Plymouth Industrial REIT (PLYM) 10-K30 Mar 162015 FY Annual reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - USD ($) $ in Thousands	12 Months Ended
Document and Entity Information - USD ($) $ in Thousands	Dec. 31, 2015	Mar. 15, 2016
Document And Entity Information
Entity Registrant Name	Plymouth Industrial REIT Inc.
Entity Central Index Key	1,515,816
Document Type	10-K
Document Period End Date	Dec. 31, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Public Float		$ 0
Entity Common Stock, Shares Outstanding		1,327,859
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,015

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Assets
Real estate properties	$ 138,236	$ 138,112
Less Accumulated depreciation	8,522	1,004
Real estate properties, net	129,714	137,108
Investments in real estate joint ventures	2,987	3,722
Cash	698	4,974
Restricted cash	757	744
Deferred lease intangibles, net	$ 14,773	19,424
Deferred financing costs, net		1,832
Other assets	$ 1,122	1,724
Total assets	150,051	169,528
Liabilities
Senior debt, net of discount	196,800	173,627
Deferred interest	8,081	1,653
Accounts payable, accrued expenses and other liabilities	4,268	4,149
Deferred lease intangibles - below market leases, net	1,941	2,473
Total liabilities	$ 211,090	$ 181,902
Stockholders' equity (deficit):
Preferred stock
Common stock	$ 13	$ 13
Additional paid-in capital	12,467	12,467
Accumulated deficit	(73,519)	(24,854)
Total stockholders' deficit	(61,039)	(12,374)
Total liabilities and stockholders' deficit	$ 150,051	$ 169,528

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	900,000,000	900,000,000
Common stock, shares issued	1,327,859	1,327,859
Common stock, shares outstanding	1,327,859	1,327,859

Consolidated Income Statements

Consolidated Income Statements - USD ($) $ in Thousands	12 Months Ended
Consolidated Income Statements - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Income Statement [Abstract]
Rental revenue	$ 19,290	$ 2,664
Equity investment income (loss)	(85)	175
Total revenues	19,205	2,839
Operating expenses
Property	5,751	604
Depreciation and amortization	12,136	1,642
General and Administrative	4,688	3,302
Acquisition costs	1,061	$ 2,773
Offering costs	938
Total operating expenses	24,574	$ 8,321
Operating loss	(5,369)	(5,482)
Gain on disposition of equity investment	1,380	332
Interest expense	(44,676)	(13,279)
Total other expenses, net	(43,296)	(12,947)
Net loss	$ (48,665)	$ (18,429)
Weighted-average common shares basic and diluted	1,327,859	1,298,642
Net loss per share--basic and diluted	$ (36.65)	$ (14.19)

Consolidated Statement of Equit

Consolidated Statement of Equity - USD ($) $ in Thousands	Common Stock	Issuance of Common Stock for Volume Discount	Issuance of Common Stock for Origination Fees Net of Share Issuance Costs of $39	Additional Paid-In Capital	Retained Earnings / Accumulated Deficit	Total
Beginning balance (shares) at Dec. 31, 2013	1,192,695
Beginning balance at Dec. 31, 2013	$ 12			$ 11,182	$ (6,235)	$ 4,959
Issuance of common stock for cash net of share issuance costs (shares)			114,010
Issuance of common stock for cash net of share issuance costs			$ 1
Stock dividend (shares)	19,087
Stock dividend				190	$ (190)
Issuance of common stock for noncash consideration (shares)		2,067
Issuance of common stock for noncash consideration				1,095		1,096
Net Income (Loss)					$ (18,429)	$ (18,429)
Ending balance (shares) at Dec. 31, 2014	1,327,859					1,327,859
Ending balance at Dec. 31, 2014	$ 13			12,467	(24,584)	$ (12,374)
Net Income (Loss)					(48,665)	$ (48,665)
Ending balance (shares) at Dec. 31, 2015	1,327,859					1,327,859
Ending balance at Dec. 31, 2015	$ 13			$ 12,467	$ (6,235)	$ (61,039)

Consolidated Statement of Equi6

Consolidated Statement of Equity (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2014USD ($)
Issuance for Cash
Share issuance costs	$ 39

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Operating activities
Net loss	$ (48,665)	$ (18,429)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	13,180	1,587
Straight line rent adjustment	(404)	(80)
Intangible amortization in rental revenue , net	(351)	(52)
Equity investment (income) loss	85	$ (175)
Write-off of deferred offering costs	938
Gain on disposition of equity investment	(1,380)	$ (332)
Accretion of interest and amortization of deferred financing costs	26,100	$ 9,640
Changes in operating assets and liabilities:
Restricted cash	(13)
Other assets	(14)	$ (561)
Deferred leasing costs	(148)
Deferred interest	6,428	$ 1,653
Accounts payable, accrued expenses and other liabilities	937	1,444
Net cash used in operating activities	(4,351)	$ (5,305)
Investing activities
Proceeds from disposition of joint ventures	1,708
Real estate improvements	(124)	$ (215)
Acquisition of properties	434	154,003
Distributions from investments in real estate joint ventures	470	1,468
Net cash provided by (used in) investing activities	1,620	(152,750)
Financing activities
Deferred financing costs	1,095	2,845
Deferred offering costs	$ 450	488
Proceeds from issuance of common stock, net of offering costs		1,096
Proceeds from issuance of debt		165,000
Proceeds from revolving line of credit		2,000
Payments on revolving line of credit		2,000
Net cash provided by (used in) financing activities	$ (1,545)	162,763
Net increase (decrease) in cash	(4,276)	4,708
Cash at beginning of year	4,974	266
Cash at end of year	$ 698	4,974
Non-cash Investing and Financing Activities:
Common stock distributed or distributable as dividends		190
Deferred offering costs included in accrued expenses		384
Accrued distributions from real estate joint ventures		148
Accrued costs for acquisition of properties		434
Supplemental cash flow disclosures:
Interest paid	$ 12,148	$ 1,986
Income taxes paid	$ 18

Business and Liquidity

Business and Liquidity	12 Months Ended
Business and Liquidity	Dec. 31, 2015
Notes to Financial Statements
Business and Liquidity	(1) Business and Liquidity Business Plymouth Industrial REIT, Inc., formerly known as Plymouth Opportunity REIT, Inc., is a Maryland corporation formed on March 7, 2011. The Company is a full service, vertically integrated, self-administered and self-managed organization. The Company is focused on the acquisition, ownership and management of single and multi-tenant Class B industrial properties, including distribution centers, warehouses and light industrial properties, primarily located in secondary and select primary markets across the Eastern half of the U.S. and Texas. Prior to May 6, 2014, the Company had retained Plymouth Real Estate Investors, Inc. (the Advisor), an affiliate of Plymouth Group Real Estate, LLC (the Sponsor), to serve as its advisor for managing, operating, directing and supervising the operations and administration of the Company and its assets. The advisory agreement was terminated on May 6, 2014. All references to the Company refer to Plymouth Industrial REIT, Inc. and its subsidiaries, collectively, unless the context otherwise requires. Our subsidiaries consist principally of our Operating Partnership, a wholly owned subsidiary, Plymouth Industrial OP, LP (the Operating Partnership), and special purpose wholly-owned subsidiaries of our Operating Partnership for each of the acquired properties discussed in Note 3. The Company has operated in a manner that will allow it to qualify as a REIT for federal income tax purposes. The Company filed its initial Form 1120-REIT as its tax return for the tax year ended December 31, 2012. The Company utilizes an Umbrella Partnership Real Estate Investment Trust (UPREIT) organizational structure to hold all or substantially all of its properties and securities through an Operating Partnership. Liquidity and Going Concern As of December 31, 2015, the Company had an accumulated deficit of approximately $73,519 and had limited amounts of available liquidity evidenced by our cash position of $698. The Company continues to maintain arrangements with certain of its vendors to limit future expenses related to certain professional services. The Company derives the capital required to purchase and originate real estate-related investments and conduct our operations from the proceeds of our prior offering, from secured financings from banks and other lenders and from any undistributed funds from our operations. On October 28, 2014, the Company entered into a loan agreement (the Senior Loan) with third party investment entities. The Senior Loan as described in Note (8) provided for secured loans in an aggregate amount up to $192,000, with cash funding amounts through December 31, 2015 of $165,000 and $20,000 of original issue discount. The Company used $155,000 of the net proceeds to acquire 20 industrial properties totaling approximately four million square feet, and additional net proceeds were utilized to repay existing indebtedness (the secured working capital loan), to pay fees and expenses and for working capital purposes. The Senior Loan bears interest at a current pay rate equal to 7% per annum, coupled with payment-in-kind features with respect to the remaining interest at varying rates. The loans initially matured on April 28, 2015, and have been extended to February 29, 2016. The Companys obligations under the Senior Loan are also guaranteed by Plymouth Industrial REIT, Inc. and each of our Operating Partnerships subsidiaries. As of February 9, 2016 the loan was transferred to a new entity, Holder and as of February 29, 2016 the Company was unable to pay the full amount of the loans due. The Company and Holder entered into a forbearance agreement acknowledging the default under the loan for non-payment in full at maturity and providing for a forbearance of action through April 30, 2016. During this period the Company will seek to restructure the loan, obtain alternative debt, additional equity or other capital. The Companys ability to meet its working capital needs and repay its borrowings under the Senior Loan is dependent on its ability to restructure the Senior Loan, issue additional equity or secure additional debt financing. There is no assurance, however, that additional debt or other forms of capital will be available to the Company, or on terms acceptable to the Company. In the event, those sources of capital are not available to the Company, it would seek an extension on the maturity of the Senior Loan, although there can be no assurance that such an extension would be provided or provided on terms acceptable to the Company. These conditions raise substantial doubt about the Companys ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2015
Notes to Financial Statements
Summary of Significant Accounting Policies	(2) Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation These consolidated financial statements of the accounts of the Company have been prepared in accordance with U.S. generally accepted accounting principles (GAAP). All significant intercompany transactions have been eliminated in consolidation. These consolidated financial statements include adjustments of a normal and recurring nature considered necessary by management to fairly present the Companys financial position and results of operations. The consolidated financial statements include the accounts of the Company on a consolidated basis for its wholly owned subsidiaries. Equity Method of Accounting The Company accounts for our 51.5% interest in Colony Hills Capital Residential II, LLC and our 50.3% interest in 5400 FIB LP under the equity method of accounting as the Company does not control but has the ability to exercise significant influence on these entities. Under the equity method of accounting, the Company recognizes our proportional share of net income or loss as determined under GAAP in our results of operations. The 51.5% interest in Colony Hill Capital Residential II, LLC was liquidated in 2015. The Companys policy is to consolidate all entities that are wholly owned and those in which it owns less than 100% but controls, as well as any variable interest entities in which it is the primary beneficiary. The Company evaluates its ability to control an entity and whether the entity is a variable interest entity and the Company is the primary beneficiary through consideration of the substantive terms of the arrangement to identify which enterprise has the power to direct the activities of a variable interest entity that most significantly impacts the entitys economic performance and the obligation to absorb losses of the entity or the right to receive benefits from the entity. Investments in entities in which we do not control but over which we have the ability to exercise significant influence over operating and financial policies are presented under the equity method. Investments in entities that we do not control and over which we do not exercise significant influence are carried at the lower of cost or fair value, as appropriate. Our ability to correctly assess our influence and/or control over an entity affects the presentation of these investments in our consolidated financial statements. Income Taxes The Company elected to be taxed as a real estate investment trust (REIT) under the Internal Revenue Code of 1986, as amended, and has operated as such beginning with the tax year ending December 31, 2012. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of our annual REIT taxable income to stockholders (which is computed without regard to the dividends-paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax on income that we distribute as dividends to our stockholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income tax on our taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four tax years following the year during which qualification is lost, unless it is able to obtain relief under certain statutory provisions. Such an event could materially and adversely affect the net income and net cash available for distribution to stockholders. However, the Company intends to organize and operate in such a manner as to qualify for treatment as a REIT. The Company files income tax returns in the U.S federal jurisdiction and various state jurisdictions. The statute of limitations for the Companys income tax returns is generally three years and as such, the Companys returns that remain subject to examination would be primarily from 2012 and thereafter. To the extent the Company does not utilize the full amount of the annual federal tax basis net operating loss (NOL) limit, the unused amount may be carried forward to offset taxable income in future years. NOLs expire 20 years after the year in which they arise. The Companys NOL of approximately $42,306 in 2015, $14,113 in 2014, $3,019 in 2013, and $1,889 in 2012, expire in the years 2035, 2034, 2033, and 2032, respectively. The Companys net tax basis of real estate amounted to $153,393. Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Management makes significant estimates regarding impairments. These estimates and assumptions are based on managements best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment. The current economic environment has increased the degree of uncertainty inherent in these estimates and assumptions. Management adjusts such estimates when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ from those estimates and assumptions. Risks and Uncertainties The state of the overall economy can significantly impact the Companys operational performance and thus impact its financial position. Should the Company experience a significant decline in operational performance, it may affect the Companys ability to make distributions to its shareholders, service debt, or meet other financial obligations. Segments The Company has one reportable segmentindustrial properties. These properties have similar economic characteristics and also meet the other criteria that permit the properties to be aggregated into one reportable segment. Revenue Recognition and Tenant Receivables Minimum rental income from real estate operations is recognized on a straight-line basis. The straight-line rent calculation on leases includes the effects of rent concessions and scheduled rent increases, and the calculated straight-line rent income is recognized over the lives of the individual leases. The Company maintains allowances for doubtful accounts receivable and straight-line rents receivable, based upon estimates determined by management. Management specifically analyzes aged receivables, tenant credit-worthiness and current economic trends when evaluating the adequacy of the allowance for doubtful accounts. At December 31, 2015 and 2014 the Company did not recognize an allowance for doubtful accounts. Tenant Concentration and Rental Revenue Components For the years ended December 31, 2015 and 2014, rental income was derived from various tenants. As such, future receipts are dependent upon the financial strength of the lessees and their ability to perform under the lease agreements. The following tenant represents 10% or greater of rental revenue for the years ended December 31, 2015 and 2014: 2015 2014 Pier One 12.3% 12.0% Rental revenue is comprised of the following: Year Ended Year Ended December 31, December 31, (in thousands) 2015 2014 Income from leases $ 13,710 $ 1,989 Straight-line rent adjustment 606 80 Reimbursable expenses 4,623 544 Amortization of above market leases (182 ) (24 ) Amortization of below market leases 533 75 Total $ 19,290 $ 2,664 Cash Equivalents and Restricted Cash The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. There were no cash equivalents at December 31, 2015 and 2014. The Company maintains cash and restricted cash representing tenant security deposits, in bank deposit accounts, which at times may exceed federally insured limits. As of December 31, 2015, the Company has not realized any losses in such cash accounts and believes it is not exposed to any significant risk of loss. Financial Instruments The Company estimates that the carrying value of cash, restricted cash, senior debt, and deferred interest approximate their fair values based on their short-term maturity and prevailing interest rates. Deferred Offering Costs Effective June Business Combinations In accordance with Financial Accounting Standards Board, (FASB), ASC 805-10 Business Combinations, the assets and liabilities acquired are recorded at their fair values as of the acquisition date. Acquisition related costs are recognized as expense in the periods in which incurred. The accounting for business combinations requires estimates and judgment as to expectations for future cash flows of the acquired business, the allocation of those cash flows to identifiable intangible assets, and in determining the estimated fair value for assets acquired and liabilities assumed. The amounts allocated to lease intangibles (leases in place, leasing commissions, tenant relationships, and above and below market leases) are based on managements estimates and assumptions, as well as other information compiled by management, including independent third party analysis and market data and are generally amortized over the remaining life of the related leases excluding renewal options, except in the case of below market fixed rate rent amounts, which are amortized over the applicable renewal period. Depreciation Depreciation of buildings and other improvements is computed using the straight-line method over the estimated remaining useful lives of the assets, which generally range from 11 to 34 years for buildings and 3 to 13 years for site improvements. Building improvements are capitalized, while maintenance and repair expenses are charged to expense as incurred. Significant renovations and improvements that improve or extend the useful life of the assets are capitalized. Amortization of Deferred Lease Intangibles - Assets and Liabilities Deferred Lease Intangible assets consist of leases in place, leasing commissions, tenant relationships, and above market leases. Deferred Lease Intangible liabilities represent below market leases. These intangibles have been recorded at their fair market value in connection with the acquisition of properties in 2014. Intangible assets are generally amortized over the remaining life of the related leases excluding renewal options, except in the case of below market fixed rate rent amounts, which are amortized over the applicable renewal period. Impairment of Long-Lived Assets The Company assesses the carrying values of our respective long-lived assets, including goodwill, whenever events or changes in circumstances indicate that the carrying amounts of these assets may not be fully recoverable. Recoverability of real estate assets is measured by comparison of the carrying amount of the asset to the estimated future undiscounted cash flows. In order to review our real estate assets for recoverability, the Company considers current market conditions, as well as our intent with respect to holding or disposing of the asset. Our intent with regard to the underlying assets might change as market conditions change, as well as other factors. Fair value is determined through various valuation techniques, including discounted cash flow models, applying a capitalization rate to estimated net operating income of a property and quoted market values and third-party appraisals, where considered necessary. If our analysis indicates that the carrying value of the real estate asset is not recoverable on an undiscounted cash flow basis, we recognize an impairment charge for the amount by which the carrying value exceeds the current estimated fair value of the real estate property. The Company has determined there is no impairment of value of long lived assets. Deferred Financing Costs Deferred financing costs are amortized over the life of the related debt instrument on a straight line basis which approximates the effective interest method. Amortization of this expense is included in interest expense in the consolidated income statements. At December 31, 2015 and December 31, 2014 gross deferred financing costs amounted to $3,940 and $2,845, respectively, and accumulated amortization amounted to $3,940 and $1,013, respectively, for net amounts of $0, and $1,832, respectively. Amortization of deferred financing costs, included in interest expense, was $2,927 in 2015 and $1,013 in 2014. Discount on Borrowings Original issue discount on the Companys debt amounted to $20,000 during the year ended December 31, 2014 and is recorded as a reduction of debt. The amount is amortized from the date the borrowings were obtained through the initial maturity date of April 28, 2015 on a straight line basis which approximates the effective interest method. Amortization of the amount is included in interest expense and amounted to $12,877 in 2015 and $7,123 in 2014 and is accreted to the Senior Loan. Earnings per Share Basic net loss per share is computed by dividing net loss by the weighted average shares of common stock outstanding for each year, which is also presented on the consolidated income statements. Diluted net loss per share is the same as basic net loss per share since the Company does not have any common stock equivalents such as stock options. The Company has not granted any stock options or stock-based awards under the 2014 Incentive Award Plan. Recent Accounting Pronouncements The Company has evaluated all ASUs released by the FASB through the date the financial statements were issued and determined that the following ASUs apply to the Company. In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties About an Entitys Ability to Continue as a Going Concern, which provides guidance on determining when and how to disclose going concern uncertainties in the financial statements. The new standard requires management to perform interim and annual assessments of an entitys ability to continue as a going concern within one year of the date the financial statements are issued. An entity must provide certain disclosures if conditions or events raise substantial doubt about the entitys ability to continue as a going concern. The standard applies to all entities and is effective for annual periods ending after December 15, 2016, and interim periods thereafter, with early adoption permitted. The Company is evaluating the effect that ASU 2014-15 will have on its consolidated financial statements and related disclosures. In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810) to address financial reporting consolidations for the evaluation as to the requirement to consolidate certain legal entities. ASU 201502 is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2015. The Company is evaluating the impact of ASU 2015-02. In April 2015, the FASB issued ASU 2015-03 Interest Imputation of Interest (Subtopic 835-30) as part of the initiative to reduce complexity in accounting standards. The update requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability, consistent with debt discounts. ASU 2015-03 is effective for annual periods beginning after December 15, 2015 and for interim periods within those fiscal years. The Company is evaluating the impact of ASU 2015-03, and if early adoption is appropriate in future reporting periods. In January 2016, the FASB issued ASU 2016-01, Financial Instruments Overall: Recognition and Measurement of Financial Assets and Financial Liabilities. ASU 2016-01 requires equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income, requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset, and eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost. ASU 2016-01 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early application is permitted. The Company is currently assessing the potential impact that the adoption of ASU 2016-01 will have on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which requires that a lessee recognize the assets and liabilities that arise from operating leases. A lessee should recognize in the balance sheet a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The adoption of this standard is not expected to have a material impact on the Companys consolidated financial position or results of operations.

Business Combinations

Business Combinations	12 Months Ended
Business Combinations	Dec. 31, 2015
Business Combinations [Abstract]
Business Combinations	(3) Business Combinations During the fourth quarter of 2014 the Company through subsidiaries of its Operating Partnership, completed the acquisition of 20 industrial properties comprising approximately 4,000,000 square feet for an aggregate purchase price of approximately $155 million. The allocation of purchase price in accordance with Financial Accounting Standards Board, (FASB), ASC 805-10 Business Combinations, of the assets and liabilities acquired at their fair values as of the acquisition date is as follows: Purchase price allocation: Total Real estate properties: Land $ 18,051 Building 109,430 Site improvements 10,416 Total real estate properties 137,897 Deferred lease intangibles: Above market lease 1,122 Lease in place 14,289 Tenant relationships 2,068 Leasing commission 2,606 Total deferred lease intangibles 20,085 Deferred lease Intangibles - below market leases (2,548 ) Totals $ 155,434 The above real estate investment of $155,434 is recorded net of acquired other assets of $41, assumed accounts payable, accrued expenses, and other liabilities of $1,038, and a non-cash adjustment to the carrying value of the properties of $434, for a total cash purchase price of $154,003 . The operating results for each of the acquisitions are included in the consolidated results of operations from the respective dates of acquisition. The following table presents consolidated unaudited pro forma information as if the acquisitions had occurred on January 1, 2014: 2014 Revenues $ 18,467 Net loss $ (50,643 ) The unaudited pro forma results reflect certain adjustments related to the acquisitions, such as amortization expense related to the intangible assets, and interest expense associated with the borrowings to fund the acquisitions. These acquired businesses contributed total revenues of $2,664 in 2014. The Company has concluded it is impractical to determine the acquired businesses impact on 2014 net loss due to the inability to segregate certain costs related to integration of the properties acquired into the Company. The allocation of the purchase price consideration was based on preliminary estimates of fair value and such estimates and assumptions did not change within the measurement period (up to one year from the acquisition date).

Real Estate Properties

Real Estate Properties	12 Months Ended
Real Estate Properties	Dec. 31, 2015
Real Estate [Abstract]
Real Estate Properties	(4) Real Estate Properties Real estate properties consisted of the following at December 31, 2015 and 2014: 2015 2014 Land $ 18,051 $ 18,051 Buildings 109,725 109,430 Site improvements 10,442 10,416 Construction in process 18 215 138,236 138,112 Less accumulated depreciation (8,522 ) (1,004 ) Real estate properties $ 129,714 $ 137,108 Depreciation expense was $7,518 in 2015 and $1,004 in 2014.

Deferred Lease Intangibles

Deferred Lease Intangibles	12 Months Ended
Deferred Lease Intangibles	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Deferred Lease Intangibles	(5) Deferred Lease Intangibles Deferred Lease Intangible assets consisted of the following at December 31, 2015 and 2014: 2015 2014 Above market lease $ 1,122 $ 1,122 Lease in place 14,289 14,289 Tenant relationships 2,068 2,068 Leasing commission 2,606 2,606 Leasing commission after acquisition 148 20,233 20,085 Less Accumulated amortization (5,460 ) (661 ) Deferred Lease Intangibles $ 14,773 $ 19,424 Deferred Lease Intangibles - Below Market Leases at December 31, 2015 and 2014 were: 2015 2014 Below market leases $ 2,548 $ 2,548 Less accumulated amortization (607 ) (75 ) Deferred Lease Intangibles $ 1,941 $ 2,473 Amortization of above and below market leases was recorded as an adjustment to revenues and amounted to $351 and $52 in 2015 and 2014, respectively. Amortization of all other deferred lease intangibles has been included in depreciation and amortization in the accompanying consolidated income statements and amounted to $4,618 and $638 in 2015 and 2014, respectively. Projected amortization of deferred lease intangibles for the next five years as of December 31, 2015 is as follows: Years Ending December 31, 2016 $ 3,699 2017 3,135 2018 2,490 2019 1,832 2020 832

Investments in Real Estate Join

Investments in Real Estate Joint Ventures	12 Months Ended
Investments in Real Estate Joint Ventures	Dec. 31, 2015
Notes to Financial Statements
Investments in Real Estate Joint Ventures	(6) Investments in Real Estate Joint Ventures The Company, through its Operating Partnership, has the following investment in real estate joint ventures, which are accounted for on the equity method of accounting based on significant influence over the entities and lack of control over the entities: · At December 31, 2014 a 51.5% equity interest in the Class A shares of Colony Hills Capital Residential II, LLC (CHCR II) which is a joint venture with Colony Hills Capital, LLC, for an investment of $1,250. The Company has no controlling interest in CHCR II. CHCR II is the sole member of Wynthrope Holdings, LLC, which owned Wynthrope Forest Apartments, a 23 building, 270 unit multifamily complex located in Riverdale, a suburb of Atlanta, Georgia. In July 2015 Wynthrope Holdings, LLC, sold Wynthrope Forest Apartments and the Companys investment liquidated. For the year ended December 31, 2015, the Company recognized a gain of $1,380 related to the disposition of the investment. · At December 31, 2015 and 2014 a 50.3% interest in TCG 5400 FIB LP (5400 FIB), which was obtained in October and November of 2013 for a total of $3,900. 5400 FIB owns a warehouse facility (the Property) in Atlanta, Georgia containing 682,750 rentable square feet of space. The initial purchase price of the Property was $21,900 which included $15,000 of secured debt. The Company performed an analysis to determine whether or not these entities represent variable interest entities (VIEs), and if the Company is the primary beneficiary (PB) of the VIEs. The Company concluded that CHCR II is a VIE. The Company has determined that it is not the PB of the VIE as the Company does not have the ability to make decisions over the activities that most significantly impact the performance of CHCR II. The Company accounts for the CHCR II investment as an equity method investment. The Company concluded that 5400 FIB is not a VIE. The Company accounts for the 5400 FIB investment as an equity method investment. On November 24, 2014, the Company acquired a 100% fee simple interest in the real property assets of the TCG Cincinnati DRE LP (the Partnership), which the Company, through its Operating Partnership, held a 12.3% limited partnership interest acquired in 2012, and accounted for on the equity method. At December 31, 2014, the Company included the amount due for its Partnership interest, $22, in Other assets. The Partnership was liquidated in 2015. The Company recorded income (loss) from its investments in real estate joint ventures in the amounts of $(85) in 2015 and $175 in 2014, respectively. Distributions amounted to $2,178 in 2015 and $1,468 in 2014. Management of the Company monitors the financial position of the Companys joint venture partners. To the extent that management of the Company determines that a joint venture partner has financial or liquidity concerns, management will evaluate all actions and remedies available to the Company under the applicable joint venture agreement to minimize any potential adverse implications to the Company.

Future Minimum Rental Receipts

Future Minimum Rental Receipts Under Non-Cancellable Leases	12 Months Ended
Future Minimum Rental Receipts Under Non-Cancellable Leases	Dec. 31, 2015
Notes to Financial Statements
Future Minimum Rental Receipts Under Non-Cancellable Leases	(7) Future Minimum Rental Receipts Under Non-Cancellable Leases The following schedule indicates approximate future minimum rental receipts due under non-cancellable operating leases for real estate properties, by year, as of December 31, 2015: Year ending December 31, Future Minimum 2016 $ 13,735 2017 $ 13,112 2018 $ 11,150 2019 $ 8,622 2020 $ 4,786 Thereafter $ 7,981 Total Minimum Rental Receipts $ 59,386

Senior Debt

Senior Debt	12 Months Ended
Senior Debt	Dec. 31, 2015
Debt Disclosure [Abstract]
Senior Debt	(8) Senior Debt On October 28, 2014, the Company, its Operating Partnership and certain subsidiaries of its Operating Partnership entered into a senior secured loan agreement (Senior Loan) with investment entities, or the Funds, managed by Senator Investment Group LP. The Senior Loan was a $192,000 facility with $71,000 designated as Tranche A, $101,000 designated as Tranche B and $20,000 designated as Tranche C and the deemed original issue discount. The Company borrowed $69,200 under Tranche A and $95,800 under Tranche B for a total of $165,000. At December 31, 2015, there was $165,000 of indebtedness outstanding under the Senior Loan and $20,000 of original issue discount, which was accreted over the initial six month term of the Senior Loan through April 28, 2015, and PIK is also accreted to debt. Accordingly, there was $196,800, net of $0 of unamortized original issue discount, and deferred interest payable of $8,081, and $173,627, net of $12,877 of unamortized original issue discount, and deferred interest payable of $1,653, outstanding at December 31, 2015 and 2014, respectively. The Senior Loan initially matured on April 28, 2015, and has been extended to the current maturity date of February 29, 2016. As of February 9, 2016 the Senior Loan was transferred to a new entity, Holder. As of February 29, 2016 the Company was unable to pay the full amount of the Senior Loan due and Company and Holder entered into a forbearance agreement acknowledging the default under the loan for non-payment in full at maturity and providing for a forbearance of action through April 30, 2016. During this period the Company will seek to restructure the loan, obtain alternative debt, additional equity or other capital. There is no assurance, however, that those forms of capital or restructure will be available to us, or on terms acceptable to us. The proceeds from the borrowings were used to fund the acquisitions discussed in note 3 as well as repay the Companys previous secured line of credit, and fund working capital. The relevant terms of the borrowing arrangement are as follows: · The borrowings under the Senior Loan bear interest at a current pay rate equal to 7% annum. · The borrowings under the Senior Loan were made in tranches and also accrue payment-in-kind (PIK) interest at an annual rate of 3% compounded monthly on Tranche A amounts, and at an annual rate of 8% compounded monthly on Tranche B amounts. Interest on Tranche C accrues only upon default. The weighted average of PIK interest was approximately 5% at December 31, 2015 and 2014. Accrued PIK interest amounted to $11,800 at December 31, 2015 and $1,504 at December 31, 2014, respectively, and is included in debt in the consolidated balance sheets. All PIK amounts are due at maturity. · With respect to repayment of (a) Tranche A, a make-whole fee in an amount equal to four percent (4%) of the outstanding balance of Tranche A will be payable; (b) Tranche B, a make-whole fee in an amount equal and five percent (5%) of the outstanding balance of Tranche B will be payable; and (c) Tranche C (the original issue discount) on or after an event of default, a make whole fee in an amount equal to five percent (5%) of the outstanding balance of Tranche C will be payable. The Company has accrued the make-whole fees due upon the maturity of the Senior Loan on February 29, 2016 on the straight line basis which approximates the effective interest rate. The amount of make whole fees accrued at December 31, 2015, and 2014 was $8,081, and $1,653, respectively, and is included in deferred interest in the accompanying consolidated balance sheets. · The borrowings under the Senior Loan are secured by first lien mortgages on all of the Companys existing properties and pledges of equity interests in the Operating Partnership. · The obligations under the Senior Loan are guaranteed by the Company. · The Senior Loan contains affirmative and negative covenants, which include restrictions on additional indebtedness, restrictions on liens, fundamental changes, dispositions, restricted payments, change in nature of business, transactions with affiliates and burdensome agreements. · The Senior Loan contains financial covenants that require the maintenance of a minimum debt service coverage ratio as of the last day of any fiscal quarter of 1.1 to 1.0 and an annual amount of net operating income of not less than $12,200. · The Senior Loan is subject to acceleration upon certain specified events of default, including breaches of representations or covenants, failure to pay other material indebtedness, failure to pay taxes or a change of control of our company, as defined in the senior secured loan agreement.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
Stockholders' Equity	Dec. 31, 2015
Equity [Abstract]
Stockholders' Equity	(9) Stockholders Equity Preferred Stock The Companys amended and restated charter authorizes the Company to issue up to 100,000,000 shares of its $0.01 par value preferred stock as of December 31, 2015 and 2014. As of December 31, 2015 and 2014, there were no shares of preferred stock issued and outstanding. Common Stock The Company at December 31, 2015 and 2014 has 900,000,000 shares of authorized common stock at $0.01 par value, of which 1,327,859 were issued and outstanding at December 31, 2015 and 2014, respectively, including stock dividends. Common stockholders have full voting rights and are entitled to one vote per share held and are entitled to receive dividends when and if declared. Distributions The Companys Board of Directors declared a stock distribution of 0.015 shares each of our common stock, or 1.5% per distribution of each outstanding share of common stock, to our stockholders of record at the close of business on March 31, 2014 and was issued on April 15, 2014.There were no distributions declared or made during the year ended December 31, 2015. 2014 Incentive Award Plan In April 2014, the Companys Board of Directors adopted, and in June 2014 the Companys stockholders approved, the 2014 Incentive Award Plan, or Plan, under which we may grant cash and equity incentive awards to eligible service providers in order to attract, motivate and retain the talent for which we compete. The aggregate number of shares of our common stock and/or LTIP units of partnership interest in our Operating Partnership, or LTIP units that are available for issuance under awards granted pursuant to the Plan is 750,000 shares/LTIP units. Shares and units granted under the Plan may be authorized but unissued shares/LTIP units, or, if authorized by the board of directors, shares purchased in the open market. If an award under the Plan is forfeited, expires or is settled for cash, any shares/LTIP units subject to such award may, to the extent of such forfeiture, expiration or cash settlement, be used again for new grants under the Plan. However, the following shares/LTIP units may not be used again for grant under the Plan: (1) shares/LTIP units tendered or withheld to satisfy grant or exercise price or tax withholding obligations associated with an award; (2) shares subject to a stock appreciation right, or SAR, that are not issued in connection with the stock settlement of the SAR on its exercise; and (3) shares purchased on the open market with the cash proceeds from the exercise of options. The maximum number of shares that may be issued under the Plan upon the exercise of incentive stock options is 750,000. The Plan provides for the grant of stock options, including incentive stock options, or ISOs, and nonqualified stock options, or NSOs, restricted stock, dividend equivalents, stock payments, restricted stock units, or RSUs, performance shares, other incentive awards, LTIP units, SARs, and cash awards. No awards have been granted to date under the Plan.

Commitments

Commitments	12 Months Ended
Commitments	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments	(10) Commitments Operating Leases The Company leases space for its corporate office under the terms of a sub-lease. Rental expense for operating leases, including common-area maintenance, was $328 in 2015 and $331 in 2014. Future amounts of minimum future annual rental commitments under the operating lease as of December 31, 2015 were $189 for 2016. The lease expires August 31, 2016. Employment Agreements On September 10, 2014, the Company entered into employment agreements with Jeffrey E. Witherell, the Companys Chief Executive Officer, Pendleton P. White, Jr., the Companys President and Chief Investment Officer, and Daniel C. Wright, the Companys Executive Vice President and Chief Financial Officer. As approved by the compensation committee of the Board of Directors the agreements provide for base salaries ranging from $200 to $300 annually with discretionary cash performance awards. The agreements contain provisions for equity awards, general benefits, and termination and severance provisions, consistent with similar positions and companies.

Retirement Plan

Retirement Plan	12 Months Ended
Retirement Plan	Dec. 31, 2015
Compensation and Retirement Disclosure [Abstract]
Retirement Plan	(11) Retirement Plan The Company in December, 2014 funded individual SEP IRA retirement accounts for all employees. The contribution was a percentage of salary paid for the year and the total amount of $123 is included in General and Administrative expense. No contributions were made in 2015. The Company has no control or administrative responsibility related to the individual accounts and is not obligated to fund in future years.

Summary of Significant Accoun19

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2015
Debt Disclosure [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation These consolidated financial statements of the accounts of the Company have been prepared in accordance with U.S. generally accepted accounting principles (GAAP). All significant intercompany transactions have been eliminated in consolidation. These consolidated financial statements include adjustments of a normal and recurring nature considered necessary by management to fairly present the Companys financial position and results of operations. The consolidated financial statements include the accounts of the Company on a consolidated basis for its wholly owned subsidiaries.
Equity Method of Accounting	Equity Method of Accounting The Company accounts for our 51.5% interest in Colony Hills Capital Residential II, LLC and our 50.3% interest in 5400 FIB LP under the equity method of accounting as the Company does not control but has the ability to exercise significant influence on these entities. Under the equity method of accounting, the Company recognizes our proportional share of net income or loss as determined under GAAP in our results of operations. The 51.5% interest in Colony Hill Capital Residential II, LLC was liquidated in 2015. The Companys policy is to consolidate all entities that are wholly owned and those in which it owns less than 100% but controls, as well as any variable interest entities in which it is the primary beneficiary. The Company evaluates its ability to control an entity and whether the entity is a variable interest entity and the Company is the primary beneficiary through consideration of the substantive terms of the arrangement to identify which enterprise has the power to direct the activities of a variable interest entity that most significantly impacts the entitys economic performance and the obligation to absorb losses of the entity or the right to receive benefits from the entity. Investments in entities in which we do not control but over which we have the ability to exercise significant influence over operating and financial policies are presented under the equity method. Investments in entities that we do not control and over which we do not exercise significant influence are carried at the lower of cost or fair value, as appropriate. Our ability to correctly assess our influence and/or control over an entity affects the presentation of these investments in our consolidated financial statements.
Income Taxes	Income Taxes The Company elected to be taxed as a real estate investment trust (REIT) under the Internal Revenue Code of 1986, as amended, and has operated as such beginning with the tax year ending December 31, 2012. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of our annual REIT taxable income to stockholders (which is computed without regard to the dividends-paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax on income that we distribute as dividends to our stockholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income tax on our taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four tax years following the year during which qualification is lost, unless it is able to obtain relief under certain statutory provisions. Such an event could materially and adversely affect the net income and net cash available for distribution to stockholders. However, the Company intends to organize and operate in such a manner as to qualify for treatment as a REIT. The Company files income tax returns in the U.S federal jurisdiction and various state jurisdictions. The statute of limitations for the Companys income tax returns is generally three years and as such, the Companys returns that remain subject to examination would be primarily from 2012 and thereafter. To the extent the Company does not utilize the full amount of the annual federal tax basis net operating loss (NOL) limit, the unused amount may be carried forward to offset taxable income in future years. NOLs expire 20 years after the year in which they arise. The Companys NOL of approximately $42,306 in 2015, $14,113 in 2014, $3,019 in 2013, and $1,889 in 2012, expire in the years 2035, 2034, 2033, and 2032, respectively. The Companys net tax basis of real estate amounted to $153,393.
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Management makes significant estimates regarding impairments. These estimates and assumptions are based on managements best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment. The current economic environment has increased the degree of uncertainty inherent in these estimates and assumptions. Management adjusts such estimates when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ from those estimates and assumptions.
Risks and Uncertainties	Risks and Uncertainties The state of the overall economy can significantly impact the Companys operational performance and thus impact its financial position. Should the Company experience a significant decline in operational performance, it may affect the Companys ability to make distributions to its shareholders, service debt, or meet other financial obligations.
Segments	Segments The Company has one reportable segmentindustrial properties. These properties have similar economic characteristics and also meet the other criteria that permit the properties to be aggregated into one reportable segment.
Revenue Recognition and Tenant Receivables	Revenue Recognition and Tenant Receivables Minimum rental income from real estate operations is recognized on a straight-line basis. The straight-line rent calculation on leases includes the effects of rent concessions and scheduled rent increases, and the calculated straight-line rent income is recognized over the lives of the individual leases. The Company maintains allowances for doubtful accounts receivable and straight-line rents receivable, based upon estimates determined by management. Management specifically analyzes aged receivables, tenant credit-worthiness and current economic trends when evaluating the adequacy of the allowance for doubtful accounts. At December 31, 2015 and 2014 the Company did not recognize an allowance for doubtful accounts.
Tenant Concentration and Rental Revenue Components	Tenant Concentration and Rental Revenue Components For the years ended December 31, 2015 and 2014, rental income was derived from various tenants. As such, future receipts are dependent upon the financial strength of the lessees and their ability to perform under the lease agreements. The following tenant represents 10% or greater of rental revenue for the years ended December 31, 2015 and 2014: 2015 2014 Pier One 12.3% 12.0% Rental revenue is comprised of the following: Year Ended Year Ended December 31, December 31, (in thousands) 2015 2014 Income from leases $ 13,710 $ 1,989 Straight-line rent adjustment 606 80 Reimbursable expenses 4,623 544 Amortization of above market leases (182 ) (24 ) Amortization of below leases 533 75 Total $ 19,290 $ 2,664
Cash Equivalents and Restricted Cash	Cash Equivalents and Restricted Cash The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. There were no cash equivalents at December 31, 2015 and 2014. The Company maintains cash and restricted cash representing tenant security deposits, in bank deposit accounts, which at times may exceed federally insured limits. As of December 31, 2015, the Company has not realized any losses in such cash accounts and believes it is not exposed to any significant risk of loss.
Financial Instruments	Financial Instruments The Company estimates that the carrying value of cash, restricted cash, senior debt, and deferred interest approximate their fair values based on their short-term maturity and prevailing interest rates.
Deferred Offering Costs	Deferred Offering Costs Effective June
Business Combinations	Business Combinations In accordance with Financial Accounting Standards Board, (FASB), ASC 805-10 Business Combinations, the assets and liabilities acquired are recorded at their fair values as of the acquisition date. Acquisition related costs are recognized as expense in the periods in which incurred. The accounting for business combinations requires estimates and judgment as to expectations for future cash flows of the acquired business, the allocation of those cash flows to identifiable intangible assets, and in determining the estimated fair value for assets acquired and liabilities assumed. The amounts allocated to lease intangibles (leases in place, leasing commissions, tenant relationships, and above and below market leases) are based on managements estimates and assumptions, as well as other information compiled by management, including independent third party analysis and market data and are generally amortized over the remaining life of the related leases excluding renewal options, except in the case of below market fixed rate rent amounts, which are amortized over the applicable renewal period.
Depreciation	Depreciation Depreciation of buildings and other improvements is computed using the straight-line method over the estimated remaining useful lives of the assets, which generally range from 11 to 34 years for buildings and 3 to 13 years for site improvements. Building improvements are capitalized, while maintenance and repair expenses are charged to expense as incurred. Significant renovations and improvements that improve or extend the useful life of the assets are capitalized.
Amortization of Deferred Lease Intangibles - Assets and Liabilities	Amortization of Deferred Lease Intangibles - Assets and Liabilities Deferred Lease Intangible assets consist of leases in place, leasing commissions, tenant relationships, and above market leases. Deferred Lease Intangible liabilities represent below market leases. These intangibles have been recorded at their fair market value in connection with the acquisition of properties in 2014. Intangible assets are generally amortized over the remaining life of the related leases excluding renewal options, except in the case of below market fixed rate rent amounts, which are amortized over the applicable renewal period.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets The Company assesses the carrying values of our respective long-lived assets, including goodwill, whenever events or changes in circumstances indicate that the carrying amounts of these assets may not be fully recoverable. Recoverability of real estate assets is measured by comparison of the carrying amount of the asset to the estimated future undiscounted cash flows. In order to review our real estate assets for recoverability, the Company considers current market conditions, as well as our intent with respect to holding or disposing of the asset. Our intent with regard to the underlying assets might change as market conditions change, as well as other factors. Fair value is determined through various valuation techniques, including discounted cash flow models, applying a capitalization rate to estimated net operating income of a property and quoted market values and third-party appraisals, where considered necessary. If our analysis indicates that the carrying value of the real estate asset is not recoverable on an undiscounted cash flow basis, we recognize an impairment charge for the amount by which the carrying value exceeds the current estimated fair value of the real estate property. The Company has determined there is no impairment of value of long lived assets.
Deferred Financing Costs	Deferred Financing Costs Deferred financing costs are amortized over the life of the related debt instrument on a straight line basis which approximates the effective interest method. Amortization of this expense is included in interest expense in the consolidated income statements. At December 31, 2015 and December 31, 2014 gross deferred financing costs amounted to $3,940 and $2,845, respectively, and accumulated amortization amounted to $3,940 and $1,013, respectively, for net amounts of $0, and $1,832, respectively. Amortization of deferred financing costs, included in interest expense, was $2,927 in 2015 and $1,013 in 2014.
Discount on Borrowings	Discount on Borrowings Original issue discount on the Companys debt amounted to $20,000 during the year ended December 31, 2014 and is recorded as a reduction of debt. The amount is amortized from the date the borrowings were obtained through the initial maturity date of April 28, 2015 on a straight line basis which approximates the effective interest method. Amortization of the amount is included in interest expense and amounted to $12,877 in 2015 and $7,123 in 2014 and is accreted to the Senior Loan.
Earnings Per Share	Earnings per Share Basic net loss per share is computed by dividing net loss by the weighted average shares of common stock outstanding for each year, which is also presented on the consolidated income statements. Diluted net loss per share is the same as basic net loss per share since the Company does not have any common stock equivalents such as stock options. The Company has not granted any stock options or stock-based awards under the 2014 Incentive Award Plan.
Recent Accounting Pronouncements	Recent Accounting Pronouncements The Company has evaluated all ASUs released by the FASB through the date the financial statements were issued and determined that the following ASUs apply to the Company. In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties About an Entitys Ability to Continue as a Going Concern, which provides guidance on determining when and how to disclose going concern uncertainties in the financial statements. The new standard requires management to perform interim and annual assessments of an entitys ability to continue as a going concern within one year of the date the financial statements are issued. An entity must provide certain disclosures if conditions or events raise substantial doubt about the entitys ability to continue as a going concern. The standard applies to all entities and is effective for annual periods ending after December 15, 2016, and interim periods thereafter, with early adoption permitted. The Company is evaluating the effect that ASU 2014-15 will have on its consolidated financial statements and related disclosures. In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810) to address financial reporting consolidations for the evaluation as to the requirement to consolidate certain legal entities. ASU 201502 is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2015. The Company is evaluating the impact of ASU 2015-02. In April 2015, the FASB issued ASU 2015-03 Interest Imputation of Interest (Subtopic 835-30) as part of the initiative to reduce complexity in accounting standards. The update requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability, consistent with debt discounts. ASU 2015-03 is effective for annual periods beginning after December 15, 2015 and for interim periods within those fiscal years. The Company is evaluating the impact of ASU 2015-03, and if early adoption is appropriate in future reporting periods. In January 2016, the FASB issued ASU 2016-01, Financial Instruments Overall: Recognition and Measurement of Financial Assets and Financial Liabilities. ASU 2016-01 requires equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income, requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset, and eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost. ASU 2016-01 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early application is permitted. The Company is currently assessing the potential impact that the adoption of ASU 2016-01 will have on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which requires that a lessee recognize the assets and liabilities that arise from operating leases. A lessee should recognize in the balance sheet a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. In transition, lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The adoption of this standard is not expected to have a material impact on the Companys consolidated financial position or results of operations.

Summary of Significant Accoun20

Summary of Significant Accounting Policies (Tables)	12 Months Ended
Summary of Significant Accounting Policies (Tables)	Dec. 31, 2015
Summary Of Significant Accounting Policies Tables
Tenant representing 10% or greater of rental revenue	2015 2014 Pier One 12.3% 12.0%
Rental revenue composition	Year Ended Year Ended December 31, December 31, (in thousands) 2015 2014 Income from leases $ 13,710 $ 1,989 Straight-line rent adjustment 606 80 Reimbursable expenses 4,623 544 Amortization of above market leases (182 ) (24 ) Amortization of below market leases 533 75 Total $ 19,290 $ 2,664

Business Combinations (Tables)

Business Combinations (Tables)	12 Months Ended
Business Combinations (Tables)	Dec. 31, 2014
Business Combinations [Abstract]
Schedule of Business Acquisition by Acquisition	Purchase price allocation: Total Real estate properties: Land $ 18,051 Building 109,430 Site improvements 10,416 Total real estate properties 137,897 Deferred lease intangibles: Above market lease 1,122 Lease in place 14,289 Tenant relationships 2,068 Leasing commission 2,606 Total deferred lease intangibles 20,085 Deferred lease Intangibles - below market leases (2,548 ) Totals $ 155,434
Business Acquisition Pro Forma Information	2014 Revenues $ 18,467 Net loss $ (50,643 )

Real Estate Properties (Tables)

Real Estate Properties (Tables)	12 Months Ended
Real Estate Properties (Tables)	Dec. 31, 2015
Real Estate [Abstract]
Real estate properties	2015 2014 Land $ 18,051 $ 18,051 Buildings 109,725 109,430 Site improvements 10,442 10,416 Construction in process 18 215 138,236 138,112 Less accumulated depreciation (8,522 ) (1,004 ) Real estate properties $ 129,714 $ 137,108

Deferred Lease Intangibles (Tab

Deferred Lease Intangibles (Tables)	12 Months Ended
Deferred Lease Intangibles (Tables)	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Deferred lease intangibles	Deferred Lease Intangible assets consisted of the following at December 31, 2015 and 2014: 2015 2014 Above market lease $ 1,122 $ 1,122 Lease in place 14,289 14,289 Tenant relationships 2,068 2,068 Leasing commission 2,606 2,606 Leasing commission after acquisition 148 20,233 20,085 Less Accumulated amortization (5,460 ) (661 ) Deferred Lease Intangibles $ 14,773 $ 19,424 Deferred Lease Intangibles - Below Market Leases at December 31, 2015 and 2014 were: 2015 2014 Below market leases $ 2,548 $ 2,548 Less accumulated amortization (607 ) (75 ) Deferred Lease Intangibles $ 1,941 $ 2,473
Projected amortization of deferred lease intangibles	Years Ending December 31, 2016 $ 3,699 2017 3,135 2018 2,490 2019 1,832 2020 832

Future Minimum Rental Receipt24

Future Minimum Rental Receipts Under Non-Cancellable Leases (Tables)	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Approximate future minimum rental receipts due under non-cancellable operating leases for real estate properties	Year ending December 31, Future Minimum 2016 $ 13,735 2017 $ 13,112 2018 $ 11,150 2019 $ 8,622 2020 $ 4,786 Thereafter $ 7,981 Total Minimum Rental Receipts $ 59,386

Summary of Significant Accoun25

Summary of Significant Accounting Policies - Tenant Concentration (Details)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Customer Concentration Risk \| Pier One
Tenant rental revenue concentration	12.30%	12.00%

Summary of Significant Accoun26

Summary of Significant Accounting Policies - Rental Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Summary Of Significant Accounting Policies - Rental Revenue Details
Income from leases	$ 13,710	$ 1,989
Straight-line rent adjustment	606	80
Reimbursable expenses	4,623	544
Amortization of above market leases	(182)	(24)
Amortization of below market leases	533	75
Total rental revenue	$ 19,290	$ 2,664

Summary of Significant Accoun27

Summary of Significant Accounting Policies (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Summary Of Significant Accounting Policies Details Narrative
REIT income distribution requirement	To qualify as a REIT, we must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of our annual REIT taxable income to stockholders
NOL	$ 42,306	$ 14,960	$ 3,019
NOL expiration date	Dec. 31, 2035	Dec. 31, 2034	Dec. 31, 2033
Net tax basis	$ 153,393
Cash equivalents	0	$ 0
Deferred offering costs	$ 938
Estimated remaining useful lives	11 to 34 years for buildings and 3 to 13 years for site improvements
Deferred Financing Costs
Gross deferred financing costs	$ 3,940	2,845
Accumulated amortization of deferred financing costs	3,940	1,013
Deferrred financing costs, net	0	1,832
Discount on Borrowings
Amortization of original issue discount	$ 12,877	$ 7,123

Business Combinations - Schedul

Business Combinations - Schedule of Business Acquisition by Acquisition (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Rental property:
Site improvements	$ 10,442	$ 10,416
Deferred lease intangibles:
Above market lease	1,122	1,122
Lease in place	14,289	14,289
Tenant relationships	2,068	2,068
Leasing commission	$ 2,754	2,606
Purchase Price Allocation Total
Rental property:
Land		18,051
Building		109,430
Site improvements		10,416
Total Rental Property		137,897
Deferred lease intangibles:
Above market lease		1,122
Lease in place		14,289
Tenant relationships		2,068
Leasing commission		2,606
Total deferred lease intangibles		20,085
Total		$ 155,434

Business Combinations - Busines

Business Combinations - Business Acquisition Pro Forma Information (Details) - Pro Forma $ in Thousands	3 Months Ended
	Dec. 31, 2014USD ($)
Business Acquisition [Line Items]
Revenues	$ 18,467
Net loss	$ (50,643)

Business Combinations (Details

Business Combinations (Details Narrative) $ in Thousands	3 Months Ended	12 Months Ended
Business Combinations (Details Narrative) $ in Thousands	Dec. 31, 2014USD ($)ft²Integer	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)ft²Integer
Business Combinations [Abstract]
Number of properties acquired \| Integer	20		20
Rentable space \| ft²	4,000,000		4,000,000
Aggregate purchase price of properties acquired	$ 155,434
Other assets acquired	41		$ 41
Assumed accounts payable, accrued expenses and other liabilities	1,038		1,038
Non-cash adjustment	434
Total purchase price of properties	$ 154,003
Revenue from acquired businesses		$ 19,290	$ 2,664

Real Estate Properties - Real e

Real Estate Properties - Real estate properties (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Real Estate [Abstract]
Land	$ 18,051	$ 18,051
Buildings	109,725	109,430
Site improvements	10,442	10,416
Construction in process	18	215
Real estate properties	138,236	138,112
Less accumulated depreciation	8,522	1,004
Real estate properties, net	$ 129,714	$ 137,108

Real estate properties (Details

Real estate properties (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Real Estate Properties Details Narrative
Depreciation expense	$ 7,518	$ 1,004

Deferred Lease Intangible Asset

Deferred Lease Intangible Assets and Below Market Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Deferred Lease Intangible Assets
Above market lease	$ 1,122	$ 1,122
Lease in place	14,289	14,289
Tenant relationships	2,068	2,068
Leasing commission	2,754	2,606
Deferred lease intangibles, gross	20,233	20,085
Less Accumulated amortization	5,460	661
Deferred lease intangibles	14,773	19,424
Deferred Lease Intangibles - Below Market Leases
Deferred lease intangibles - below market leases	2,548	2,548
Less accumulated amortization	607	75
Deferred Lease Intangibles	$ 1,941	$ 2,473

Deferred Lease Intangibles (Det

Deferred Lease Intangibles (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Finite-Lived Intangible Assets, Net [Abstract]
Amoritization of above and below market leases	$ (351)	$ (52)
Amortization of other lease intangibles included in depreciation and amortization	$ 4,618	$ 638

Projected Amortization of Defer

Projected Amortization of Deferred Lease Intangibles (Details) $ in Thousands	Dec. 31, 2015USD ($)
Years Ending December 31,
2,016	$ 3,699
2,017	3,135
2,018	2,490
2,019	1,832
2,020	$ 832

Investments in Real Estate Jo36

Investments in Real Estate Joint Ventures - A condensed summary of the financial position and results of operations of the joint ventures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Operating Revenue and Expenses
Gain on sale of real estate	$ 1,380	$ 332
Joint Venture
Assets
Real estate properties, at historical cost	20,833	38,262
Other assets	1,337	517
Total assets	22,170	38,779
Liabilities
Mortgage payable	14,248	25,053
Other liabilities	2,022	3,399
Total liabilities	16,270	28,452
Equity	5,900	10,327
Total liabilities and equity	22,170	38,779
Operating Revenue and Expenses
Revenues	5,690	8,465
Gain on sale of real estate	1,380	5,845
Expenses	5,982	8,521
Net Income(Loss)	$ 1,088	$ 5,789

Investment in Joint Ventures (D

Investment in Joint Ventures (Details Narrative) $ in Thousands	2 Months Ended	12 Months Ended
	Nov. 30, 2013USD ($)ft²	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)Integer	Nov. 24, 2014	Sep. 10, 2012
Income (loss) from investments in real estate joint ventures		$ (85)	$ 175
CHCR II, TCG Cincinnati DRE LP, and TCG 5400 FIB LP
Income (loss) from investments in real estate joint ventures		(85)	175
Cash distributions from investments in joint ventures		$ 2,178	$ 1,468
Colony Hills Capital Residential II, LLC \| VIE Not Primary Beneficiary
Ownership interest			51.50%
Ownership interest additional information		the Company recognized a gain of $1,380 related to the disposition of the investment. The 51.5% interest in Colony Hill Capital Residential II, LLC was liquidated in 2015.
Purchase price for the equity interest acquired			$ 1,250
Number of buildings in property \| Integer			23
Number of units in multifamily complex \| Integer			270
TCG 5400 FIB LP
Ownership interest		50.30%	50.30%
Purchase price for the equity interest acquired	$ 3,900
Property area (square feet) \| ft²	682,750
Total purchase price paid by joint venture	$ 21,900
Portion of purchase paid for with secured debt	$ 15,000
TCG Cincinnati DRE LP \| Partnership Interest
Ownership interest				100.00%	12.30%
Amount due for partnership interest			$ 22

Future Minimum Rental Receipt38

Future Minimum Rental Receipts Under Non-Cancellable Leases - Approximate future minimum rental receipts due under non-cancellable operating leases for real estate properties (Details) $ in Thousands	Dec. 31, 2015USD ($)
Year ending December 31,
2,016	$ 13,735
2,017	13,112
2,018	11,150
2,019	8,622
2,020	4,786
Thereafter	7,981
Total Minimum Rental Receipts	$ 59,386

Senior Debt (Details Narrative)

Senior Debt (Details Narrative) - USD ($) $ in Thousands	2 Months Ended	12 Months Ended
Senior Debt (Details Narrative) - USD ($) $ in Thousands	Feb. 29, 2016	Dec. 31, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Senior secured credit facility, current borrowings			$ 2,000
Senior secured credit facility, deferred interest payable		$ 8,081	1,653
Senior secured credit facility, repayments			2,000
Senior Notes
Debt Instrument [Line Items]
Senior secured credit facility			192,000
Senior secured credit facility, current borrowings			165,000
Senior secured credit facility, original issue discount			20,000
Senior secured credit facility, outstanding		$ 196,800	173,627
Senior secured credit facility, unamortized original issue discount		0	12,877
Senior secured credit facility, deferred interest payable		$ 8,081	$ 1,653
Senior secured credit facility, maturity date		Feb. 29, 2016	Apr. 28, 2015
Senior secured credit facility, debt interest rate		7.00%	7.00%
Senior secured credit facility, weighted average interest rate		5.00%	5.00%
Senior secured credit facility, paid-in-kind interest		$ 11,800	$ 1,504
Senior secured credit facility, collateral		The borrowings under the Senior Loan are secured by first lien mortgages on all of the Companys existing properties and pledges of equity interests in the Operating Partnership.
Senior secured credit facility, covenant terms		The Senior Loan contains affirmative and negative covenants, which include restrictions on additional indebtedness, restrictions on liens, fundamental changes, dispositions, restricted payments, change in nature of business, transactions with affiliates and burdensome agreements. The Senior Loan contains financial covenants that require the maintenance of a minimum debt service coverage ratio as of the last day of any fiscal quarter of 1.1 to 1.0 and an annual amount of net operating income of not less than $12,200. The Senior Loan is subject to acceleration upon certain specified events of default, including breaches of representations or covenants, failure to pay other material indebtedness, failure to pay taxes or a change of control of our company, as defined in the senior secured loan agreement.
Senior Notes \| Tranche C
Debt Instrument [Line Items]
Senior secured credit facility			$ 20,000
Senior secured credit facility, interest rate description		Payment-in-kind interest accrues only upon default.	Payment-in-kind interest at an annual rate of 8% compounded monthly.
Senior secured credit facility, payment terms		With respect to repayment of Tranche C (the original issue discount) on or after an event of default, a make whole fee in an amount equal to five percent (5%)of the outstanding balance of Tranche C will be payable.
Senior Notes \| Tranche B
Debt Instrument [Line Items]
Senior secured credit facility			$ 101,000
Senior secured credit facility, current borrowings			$ 95,800
Senior secured credit facility, outstanding		$ 95,800
Senior secured credit facility, interest rate description		Payment-in-kind interest at an annual rate of 8% compounded monthly.	Payment-in-kind interest at an annual rate of 8% compounded monthly.
Senior secured credit facility, payment terms		With respect to repayment of Tranche B, a make-whole fee in an amount equal and five percent (5%) of the outstanding balance of Tranche B will be payable.
Senior Notes \| Tranche A
Debt Instrument [Line Items]
Senior secured credit facility			$ 71,000
Senior secured credit facility, current borrowings			$ 69,200
Senior secured credit facility, outstanding		$ 69,200
Senior secured credit facility, interest rate description		Payment-in-kind interest at an annual rate of 3% compounded monthly.	Payment-in-kind interest at an annual rate of 3% compounded monthly.
Senior secured credit facility, payment terms		With respect to repayment of Tranche A, a make-whole fee in an amount equal to four percent (4%) of the outstanding balance of Tranche A will be payable.
Subsequent Event \| Senior Notes
Debt Instrument [Line Items]
Senior secured credit facility, description of default	The Senior Loan initially matured on April 28, 2015, and has been extended to the current maturity date of February 29, 2016. As of February 9, 2016 the Senior Loan was transferred to a new entity, "Holder". As of February 29, 2016 the Company was unable to pay the full amount of the Senior Loan due and Company and Holder entered into a forbearance agreement acknowledging the default under the loan for non-payment in full at maturity and providing for a forbearance of action through April 30, 2016. During this period the Company will seek to restructure the loan, obtain alternative debt, additional equity or other capital.

Stockholders' Equity (Details N

Stockholders' Equity (Details Narrative) - $ / shares	12 Months Ended
Stockholders' Equity (Details Narrative) - $ / shares	Dec. 31, 2015	Dec. 31, 2014
Equity [Abstract]
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, shares authorized	900,000,000	900,000,000
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares issued	1,327,859	1,327,859
Common stock, shares outstanding	1,327,859	1,327,859
Voting rights		Common stockholders have full voting rights and are entitled to one vote per share held and are entitled to receive dividends when and if declared.
Stock distributions, description	There were no distributions declared or made during the year ended December 31, 2015.	The Companys Board of Directors declared a stock distribution of 0.015 shares each of our common stock, or 1.5% per distribution of each outstanding share of common stock, to our stockholders of record at the close of business on March 31, 2014 and was issued on April 15, 2014.
Incentive award plan, shares authorized	750,000
Incentive award plan, shares available for grant	750,000
Incentive award plan, awards granted	0

Commitments (Details Narrative)

Commitments (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
Commitments (Details Narrative) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Rental expense for operating lease	$ 328	$ 331
Minimum future annual rental commitments under the operating lease
2,016	189
Minimum
Employment Agreements
Base salaries	200
Maximum
Employment Agreements
Base salaries	$ 300

Retirement Plan (Details Narrat

Retirement Plan (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Compensation and Retirement Disclosure [Abstract]
Amount funded to individual SEP IRA retirement accounts	$ 0	$ 123

Schedule III - Real Estate Prop

Schedule III - Real Estate Properties and Accumulated Depreciation (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Initial costs of land		$ 18,051
Initial costs of building and improvements		119,846
Costs capitalized subsequent to acquisition		339
Gross amounts of land		18,051
Gross amounts of building and improvements		120,185
Total real estate properties, gross		138,236	$ 138,112
Accumulated depreciation	[1]	8,522	$ 1,004
The aggregate tax basis for federal tax purposes		$ 158,457
Chicago, IL 3940 Stern Avenue
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[2]
Initial costs of land		$ 1,156
Initial costs of building and improvements		5,141
Costs capitalized subsequent to acquisition		0
Gross amounts of land		1,156
Gross amounts of building and improvements		5,141
Total real estate properties, gross		6,297
Accumulated depreciation	[1]	$ 396
Year acquired		Dec. 31, 2014
Year built/renovated	[3]	1,987
Building depreciation life-years		16 years
Chicago, IL 1875 Holmes Road
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[2]
Initial costs of land		$ 1,591
Initial costs of building and improvements		5,205
Costs capitalized subsequent to acquisition		0
Gross amounts of land		1,591
Gross amounts of building and improvements		5,205
Total real estate properties, gross		6,796
Accumulated depreciation	[1]	$ 426
Year acquired		Dec. 31, 2014
Year built/renovated	[3]	1,989
Building depreciation life-years		16 years
Chicago, IL 1355 Holmes Road
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[2]
Initial costs of land		$ 1,012
Initial costs of building and improvements		2,789
Costs capitalized subsequent to acquisition		0
Gross amounts of land		1,012
Gross amounts of building and improvements		2,789
Total real estate properties, gross		3,801
Accumulated depreciation	[1]	$ 224
Year acquired		Dec. 31, 2014
Year built/renovated	[3]	1975/1999
Building depreciation life-years		16 years
Chicago, IL 2401 Commerce Drive
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[2]
Initial costs of land		$ 486
Initial costs of building and improvements		4,598
Costs capitalized subsequent to acquisition		34
Gross amounts of land		486
Gross amounts of building and improvements		4,632
Total real estate properties, gross		5,118
Accumulated depreciation	[1]	$ 238
Year acquired		Dec. 31, 2014
Year built/renovated	[3]	1,994
Building depreciation life-years		28 years
Chicago, IL 189 Seegers Road
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[2]
Initial costs of land		$ 470
Initial costs of building and improvements		1,381
Costs capitalized subsequent to acquisition		0
Gross amounts of land		470
Gross amounts of building and improvements		1,381
Total real estate properties, gross		1,851
Accumulated depreciation	[1]	$ 81
Year acquired		Dec. 31, 2014
Year built/renovated	[3]	1,972
Building depreciation life-years		21 years
Chicago, IL 11351 W. 183rd Street
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[2]
Initial costs of land		$ 361
Initial costs of building and improvements		1,674
Costs capitalized subsequent to acquisition		0
Gross amounts of land		361
Gross amounts of building and improvements		1,674
Total real estate properties, gross		2,035
Accumulated depreciation	[1]	$ 86
Year acquired		Dec. 31, 2014
Year built/renovated	[3]	2,000
Building depreciation life-years		34 years
Cincinnati, OH Mosteller Distribution Center
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[2]
Initial costs of land		$ 1,501
Initial costs of building and improvements		9,424
Costs capitalized subsequent to acquisition		0
Gross amounts of land		1,501
Gross amounts of building and improvements		9,424
Total real estate properties, gross		10,925
Accumulated depreciation	[1]	$ 838
Year acquired		Dec. 31, 2014
Year built/renovated	[3]	1,959
Building depreciation life-years		11 years
Cincinnati, OH 4115 Thunderbird Lane
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[2]
Initial costs of land		$ 275
Initial costs of building and improvements		2,093
Costs capitalized subsequent to acquisition		0
Gross amounts of land		275
Gross amounts of building and improvements		2,093
Total real estate properties, gross		2,368
Accumulated depreciation	[1]	$ 129
Year acquired		Dec. 31, 2014
Year built/renovated	[3]	1,991
Building depreciation life-years		22 years
Florence, KY 7585 Empire Drive
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[2]
Initial costs of land		$ 644
Initial costs of building and improvements		2,656
Costs capitalized subsequent to acquisition		0
Gross amounts of land		644
Gross amounts of building and improvements		2,656
Total real estate properties, gross		3,300
Accumulated depreciation	[1]	$ 303
Year acquired		Dec. 31, 2014
Year built/renovated	[3]	1,973
Building depreciation life-years		11 years
Columbus, OH 3500 Southwest Boulevard
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[2]
Initial costs of land		$ 1,488
Initial costs of building and improvements		16,730
Costs capitalized subsequent to acquisition		0
Gross amounts of land		1,488
Gross amounts of building and improvements		16,730
Total real estate properties, gross		18,218
Accumulated depreciation	[1]	$ 1,019
Year acquired		Dec. 31, 2014
Year built/renovated	[3]	1,992
Building depreciation life-years		22 years
Columbus, OH 3100 Creekside Parkway
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[2]
Initial costs of land		$ 1,205
Initial costs of building and improvements		9,602
Costs capitalized subsequent to acquisition		0
Gross amounts of land		1,205
Gross amounts of building and improvements		9,602
Total real estate properties, gross		10,807
Accumulated depreciation	[1]	$ 495
Year acquired		Dec. 31, 2014
Year built/renovated	[3]	2,004
Building depreciation life-years		27 years
Columbus, OH 8288 Green Meadows Dr.
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[2]
Initial costs of land		$ 1,107
Initial costs of building and improvements		8,413
Costs capitalized subsequent to acquisition		0
Gross amounts of land		1,107
Gross amounts of building and improvements		8,413
Total real estate properties, gross		9,520
Accumulated depreciation	[1]	$ 686
Year acquired		Dec. 31, 2014
Year built/renovated	[3]	1,988
Building depreciation life-years		17 years
Columbus, OH 8273 Green Meadows Dr.
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[2]
Initial costs of land		$ 341
Initial costs of building and improvements		2,266
Costs capitalized subsequent to acquisition		0
Gross amounts of land		341
Gross amounts of building and improvements		2,266
Total real estate properties, gross		2,607
Accumulated depreciation	[1]	$ 133
Year acquired		Dec. 31, 2014
Year built/renovated	[3]	1996/2007
Building depreciation life-years		27 years
Columbus, OH 7001 American Pkwy
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[2]
Initial costs of land		$ 331
Initial costs of building and improvements		1,416
Costs capitalized subsequent to acquisition		0
Gross amounts of land		331
Gross amounts of building and improvements		1,416
Total real estate properties, gross		1,747
Accumulated depreciation	[1]	$ 105
Year acquired		Dec. 31, 2014
Year built/renovated	[3]	1986/2007 & 212
Building depreciation life-years		20 years
Memphis, TN 6005, 6045 & 6075 Shelby Dr.
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[2]
Initial costs of land		$ 488
Initial costs of building and improvements		4,918
Costs capitalized subsequent to acquisition		32
Gross amounts of land		488
Gross amounts of building and improvements		4,950
Total real estate properties, gross		5,438
Accumulated depreciation	[1]	$ 372
Year acquired		Dec. 31, 2014
Year built/renovated	[3]	1,989
Building depreciation life-years		19 years
Jackson, TN 210 American Dr.
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[2]
Initial costs of land		$ 928
Initial costs of building and improvements		10,441
Costs capitalized subsequent to acquisition		0
Gross amounts of land		928
Gross amounts of building and improvements		10,441
Total real estate properties, gross		11,369
Accumulated depreciation	[1]	$ 1,061
Year acquired		Dec. 31, 2014
Year built/renovated	[3]	1967/1981 & 2012
Building depreciation life-years		13 years
Altanta, GA 32 Dart Road
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[2]
Initial costs of land		$ 257
Initial costs of building and improvements		4,453
Costs capitalized subsequent to acquisition		215
Gross amounts of land		257
Gross amounts of building and improvements		4,668
Total real estate properties, gross		4,925
Accumulated depreciation	[1]	$ 339
Year acquired		Dec. 31, 2014
Year built/renovated	[3]	1,988
Building depreciation life-years		18 years
Portland, ME 56 Milliken Road
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[2]
Initial costs of land		$ 1,418
Initial costs of building and improvements		7,412
Costs capitalized subsequent to acquisition		27
Gross amounts of land		1,418
Gross amounts of building and improvements		7,439
Total real estate properties, gross		8,857
Accumulated depreciation	[1]	$ 524
Year acquired		Dec. 31, 2014
Year built/renovated	[3]	1966/1995, 2005, 2013
Building depreciation life-years		20 years
Marlton, NJ 4 East Stow Road
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[2]
Initial costs of land		$ 1,580
Initial costs of building and improvements		6,953
Costs capitalized subsequent to acquisition		13
Gross amounts of land		1,580
Gross amounts of building and improvements		6,966
Total real estate properties, gross		8,546
Accumulated depreciation	[1]	$ 484
Year acquired		Dec. 31, 2014
Year built/renovated	[3]	1,986
Building depreciation life-years		22 years
Cleveland, OH 1755 Enterprise Parkway
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	[2]
Initial costs of land		$ 1,412
Initial costs of building and improvements		12,281
Costs capitalized subsequent to acquisition		18
Gross amounts of land		1,412
Gross amounts of building and improvements		12,299
Total real estate properties, gross		13,711
Accumulated depreciation	[1]	$ 583
Year acquired		Dec. 31, 2014
Year built/renovated	[3]	1979/2005
Building depreciation life-years		27 years

[1]	Depreciation is calculated over the remaining useful life of the property as determined at the time of the purchase price allocation, ranging from 11 to 34 years for building and 3 to 13 years for improvements.
[2]	These properties secure the $165,000 senior loan.
[3]	Renovation means significant upgrades, alterations, or additions to building interiors or exteriors.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation Rollforward (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014
Real Estate
Balance at the beginning of the period		$ 138,112
Additions during the period		124	$ 138,112
Balance at the end of the period		138,236	138,112
Accumulated Depreciation
Balance at the beginning of the period	[1]	1,004
Depreciation expense		7,518	1,004
Balance at the end of the period	[1]	$ 8,522	$ 1,004

[1]	Depreciation is calculated over the remaining useful life of the property as determined at the time of the purchase price allocation, ranging from 11 to 34 years for building and 3 to 13 years for improvements.