 48 $ 48 Reimbursement of operating expenses 14 — — — Property management fees 24 20 7 11 Total $ 181 $ 173 $ 55 $ 59 Capitalized Acquisition fees $ — $ 3 $ — $ 4 Leasing fees — 20 — — Legal leasing fees — 10 — — Construction management fees — 32 — — Total $ — $ 65 $ — $ 4

ORGANIZATION AND BUSINESS (Deta

ORGANIZATION AND BUSINESS (Details Textual) ft² in Thousands, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2022USD ($)ft²	Dec. 31, 2021
Real Estate Properties [Line Items]
Number of Real Estate Properties	6
Net Rentable Area	27
Number of States in which Entity Operates	1
Percent of Real Estate Properties Leased	86.00%
Line of Credit Facility, Maximum Borrowing Capacity | $	$ 4
Wilshire Joint Venture [Member]
Real Estate Properties [Line Items]
Net Rentable Area	12
Percent of Real Estate Properties Leased	42.00%
Strategic Realty Trust [Member]
Real Estate Properties [Line Items]
Partnership Interest Ownership Percentage	98.10%	98.10%

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]
Cash and Cash Equivalents	$ 2,117		$ 714
Restricted Cash	458		767
Cash, cash equivalents and restricted cash	$ 2,575	$ 2,407	$ 1,481	$ 2,622

VARIABLE INTEREST ENTITIES SUNS

VARIABLE INTEREST ENTITIES SUNSET & GARDER (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)
Sunset and Gardner Joint Venture [Member] | Subsequent Contribution [Member]
Variable Interest Entity [Line Items]
Payments to Acquire Interest in Joint Venture	$ 8.8

VARIABLE INTEREST ENTITIES 3032

VARIABLE INTEREST ENTITIES 3032 WILSHIRE (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)
Wilshire Joint Venture [Member] | Subsequent Contribution [Member]
Variable Interest Entity [Line Items]
Payments to Acquire Interest in Joint Venture	$ 9.7

VARIABLE INTEREST ENTITIES (Det

VARIABLE INTEREST ENTITIES (Details) - USD ($) $ in Thousands		Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Real Estate Investment Property, Net [Abstract]
Land		$ 25,400	$ 25,400
Building and improvements		27,568	27,550
Tenant improvements		1,815	1,753
Real Estate Investment Property, at Cost		54,783	54,703
Accumulated depreciation		(5,410)	(5,148)
Investments in real estate, net		49,373	49,555
Properties under development and development costs:
Land		12,958	12,958
Development costs		3,668	3,189
Property under development and development costs		16,626	16,147
Cash, cash equivalents and restricted cash		2,575	2,407	$ 1,481	$ 2,622
Prepaid expenses and other assets, net		192	129
Other receivables, net		904	844
Deferred Costs, Leasing, Net		251	270
Deferred Costs		327
Lease intangibles, net		448	500
Total assets	[1]	70,369	69,852
LIABILITIES
Notes payable		41,434	39,780
Accounts payable and accrued expenses		481	731
Amounts due to affiliates		55	63
Other liabilities		168	240
TOTAL LIABILITIES (1)	[1]	42,263	40,944
Variable Interest Entity, Primary Beneficiary [Member]
Real Estate Investment Property, Net [Abstract]
Land		13,026	13,026
Building and improvements		5,236	5,218
Tenant improvements		469	467
Real Estate Investment Property, at Cost		18,731	18,711
Accumulated depreciation		(561)	(520)
Investments in real estate, net		18,170	18,191
Properties under development and development costs:
Land		12,958	12,958
Development costs		3,668	3,189
Property under development and development costs		16,626	16,147
Cash, cash equivalents and restricted cash		593	371
Prepaid expenses and other assets, net		6	13
Other receivables, net		65	69
Deferred Costs, Leasing, Net		33	29
Deferred Costs		100	200
Total assets	[2]	35,493	34,820
LIABILITIES
Notes payable	[3]	21,296	21,063
Accounts payable and accrued expenses		246	347
Amounts due to affiliates		0	4
Other liabilities		71	71
TOTAL LIABILITIES (1)		$ 21,613	$ 21,485
[1]	As of March 31, 2022 and December 31, 2021, includes approximately $35.5 million and $34.8 million, respectively, of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities and approximately $21.6 million and $21.5 million, respectively, of liabilities of consolidated variable interest entities for which creditors do not have recourse to the general credit of the Company. Refer to Note 3. “Variable Interest Entities”.
[2]	The assets of the Sunset & Gardner Joint Venture and Wilshire Joint Venture can be used only to settle obligations of the respective consolidated joint ventures.
[3]	As of both March 31, 2022 and December 31, 2021, includes approximately $0.1 million and $0.2 million, respectively, of deferred financing costs, net, as a contra-liability. The creditors of the consolidated joint ventures do not have recourse to the general credit of the Company. The notes payable of the Wilshire Joint Venture is partially guaranteed by the Company, refer to Note 7, “Notes Payable, Net”. The notes payable of the Sunset & Gardner Joint Venture is not guaranteed by the Company.

LEASES (Details Textual)

LEASES (Details Textual) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Lessee, Operating Lease, Term of Contract	10 years 4 months 24 days
Operating Leases Weighted Average Remaining Term	8 years
Security Deposit	$ 100	$ 100

LEASES LEASES (Income from Real

LEASES LEASES (Income from Real Estate Operations) (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
Leases [Abstract]
Lease income - operating leases		$ 577	$ 594
Variable lease income (1)	[1]	157	121
Rental and reimbursements income		$ 734	$ 715
[1]	Primarily includes tenant reimbursements for real estate taxes, insurance, consideration based on sales, common area maintenance, utilities, marketing, and certain other items including negative variable lease income.

LEASES LEASES (Rental Income Ou

LEASES LEASES (Rental Income Outstanding and Deferred) (Details) - USD ($) $ in Thousands	Apr. 30, 2022	Mar. 31, 2022
Tenant Receivables [Line Items]
Accounts Receivable, before Allowance for Credit Loss		$ 200
Deferred Accounts Receivable		$ 0
Subsequent Event [Member]
Tenant Receivables [Line Items]
Subsequent collection of outstanding accounts receivable	$ 40
Subsequent collection of outstanding accounts receivable, percent	24.00%

LEASES (Future Minimum Lease Pa

LEASES (Future Minimum Lease Payments) (Details) $ in Thousands	Mar. 31, 2022USD ($)
Operating Leases, Future Minimum Payments Receivable [Abstract]
Remainder 2022	$ 1,619
2023	2,373
2024	2,413
2025	2,276
2026	1,973
Thereafter	7,922
Total	$ 18,576

LEASE INTANGIBLES AND BELOW-M_3

LEASE INTANGIBLES AND BELOW-MARKET LEASE LIABILITIES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Finite-Lived Intangible Assets, Net [Abstract]
Lease intangibles, net	$ 448		$ 500
Below - Market Lease Liabilities, Cost	(388)		(388)
Below - Market Lease Liabilities, Accumulated amortization	263		258
Below Market Lease, Net	(125)		(130)
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of Below-Market Lease Liabilities	5	$ 9
Above Market Leases
Finite-Lived Intangible Assets, Net [Abstract]
Lease Intangibles, Cost	82		82
Lease Intangibles, Accumulated amortization	(68)		(67)
Lease intangibles, net	14		15
Acquired Finite-Lived Intangible Assets [Line Items]
Lease Intangibles, Cost	82		82
Amortization of Intangible Assets	1	2
Leases, Acquired-in-Place
Finite-Lived Intangible Assets, Net [Abstract]
Lease Intangibles, Cost	1,629		1,661
Lease Intangibles, Accumulated amortization	(1,195)		(1,176)
Lease intangibles, net	434		485
Acquired Finite-Lived Intangible Assets [Line Items]
Lease Intangibles, Cost	1,629		$ 1,661
Amortization of Intangible Assets	$ (22)	$ (42)

LEASE INTANGIBLES AND BELOW-M_4

LEASE INTANGIBLES AND BELOW-MARKET LEASE LIABILITIES LEASE INTANGIBLE AND BELOW-MARKET LEASE AMORTIZATION (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Acquired Finite-Lived Intangible Assets [Line Items]
Lease intangibles, net	$ 448		$ 500
Below Market Lease, Gross	388		388
Below - Market Lease Liabilities, Accumulated amortization	263		258
Below Market Lease, Net	125		130
Leases, Acquired-in-Place
Amortization [Abstract]
Amortization of Intangible Assets	(22)	$ (42)
Acquired Finite-Lived Intangible Assets [Line Items]
Lease Intangibles, Cost	1,629		1,661
Finite-Lived Intangible Assets, Accumulated Amortization	1,195		1,176
Lease intangibles, net	434		485
Above Market Leases
Amortization [Abstract]
Amortization of Intangible Assets	1	$ 2
Acquired Finite-Lived Intangible Assets [Line Items]
Lease Intangibles, Cost	82		82
Finite-Lived Intangible Assets, Accumulated Amortization	68		67
Lease intangibles, net	$ 14		$ 15

Deferred Costs, Capitalized, _3

Deferred Costs, Capitalized, Prepaid, and Other Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred Costs, Leasing, Gross	$ 341		$ 350
Deferred Costs, Leasing, Accumulated Amortization	(90)		(80)
Deferred Costs, Leasing, Net	251		$ 270
Amortization of Deferred Charges	$ 11	$ 5

NOTES PAYABLE, NET NOTES PAYABL

NOTES PAYABLE, NET NOTES PAYABLE, NET (Multi-Property Secured Financing) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)
Debt Instrument [Line Items]
Secured Debt	$ 18
Line of Credit, Current	$ 2.4
Secured Debt [Member]
Debt Instrument [Line Items]
Debt Instrument, Maturity Date	Jan. 9, 2023
Debt Instrument, Description of Variable Rate Basis	30-day LIBOR
Debt Instrument, Basis Spread on Variable Rate	2.80%
Secured Debt [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.50%
Measurement Input, Default Rate [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	5.00%

NOTES PAYABLE, NET (Loans Secur

NOTES PAYABLE, NET (Loans Secured by Properties Under Development) (Details) - USD ($)	May 07, 2019	Mar. 31, 2022	Sep. 30, 2021	Jul. 21, 2021	Oct. 31, 2019
Short-term Debt [Line Items]
Interest Rate		7.00%
Secured Debt [Member]
Short-term Debt [Line Items]
Debt Instrument, Description of Variable Rate Basis		30-day LIBOR
Debt Instrument, Basis Spread on Variable Rate		2.80%
Debt Instrument, Maturity Date		Jan. 9, 2023
Wilshire Joint Venture [Member]
Short-term Debt [Line Items]
Proceeds from Loan Originations		$ 12,700,000
Debt Instrument, Description of Variable Rate Basis		1-month LIBOR
Debt Instrument, Basis Spread on Variable Rate		4.25%
Debt Instrument, Maturity Date		May 10, 2022
Sunset and Gardner Joint Venture [Member]
Short-term Debt [Line Items]
Proceeds from Loan Originations		$ 8,700,000
Interest Rate			6.50%	7.90%	6.90%
Debt Instrument, Interest Rate, Effective Percentage		7.30%
Debt Instrument, Maturity Date		Oct. 31, 2022
Maximum [Member] | Wilshire Joint Venture [Member]
Short-term Debt [Line Items]
Proceeds from Loan Originations	$ 13,900,000
Minimum [Member] | Secured Debt [Member]
Short-term Debt [Line Items]
Debt Instrument, Basis Spread on Variable Rate		1.50%
Minimum [Member] | Wilshire Joint Venture [Member]
Short-term Debt [Line Items]
Debt Instrument, Basis Spread on Variable Rate		2.467%
Subsequent Contribution [Member] | Wilshire Joint Venture [Member]
Short-term Debt [Line Items]
Payments to Acquire Interest in Joint Venture	$ 3,100,000

NOTES PAYABLE, NET (Future Prin

NOTES PAYABLE, NET (Future Principal Payments) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Schedule of maturities for notes payable outstanding
Remainder of 2022	$ 23,761
2023	18,000
Total (1)	41,761
Deferred Costs	327
Notes payable, net	$ 41,434	$ 39,780

NOTES PAYABLE, NET NOTES PAYA_2

NOTES PAYABLE, NET NOTES PAYABLE, NET (Interest Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Short-term Debt [Line Items]
Interest Income (Expense), Net	$ 212	$ 210
Interest expense	320	313
Amortization of Deferred Financing Costs	108	103
Interest Payable	200		$ 200
Variable Interest Entity, Primary Beneficiary [Member]
Short-term Debt [Line Items]
Interest Costs Incurred	383	353
Amortization of Deferred Financing Costs	44	43
Interest Costs Capitalized	427	$ 396
Interest Payable	$ 100		$ 100

EQUITY (Share Redemption) (Deta

EQUITY (Share Redemption) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Class of Stock [Line Items]
Common Stock Outstanding Percentage	5.00%
Redemption Price for Shares Percentage	100.00%
Common Stock
Class of Stock [Line Items]
Stock Redeemed or Called During Period, Shares	0	0
Cumulative stock redeemed to date, shares	878,458
Cumulative stock redeemed to date, value	$ 6.2
Death of a shareholder [Member]
Class of Stock [Line Items]
Stock Repurchase Program, Authorized Amount	3.8
Disability of a Shareholder [Member]
Class of Stock [Line Items]
Stock Repurchase Program, Authorized Amount	$ 1.2

EQUITY EQUITY (Quarterly Distri

EQUITY EQUITY (Quarterly Distribution (Details)	3 Months Ended
	Mar. 31, 2022
Stockholders' Equity Note [Abstract]
Minimum Percentage of Taxable Income Distributed to Shareholders	90.00%

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
Numerator - basic and diluted
Net loss		$ (802)	$ (871)
Net loss attributable to non-controlling interests		(15)	(17)
Net loss attributable to common shares		$ (787)	$ (854)
Denominator - basic and diluted
Basic weighted average common shares		10,752,966	10,739,729
Common Units (1)	[1]	0	0
Diluted weighted average common shares		10,752,966	10,739,729
Earnings Per Share, Diluted		$ (0.07)	$ (0.08)
Earnings Per Share, Basic		$ (0.07)	$ (0.08)
Antidiluted Convertible Common Units of Redemption		204,323	217,475
[1]	he effect of 204,323 and 217,475 of convertible Common Units, respectively, pursuant to the redemption rights outlined in the Company’s registration statement on Form S-11 have not been included as they would not be dilutive.

EARNINGS PER SHARE (Details Tex

EARNINGS PER SHARE (Details Textual) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Antidiluted Convertible Common Units of Redemption	204,323	217,475

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Summarized below are the related-party transactions
Debt Instrument, Interest Rate, Stated Percentage	7.00%
Secured Line Of Credit [Member]
Summarized below are the related-party transactions
Payments of Debt Issuance Costs			$ 20
Minimum [Member]
Summarized below are the related-party transactions
Line of Credit Facility, Current Borrowing Capacity	$ 300
Expensed Asset management Fees [Member] | Advisor Fees [Member]
Summarized below are the related-party transactions
Related-party costs, Incurred	143	$ 153
Related-party costs, Payable	48		48
Expensed Reimbursement Of Operating Expenses [Member] | Advisor Fees [Member]
Summarized below are the related-party transactions
Related-party costs, Incurred	14	0
Related-party costs, Payable	0		0
Expensed Property Management Fees [Member] | Advisor Fees [Member]
Summarized below are the related-party transactions
Related-party costs, Incurred	24	20
Related-party costs, Payable	7		11
Capitalized Acquisition Fees [Member] | Advisor Fees [Member]
Summarized below are the related-party transactions
Related-party costs, Incurred	0	3
Related-party costs, Payable	0		4
Capitalized Leasing Fees [Member] | Advisor Fees [Member]
Summarized below are the related-party transactions
Related-party costs, Incurred	0	20
Related-party costs, Payable	0		0
Capitalized Legal Leasing Fees [Member] | Advisor Fees [Member]
Summarized below are the related-party transactions
Related-party costs, Incurred	0	10
Related-party costs, Payable	0		0
Capitalized Construction Management Fees [Member] | Advisor Fees [Member]
Summarized below are the related-party transactions
Related-party costs, Incurred	0	32
Related-party costs, Payable	0		0
Expensed [Member] | Advisor Fees [Member]
Summarized below are the related-party transactions
Related-party costs, Incurred	181	173
Related-party costs, Payable	55		59
Capitalized [Member] | Advisor Fees [Member]
Summarized below are the related-party transactions
Related-party costs, Incurred	0	$ 65
Related-party costs, Payable	$ 0		$ 4

RELATED PARTY TRANSACTIONS (D_2

RELATED PARTY TRANSACTIONS (Details) (Narrative)	3 Months Ended
	Mar. 31, 2022USD ($)
Related Party Transaction [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 4,000,000
Debt Instrument, Interest Rate, Stated Percentage	7.00%
Advisor Fees [Member]
Related Party Transaction [Line Items]
Company pays Advisor an acquisition and origination fee for cost of investments acquired	1.00%
Company pays Advisor a monthly asset management fee on all real estate investments	0.60%
Percentage of Average Invested Assets	2.00%
Percent of Net Income	25.00%
Advisor or its affiliates also will be paid disposition fees of a customary and competitive real estate commission	50.00%
SRT Manager [Member]
Related Party Transaction [Line Items]
Property Management Fee, Percent Fee	4.00%
Construction Management Fee, percentage	5.00%
Asset Management [Member]
Related Party Transaction [Line Items]
Asset Management Fees	$ 250,000
Maximum [Member] | Advisor Fees [Member]
Related Party Transaction [Line Items]
Advisor or its affiliates also will be paid disposition fees of the contract price	3.00%