Jernigan Capital (JCAP) 10-K 5 Apr 16 2015 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2015	Apr. 05, 2016	Jun. 30, 2015
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Entity Registrant Name	Jernigan Capital, Inc.
Entity Central Index Key	1,622,353
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Public Float			$ 115,844,320
Trading Symbol	JCAP
Entity Common Stock, Shares Outstanding		6,162,500

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Assets:
Cash and cash equivalents	$ 43,859	$ 1
Restricted cash	0	15
Development property investments at fair value	40,222	0
Operating property loans at fair value	19,600	0
Prepaid expenses and other assets	1,485	0
Fixed assets, net	261	0
Total assets	105,427	16
Liabilities:
Due to Manager	698	0
Accounts payable, accrued expenses and other liabilities	808	15
Dividends payable	2,157	0
Total liabilities	3,663	15
Jernigan Capital, Inc. stockholders’ equity:
Preferred stock, $0.01 par value, 100,000,000 shares authorized, none issued and outstanding at December 31, 2015 and none authorized, issued and outstanding at December 31, 2014	0	0
Common stock, $0.01 par value, 500,000,000 and 1,000 shares authorized at December 31, 2015 and 2014, respectively; 6,162,500 and 1,000 shares issued and outstanding at December 31, 2015 and 2014, respectively	62	0
Additional paid-in capital	110,634	1
Accumulated deficit	(9,396)	0
Total Jernigan Capital, Inc. stockholders’ equity	101,300	1
Non-controlling interests	464	0
Total equity	101,764	1
Total liabilities and equity	$ 105,427	$ 16

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2015	Dec. 31, 2014
Preferred Stock, Par Value (in dollars per share)	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	100,000,000	0
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common Stock, Par Value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, Shares Authorized	500,000,000	1,000
Common Stock, Shares Issued	6,162,500	1,000
Common Stock, Shares Outstanding	6,162,500	1,000

CONSOLIDATED STATEMENT OF OPERA

CONSOLIDATED STATEMENT OF OPERATIONS $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)$ / sharesshares
Revenues:
Interest income from investments	$ 1,743
Net interest income	1,743
Costs and expenses:
General and administrative expenses reimbursable to Manager	2,121
General and administrative expenses	1,345
Investment expenses	262
Management fees to Manager	1,237
Restructuring costs	276
Deferred termination fee to Manager	464
Total costs and expenses	5,705
Operating loss	(3,962)
Other income:
Change in fair value of investments	872
Other interest income	147
Total other income	1,019
Net loss	$ (2,943)
Basic and diluted net loss per share of common stock (in dollars per share) | $ / shares	$ (0.69)
Basic and diluted weighted average shares of common stock outstanding (in shares) | shares	4,504,356
Dividends declared per share of common stock (in dollars per share) | $ / shares	$ 1.05

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Total Stockholders' Equity [Member]	Non-Controlling Interests [Member]
Balance at Oct. 02, 2014	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0
Balance (in shares) at Oct. 02, 2014		0
Private placement of common stock	1	$ 0	1	0	1	0
Private placement of common stock (in shares)		1,000
Balance at Dec. 31, 2014	1	$ 0	1	0	1	0
Balance (in shares) at Dec. 31, 2014		1,000
Retirement of stock	(1)	$ 0	(1)	0	(1)	0
Retirement of stock (in shares)		(1,000)
Public offering of common stock	115,000	$ 58	114,942	0	115,000	0
Public offering of common stock (in shares)		5,750,000
Private placement of common stock	5,000	$ 2	4,998	0	5,000	0
Private placement of common stock (in shares)		250,000
Equity offering costs	(9,609)	$ 0	(9,609)	0	(9,609)	0
Issuance of restricted stock	0	$ 2	(2)	0	0	0
Issuance of restricted stock (in shares)		162,500
Stock-based compensation	305	$ 0	305	0	305	0
Deferred termination fee to Manager	464	0	0	0	0	464
Dividends declared	(6,453)	0	0	(6,453)	(6,453)	0
Net loss	(2,943)	0	0	(2,943)	(2,943)	0
Balance at Dec. 31, 2015	$ 101,764	$ 62	$ 110,634	$ (9,396)	$ 101,300	$ 464
Balance (in shares) at Dec. 31, 2015		6,162,500

CONSOLIDATED STATEMENT OF CASH

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015
Cash flows from operating activities
Net loss	$ (2,943)
Adjustments to reconcile net loss to net cash used in operating activities:
Interest capitalized on outstanding loans	(973)
Change in fair market value of investments	(872)
Stock-based compensation	305
Deferred termination fee to Manager	464
Depreciation	21
Accretion of origination fees	(100)
Origination fees received in cash	44
Other	(215)
Loss on disposal of assets	33
Changes in operating assets and liabilities:
Other assets	(294)
Due to Manager	698
Accounts payable, accrued expenses, and other liabilities	793
Net cash used in operating activities	(3,039)
Cash flows from investing activities
Purchase of fixed assets	(315)
Funding of investments - Development property investments	(40,707)
Funding of investments - Operating property loans	(23,004)
Funding of investments - Other loans	(1,191)
Repayment of investments	6,019
Net cash used in investing activities	(59,198)
Cash flows from financing activities
Dividends paid	(4,296)
Net proceeds from issuance of common stock	110,391
Net cash provided by financing activities	106,095
Net change in cash and cash equivalents	43,858
Cash and cash equivalents at the beginning of the period	1
Cash and cash equivalents at the end of the period	43,859
Supplemental disclosure of non-cash activities:
Loans paid off with issuance of new loans	2,573
Conversion of investment (preferred equity to mezzanine loan)	924
Retirement of common stock	1
Dividends declared	$ 2,157

ORGANIZATION AND FORMATION OF T

ORGANIZATION AND FORMATION OF THE COMPANY	12 Months Ended
	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	1 Jernigan Capital, Inc. (together with its consolidated subsidiaries, the “Company”) makes debt and equity investments in newly-constructed and existing self-storage facilities. The Company is a Maryland corporation that was organized on October 1, 2014. The Company closed its initial public offering of its common stock (the “IPO”) on April 1, 2015, and has used proceeds of the IPO primarily to fund real estate loans to private developers, owners and operators of self-storage facilities. The Company is structured as an Umbrella Partnership REIT (“UPREIT”) and conducts its investment activities through its operating company, Jernigan Capital Operating Company, LLC (the “Operating Company”). The Operating Company was initially formed on March 5, 2015 as Jernigan Capital Operating Partnership LP (the “Operating Partnership”), a Maryland limited partnership. On December 30, 2015, the Company, in its capacity as the sole general partner of the Operating Partnership, and as the sole and managing member of Jernigan Capital OP, LLC, the limited partner of the Operating Partnership, converted the Operating Partnership into a Delaware limited liability company, the Operating Company. In connection with the conversion, the Company entered into a Limited Liability Company Agreement of the Operating Company (the “Operating Agreement”), which is substantially identical to the agreement of limited partnership of the Operating Partnership previously in effect. In connection with the conversion and pursuant to the Operating Agreement, the Company became the managing member of the Operating Company and Jernigan Capital OP, LLC became the initial non-managing member of the Operating Company. Each Partnership Interest (as defined in the Amended and Restated Agreement of Limited Partnership of the Operating Partnership) of the Operating Partnership was converted into one Class A Unit (as defined in the Operating Agreement) of the Operating Company. Other than to reflect the conversion of the Operating Partnership to a limited liability company, no other material changes were made in changing the agreement of limited partnership of the Operating Partnership to the Operating Agreement. The Operating Company now is the “operating partnership” of the Company through which it will conduct all of its operations and own all of its assets and issue units in the future in contribution or other transactions, if any. The Company intends to elect to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986 (the “Code”), as amended, for its taxable year ended December 31, 2015. As a REIT, the Company generally will not be subject to U.S. federal income taxes on REIT taxable income, determined without regard to the deduction for dividends paid and excluded capital gains, to the extent that it annually distributes all of its REIT taxable income to stockholders and complies with various other requirements for qualification as a REIT set forth in the Code.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	2. SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Principles of Consolidation The Company’s consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Substantially all operations are conducted through the Operating Company, and all significant intercompany transactions and balances have been eliminated in consolidation. There were no operations from October 1, 2014 (inception of the Company) to December 31, 2014. As a result, there is no statement of operations or statement of cash flows for the period ended December 31, 2014. Liquidity As of December 31, 2015, the Company had unrestricted cash of approximately $43.9 million and unfunded loan commitments related to its investment portfolio of approximately $115.1 million, a difference of $71.2 million. Pursuant to the JV Agreement (defined in Note 14, Subsequent Events Subsequent Events Subsequent Events, Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Actual results could differ from those estimates. Fair Value Measurement The Company carries certain financial instruments at fair value because it has elected to apply the fair value option on an instrument by instrument basis under Accounting Standards Codification (“ASC”) 825, Financial Instruments The following table presents the financial instruments measured at fair value on a recurring basis as of December 31, 2015: Fair Value Measurements Using Total Level 1 Level 2 Level 3 Development property investments $ 40,222 $ - $ - $ 40,222 Operating property loans 19,600 - - 19,600 Total investments $ 59,822 $ - $ - $ 59,822 Estimating fair value requires the use of judgment. The types of judgments involved depend upon the availability of observable market information. Management’s judgments include determining the appropriate valuation model to use, estimating unobservable inputs and applying valuation adjustments. See Note 4, Fair Value of Financial Instruments Variable Interest Entities The Company invests in entities which may qualify as variable interest entities (“VIEs”). A VIE is a legal entity that lacks one or more of the characteristics of a voting interest entity. A VIE is defined as an entity in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The determination of whether an entity is a VIE includes both a qualitative and quantitative analysis. Management bases the qualitative analysis on its review of the design of the entity, its organizational structure including decision-making ability and relevant financial agreements and the quantitative analysis on the forecasted cash flow of the entity. Management reassesses the initial evaluation of an entity as a VIE upon the occurrence of certain reconsideration events. A VIE must be consolidated only by its primary beneficiary, which is defined as the party which, along with its affiliates and agents has both the: (i) power to direct the activities that most significantly impact the VIE’s economic performance and (ii) obligation to absorb the losses of the VIE or the right to receive the benefits from the VIE, which could be significant to the VIE. Management determines whether the Company is the primary beneficiary of a VIE by considering qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIE’s economic performance and which party controls such activities; the amount and characteristics of its investment; the obligation or likelihood for the Company or other interests to provide financial support; consideration of the VIE’s purpose and design, including the risks the VIE was designed to create and pass through to its variable interest holders and the similarity with and significance to the Company’s business activities and the other interests. Management reassesses the determination of whether the Company is the primary beneficiary of a VIE each reporting period. Cash and Cash Equivalents Cash, investments in money market accounts and certificates of deposit with original maturities of three months or less are considered to be cash equivalents. The Company places its cash and cash equivalents primarily with a single financial institution and, at times, cash held may exceed the Federal Deposit Insurance Corporation insurance limit. Restricted Cash The Company’s restricted cash balance at December 31, 2014 includes a customer due diligence deposit received in connection with a prospective loan. Equity Investments Investments in joint ventures and entities over which the Company exercises significant influence but not control are accounted for using the equity method. In accordance with ASC 825-10, the Company has elected the fair value option of accounting for its equity method investments, which consist of its development property investments. Loan Investments and Fair Value Option Election The Company has elected the fair value option of accounting for all of its investment portfolio loan investments, including those that are required under GAAP to be accounted for under the equity method, in order to provide better transparency into the Company’s revenues and value inherent in the Company’s equity participation in development projects. Changes in the fair value of these investments are recorded in change in fair value of investments within other income. All direct loan costs are charged to expense as incurred. Each loan investment is evaluated for impairment on a periodic basis. A loan will be considered impaired when, based on current information and events, it is probable that the loan will not be collected according to the contractual terms of the loan agreement. Factors to be considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. At December 31, 2015, there were no loans in default. Prepaid Expenses and Other Assets The Company’s prepaid expenses and other assets balance at December 31, 2015 includes principal balances for three revolving loan agreements and one mortgage loan. Because these loans are not part of the Company’s investment portfolio, these loans are accounted for under the cost method. Fixed Assets Fixed assets are recorded at cost and consist of furniture, office and computer equipment, and software. Depreciation is computed on a straight-line basis over the estimated useful lives of the related assets, which range from three to seven years. Fixed assets are generally purchased by the Manager and then reimbursed by the Company. As a result, depreciation expense is included in general and administrative expenses reimbursable to Manager in the Consolidated Statement of Operations. Maintenance and repair costs are charged to expense as incurred. Upon sale or retirement, the asset cost and related accumulated depreciation are eliminated from the respective accounts and any resulting gain or loss is included in income. Revenue recognition Interest income is recognized as earned on a simple interest basis and is reported in interest income from investments in the Consolidated Statement of Operations. Accrual of interest will be discontinued on a loan when management believes, after considering economic and business conditions and collection efforts, that the borrower’s financial condition is such that collection of interest is doubtful. The Company will recognize income on impaired loans when they are placed into non-accrual status on a cash basis when the loans are both current and the collateral on the loan is sufficient to cover the outstanding obligation to the Company. If these factors do not exist, the Company will not recognize income on such loans. Accrued interest generally is reversed when a loan is placed on non-accrual status. The Company’s loan origination fees are accreted into interest income over the term of the investment using the effective yield method. Offering Costs Underwriting commissions and offering costs incurred in connection with the Company’s stock offerings are reflected as a reduction of additional paid-in capital. Offering costs represent professional fees, fees paid to various regulatory agencies, and other costs incurred in connection with the registration and sale of the Company’s common stock. Organization Costs Costs incurred to organize the Company were expensed as incurred. Restructuring Costs Restructuring costs consist of severance and benefits costs, lease termination costs, and other costs incurred by the Company in conjunction with consolidating its offices and moving its corporate headquarters. The Company recognizes these severance and other charges when the requirements of ASC 420, Exit or Disposal Cost Obligations , Income Taxes The Company intends to elect to be taxed as a REIT and to comply with the related provisions of the Code commencing with its taxable year ended December 31, 2015. Accordingly, the Company will generally not be subject to U.S. federal income tax to the extent of its distributions to stockholders and as long as certain asset, income and share ownership tests are met. The Company had no taxable income for the year ended December 31, 2015. To qualify as a REIT, the Company must annually distribute at least 90% of its REIT taxable income to its stockholders and meet certain other requirements. Earnings per Share (“EPS”) Basic EPS includes only the weighted average number of common shares outstanding during the period. Diluted EPS includes the weighted average number of common shares and the dilutive effect of restricted stock and redeemable Operating Company units when such instruments are dilutive. All outstanding unvested share-based payment awards that contain rights to nonforfeitable dividends are treated as participating in undistributed earnings with common shareholders. Awards of this nature are considered participating securities and the two-class method of computing basic and diluted EPS must be applied. Comprehensive Income For the year ended December 31, 2015, comprehensive income equaled net income; therefore, a separate Consolidated Statement of Comprehensive Income is not included in the accompanying consolidated financial statements. Segment Reporting The Company does not evaluate performance on a relationship specific or transactional basis and does not distinguish its principal business or group its operations on a geographical basis for purposes of measuring performance. Accordingly, the Company believes it has a single operating segment for reporting purposes in accordance with GAAP. Recent Accounting Pronouncements In January 2014, the FASB issued ASU 2014-04, Receivables-Troubled Debt Restructurings by Creditors (Sub Topic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans Upon Foreclosure. This ASU clarifies when an in substance repossession or foreclosure occurs and requires disclosure of the amount of foreclosed residential real estate property held by the creditor and the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure. ASU 2014-04 is effective for annual periods beginning after December 15, 2014, and interim periods within annual periods beginning after December 15, 2015. The adoption of this guidance did not have an impact on the Company’s consolidated financial statements. In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis. This ASU amends the assessment of whether a limited partnership or limited liability company is a variable interest entity; the effect that fees paid to a decision maker have on the consolidation analysis; how variable interests held by a reporting entity’s related parties or de facto agents affect its consolidation conclusion; and for entities other than limited partnerships and limited liability companies, clarifies how to determine whether the equity holders as a group have power over an entity. This guidance is effective for public business entities for fiscal years and for interim periods within those fiscal years, beginning after December 15, 2015, with early adoption being allowed. The Company early adopted the provisions of this ASU in 2015, and there was no impact on the Company’s consolidated financial statements as a result of the adoption. In April 2015, the FASB issued ASU 2015-03, Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. This guidance simplifies the presentation of debt issuance costs by requiring that debt issuance costs be presented in the balance sheet as a deduction from the carrying amount of the related debt liability, consistent with debt discount or premiums. The recognition guidance for debt issuance costs are not affected by amendments in this update, which is effective for annual reporting periods beginning after December 15, 2015. The Company does not expect adoption will have a material impact on its consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, which is effective for fiscal years, and interim periods within those years, beginning on or after December 15, 2016. In August 2015, the FASB extended the effective date by one year to years beginning on and after December 15, 2017. The standard may be adopted as early as the original effective date but early adoption prior to that date is not permitted. This ASU outlines a new, single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry specific guidance. The Company is currently assessing the impact this new accounting guidance will have on the Company’s consolidated financial statements. In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. This ASU requires management to evaluate whether there are conditions and events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the financial statements are issued (or available to be issued when applicable) and, if so, disclose that fact. This ASU is effective for annual periods ending after December 15, 2016 and interim periods within annual periods beginning after December 15, 2016. Early adoption is permitted for annual or interim reporting periods for which the financial statements have not previously been issued. The adoption of this guidance is not expected to have a material effect on the Company’s consolidated financial statements and disclosures.

INVESTMENTS

INVESTMENTS	12 Months Ended
	Dec. 31, 2015
Schedule of Investments [Abstract]
Investment Holdings, Schedule of Investments [Text Block]	3. INVESTMENTS The Company’s self-storage investments at December 31, 2015 consist of the following: · Development Property Investments 14 118.4 49.9 6.9 72 The Company also had four construction loan investments totaling an aggregate committed principal amount of approximately $ 36.8 18 6.9 · Operating property loans 20.5 5.85 6.9 72 The Company’s development property investments and operating property loans are collectively referred to herein as the Company’s investment portfolio. 175.7 60.7 Closing Date Metropolitan Commitment Funded (1) Unfunded Fair Value Development property investments: Loan investments with a profits interest: 4/21/2015 Orlando $ 5,372 $ 3,254 $ 2,118 $ 3,400 5/14/2015 Miami (2) 13,867 2,258 11,609 2,115 5/14/2015 Miami (2) 14,849 3,076 11,773 2,929 6/10/2015 Atlanta 8,132 4,723 3,409 4,829 6/19/2015 Tampa 5,369 3,720 1,649 3,820 6/26/2015 Atlanta 6,050 2,799 3,251 2,823 6/29/2015 Charlotte 7,624 1,124 6,500 1,554 7/2/2015 Milwaukee 7,650 2,529 5,121 2,463 7/31/2015 New Haven 6,930 997 5,933 960 8/10/2015 Pittsburgh 5,266 1,542 3,724 1,542 8/14/2015 Raleigh 8,998 1,026 7,972 934 9/25/2015 Fort Lauderdale (2) 13,230 2,144 11,086 2,009 9/30/2015 Jacksonville 6,445 1,213 5,232 1,180 10/27/2015 Austin 8,658 800 7,858 708 $ 118,440 $ 31,205 $ 87,235 $ 31,266 Construction loans: 8/5/2015 West Palm Beach 7,500 2,011 5,489 1,951 8/5/2015 Sarasota 4,792 1,036 3,756 998 11/17/2015 Chicago 6,808 775 6,033 706 12/23/2015 Miami 17,733 5,655 12,078 5,301 $ 36,833 $ 9,477 $ 27,356 $ 8,956 Subtotal $ 155,273 $ 40,682 $ 114,591 $ 40,222 Operating property loans: 6/19/2015 New Orleans 2,800 2,800 - 2,736 7/7/2015 Newark 3,480 3,480 - 3,416 10/30/2015 Nashville 1,210 1,210 - 1,192 11/10/2015 Sacramento 5,500 5,500 - 5,401 11/24/2015 Nashville 4,968 4,863 105 4,755 12/22/2015 Chicago 2,502 2,130 372 2,100 Subtotal $ 20,460 $ 19,983 $ 477 $ 19,600 Total investments $ 175,733 $ 60,665 $ 115,068 $ 59,822 (1) Represents principal balance of loan gross of origination fees (2) These development property investments were contributed to the Heitman Joint Venture in connection with our investment in the Heitman Joint Venture of $ 12.2 10 8.1 Subsequent Events. Funded principal $ 60,665 Adjustments: Unamortized origination fees (1,715) Change in fair value of investments 872 Fair value of investments $ 59,822 The Company has elected the fair value option of accounting for all of its investment portfolio investments in order to provide better transparency into its revenues and value inherent in its equity participation in development projects. See Note 4, Fair Value of Financial Instruments In April 2015, the Company made one preferred equity investment of $ 0.9 49.9 During the fourth quarter of 2015, the Company received the full repayment from a development property investment with a profits interest that was secured by a development project in the Dallas, Texas MSA. The Company recognized $ 0.1 0.1 During the fourth quarter of 2015, the Company received the full repayment from an operating property loan secured by a self-storage facility in the Detroit, Michigan MSA. The Company recognized $ 32 No loans are in non-accrual status as of December 31, 2015. All of the Company’s development property investments with a profits interest would have been accounted for under the equity method had the Company not elected the fair value option. For the development property investments with a profits interest, the assets and liabilities of the equity method investees approximate $ 44.4 31.2

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	4. FAIR VALUE OF FINANCIAL INSTRUMENTS The fair value option under ASC 825-10 allows companies to elect the option to report selected financial assets and liabilities at fair value. The Company has elected the fair value option for its development property investments and operating property loan investments because it believes such accounting provides investors and others relying on the Company’s financial statements with a more transparent view of its revenues and value inherent in its equity participation in development projects. The Company applies ASC 820, Fair Value Measurements and Disclosures Level 1 - Quoted prices for identical assets or liabilities in an active market. Level 2 - Financial assets and liabilities whose values are based on the following: (i) Quoted prices for similar assets or liabilities in active markets; (ii) Quoted prices for identical or similar assets or liabilities in non-active markets; (iii) Pricing models whose inputs are derived principally from or corroborated by observable market data for substantially the full term of the asset or liability. Level 3 - Prices or valuation techniques based on inputs that are both unobservable and significant to the overall fair value measurement. The carrying values of cash, certain other assets, receivables and payables approximate their fair values due to their short-term nature. These instruments are categorized as Level 1 instruments in the measurement of fair value. The below table summarizes the valuation techniques and inputs used to measure the fair value of items categorized in Level 3 of the fair value hierarchy. Instrument Valuation technique and assumptions Hierarchy classification Development property investments Valuations are based using an Income Approach analysis, using the discounted cash flow method model, capturing the prepayment penalty / call price schedule as applicable. The valuation models are calibrated to the total investment net drawn amount as of the issuance date. Level 3 Development property investments with a profits interest (a) Valuations are based using an Income Approach analysis, using the discounted cash flow method model, capturing the prepayment penalty / call price schedule as applicable. The valuation models are calibrated to the total investment net drawn amount as of the issuance date factoring in the value of the profits interests. An option-pricing method (OPM) framework is utilized to calculate the value of the profits interests. Level 3 Operating property loans Valuations are based using an Income Approach analysis, using the discounted cash flow method model, capturing the prepayment penalty / call price schedule as applicable. Level 3 (a) At December 31, 2015, the Company’s development property investments and operating property loan investments are valued using two different valuation techniques based on the early stage of the Company’s investments. The first valuation technique is an income approach analysis of the debt instrument components of the Company’s investments. The second valuation technique is an option pricing model that is used to determine the fair value of any profits interests associated with an investment. The valuation models are calibrated to the total investment net drawn amount as of the issuance date factoring in the value of the profits interests. At the issuance date of each development property investment, generally the property underlying such investment approximates the sum of the net investment drawn amount plus the developer’s equity investment. For development property investments with a profits interest, at a certain stage of construction, the option pricing method incorporates an adjustment to measure entrepreneurial profit. Entrepreneurial profit is a monetary return above total construction costs that provides compensation for the risk of a development project. Under this method, the value of each property is estimated based on the cost incurred to date, plus an estimated earned entrepreneurial profit. Total entrepreneurial profit is estimated as the difference between the projected value of a property at stabilization and the total development costs, including land, building improvements, and lease-up costs. Utilizing information obtained from the market coupled with the Company’s own experience, the Company has estimated that in most cases, approximately one-third of the entrepreneurial profit is earned during the construction period beginning when construction is approximately 40% complete and ending when construction is 100% complete, and approximately two-thirds of the entrepreneurial profit is earned from construction completion through stabilization. For properties between 40 100 For one development property investment in which the Company holds a 49.9 0.5 Level 3 Fair Value Measurements Unobservable Inputs Asset Category Primary Valuation Input Estimated Range Weighted Development property investments Income approach analysis Market yields/ discount rate 7.74 – 9.35% 8.77% Exit date 1.17 – 3.83 years 3.02 years Development property investments with a profits interest (a) Option pricing model Volatility 72.46 - 73.12% 72.82% Exit date 3.31 - 3.83 years 3.49 years Capitalization rate (b) 6.00 – 6.50% 6.38% Operating property loans Income approach analysis Market yields/ discount rate 6.22 - 7.53% 6.91% Exit date (c) 5.50 - 6.68 years 5.97 years (a) The valuation technique for the development property investments with a profits interest does not differ from the development property investments without a profits interest. The development property investment with a profits interest only requires incremental valuation techniques to determine the value of the profits interest. Therefore this line only focuses on the profits interest valuation. (b) Four properties were between 40% - 100% complete, thus requiring a capitalization rate to derive entrepreneurial profit. (c) The exit dates for the operating property loans are the contractual maturity dates. The fair value measurements are sensitive to changes in unobservable inputs. A change in those inputs to a different amount might result in a significantly higher or lower fair value measurement. The following provides a discussion of the impact of changes in each of the unobservable inputs on the fair value measurement. Market yields - changes in market yields, discount rates or earnings before interest, income taxes, depreciation, and amortization (“EBITDA”) multiples, each in isolation, may change the fair value of certain of the Company’s investments. Generally, an increase in market yields or discount rates or decrease in EBITDA multiples may result in a decrease in the fair value of certain of the Company’s investments. Change in market yields/discount rates Increase (Decrease) in Up 100 basis points $ (1.6) Down 50 basis points, subject to a minimum yield/rate of 10 basis points 0.8 Capitalization rate – changes in capitalization rate, each in isolation, may change the fair value of certain of the Company’s investments that have profits interests. Generally an increase in the capitalization rate assumption may result in a decrease in the fair value of the entrepreneurial profit associated with certain of the Company’s investments. Change in capitalization rates Increase (Decrease) in Up 100 basis points $ (0.3) Down 100 basis points 0.4 Exit date - changes in exit date, in isolation and all else equal, may change the fair value of certain of the Company’s investments that have profits interests. Generally, an increase in the exit date assumption may result in an increase in the fair value of the profits interests in certain of the Company’s investments. Volatility - changes in volatility, in isolation and all else equal, may change the fair value of certain of the Company’s investments that have profits interests. Generally, an increase in volatility may result in an increase in the fair value of the profits interests in certain of the Company’s investments. The Company also evaluates the impact of changes in instrument-specific credit risk in determining the fair value of investments. At December 31, 2015, there were no gains or losses attributable to changes in instrument-specific credit risk. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may fluctuate from period to period. Additionally, the fair value of the Company’s investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that the Company may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If the Company was required to liquidate an investment in a forced or liquidation sale, it could realize significantly less than the value at which the Company has recorded it. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned. Balance as of December 31, 2014 $ - Net realized gains - Net unrealized gains 872 Fundings of principal, net of unamortized origination fees 63,996 Payment-in-kind interest 973 Repayments of principal (6,019) Net transfers in or out of Level 3 - Balance as of December 31, 2015 $ 59,822 As of December 31, 2015, the net unrealized appreciation on the investments that use Level 3 inputs was $ 0.9 For the year ended December 31, 2015, all of the change in fair value of investments in the Company’s Consolidated Statement of Operations was attributable to unrealized gains relating to the Company’s Level 3 assets still held as of December 31, 2015. Transfers between levels, if any, are recognized at the beginning of the quarter in which the transfers occur.

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	12 Months Ended
	Dec. 31, 2015
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net [Abstract]
Variable Interest Entity Disclosure [Text Block]	The Company holds variable interests in its development property investments. The Company determined that these investees qualify as VIEs because the entities do not have enough equity to finance their activities without additional subordinated financial support. In determining whether the Company is the primary beneficiary of the VIEs, the Company identified the activities that most significantly impact the VIEs’ economic performance. Such activities are (1) managing the construction and operations of the project, (2) selecting the property manager, (3) financing decisions, (4) authorizing capital expenditures and (5) disposition of the property. Although the Company has certain participating and protective rights, it does not have the power to direct the activities that most significantly impact the VIEs’ economic performance and is not the primary beneficiary; therefore, the Company does not consolidate the VIEs. 40.2 Assets recorded related to VIEs $ 40.2 Unfunded loan commitments to VIEs 114.6 Maximum exposure to loss $ 154.8 The Company has a construction completion guaranty from the investors in the VIEs.

OTHER ASSETS

OTHER ASSETS	12 Months Ended
	Dec. 31, 2015
Other Assets [Abstract]
Other Assets Disclosure [Text Block]	6. OTHER ASSETS The Company has three revolving loan agreements with an aggregate outstanding principal amount of $ 0.5 1.5 100 6.9 7.0 The Company also executed a loan of $ 0.7 7

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2015
Stockholders' Equity Note [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	7. STOCKHOLDERS’ EQUITY The Company was organized in Maryland on October 1, 2014, and under the Company’s Articles of Incorporation, as amended, the Company is authorized to issue up to 500,000,000 100,000,000 1.0 1,000 Common Stock Offering On April 1, 2015, the Company closed its IPO and received $ 93.0 5.0 5,000,000 250,000 1,000 On April 9, 2015, the Company completed the sale of shares of common stock to the underwriters of its IPO pursuant to the underwriters’ over-allotment option. The Company issued 750,000 14.0 Equity Incentive Plan In connection with the IPO, the Company established the 2015 Equity Incentive Plan for the purpose of attracting and retaining directors, executive officers, investment professionals and other key personnel and service providers, including officers and employees of the Manager and other affiliates, and to stimulate their efforts toward the Company’s continued success, long-term growth and profitability. The 2015 Equity Incentive Plan provides for the grant of stock options, share awards (including restricted common stock and restricted stock units), stock appreciation rights, dividend equivalent rights, performance awards, annual incentive cash awards and other equity-based awards, including Long-Term Incentive Plan (“LTIP”) units, which are convertible on a one-for-one basis into Operating Company Units (“OC Units”). A total of 200,000 2,500 10,000 100,000 52,500 Restricted Stock Awards The 2015 Equity Incentive Plan permits the issuance of restricted stock awards to employees and non-employee directors. Non-vested shares at December 31, 2015 aggregated 162,500 service-based stock awards, of which none vested during 2015, 40,833 will vest in 2016, 2017, and 2018, and 20,000 will vest in 2019 and 2020. Non-vested shares are earned over the respective vesting period based on a service condition only. Expenses related to restricted stock awards are charged to compensation expense and are recognized over the respective vesting period (three to five years) of the awards. For restricted stock issued to non-employee directors of the Company, compensation expense is based on the market value of the shares at the grant date. For restricted stock awards issued to employees of the Manager, compensation expense is remeasured at each reporting date based on the then current value of the Company’s common stock. The Company recognized approximately $ 0.3 2.2 14.95 3.8 Shares Weighted Nonvested at beginning of period - $ - Granted 162,500 20.08 Vested - - Forfeited - - Nonvested at end of period 162,500 $ 20.08 Nonvested restricted shares receive dividends which are nonforfeitable.

DIVIDENDS AND DISTRIBUTIONS

DIVIDENDS AND DISTRIBUTIONS	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Dividends And Distributions Disclosure [Text Block]	8. DIVIDENDS AND DISTRIBUTIONS Date declared Record date Payment date Per share amount Total amount June 3, 2015 July 6, 2015 July 15, 2015 $ 0.35 $ 2,139 August 27, 2015 October 1, 2015 October 15, 2015 $ 0.35 $ 2,157 November 10, 2015 January 1, 2016 January 15, 2016 $ 0.35 $ 2,157 For federal income tax purposes, the cash dividends paid during the year ended December 31, 2015 are characterized as 100% return of capital. The fourth quarter 2015 distribution made to shareholders of record as of January 1, 2016 is considered a 2016 distribution for federal income tax purposes.

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Earnings Per Share [Text Block]	9. EARNINGS PER SHARE Numerator: Net loss $ (2,943) Less: Dividends declared on unvested restricted shares (152) Net loss attributable to common shareholders $ (3,095) Denominator: Weighted-average number of common shares - basic 4,504,356 Unvested restricted stock shares (1) - Redeemable operating company units (2) - Weighted-average number of common shares - diluted 4,504,356 Net loss per share attributable to common stockholders $ (0.69) (1) Anti-dilutive for the year ended December 31, 2015 (2) A termination fee (see Note 10, Related Party Transactions

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	10. RELATED PARTY TRANSACTIONS The Company’s founder was reimbursed for $ 0.1 0.1 On April 1, 2015, concurrent with its initial public offering, the Company received $ 5.0 250,000 On December 15, 2015, the Company purchased a $ 0.2 Equity Method Investments Certain of the Company’s development property investments are equity method investments for which the Company has elected the fair value option of accounting. The fair value of these equity method investments at December 31, 2015 was $ 31.3 0.9 1.1 Management Agreement On April 1, 2015, the Company entered into a management agreement with its Manager (the “Management Agreement”). Pursuant to the terms of the Management Agreement, the Manager will be responsible for (a) the Company’s day-to-day operations, (b) determining investment criteria and strategy in conjunction with the Company’s Board of Directors, (c) sourcing, analyzing, originating, underwriting, structuring, and acquiring the Company’s portfolio investments, and (d) performing portfolio management duties. The Manager has an Investment Committee that approves investments in accordance with the Company’s investment guidelines, investment strategy, and financing strategy. The initial term of the Management Agreement will be five years, with up to a maximum of three, one-year extensions that end on the applicable anniversary of the completion of the Company’s offering. The Company’s independent directors will review the Manager’s performance annually. Following the initial term, the Management Agreement may be terminated annually upon the affirmative vote of at least two-thirds of the Company’s independent directors based upon: (a) the Manager’s unsatisfactory performance that is materially detrimental to the Company; or (b) the Company’s determination that the management fees payable to the Manager are not fair, subject to the Manager’s right to prevent termination based on unfair fees by accepting a reduction of management fees agreed to by at least two-thirds of the independent directors. The Company will provide its Manager with 180 days’ prior notice of such a termination. Upon such a termination, the Company will pay the Manager a termination fee except as provided below. No later than 180 days prior to the end of the initial term of the Management Agreement, the Manager will offer to contribute to the Company’s Operating Company at the end of the initial term all of the assets or equity interests in the Manager at the internalization price and on such terms and conditions included in a written offer provided by the Manager. Upon receipt of the Manager’s initial internalization offer, a special committee consisting solely of the Company’s independent directors may accept the Manager’s proposal or submit a counter offer to the Manager. If the Manager and the special committee are unable to agree, the Manager and the special committee will repeat this process annually during the term of any extension of the Management Agreement. Acquisition of the Manager pursuant to this process requires a fairness opinion from a nationally recognized investment banking firm and stockholder approval, in addition to approval by the special committee. If the Company does not acquire the assets or equity interests of the Manager in an internalization transaction as described above and the Management Agreement terminates other than for Cause, voluntary non-renewal by the Manager or the Company being required to register as an investment company under the Investment Company Act of 1940, then the Company shall pay to the Manager, on the date on which such termination is effective, a termination fee equal to the greater of (i) three times the sum of the average annual Base Management Fee and Incentive Fee earned by the Manager during the 24-month period prior to such termination, calculated as of the end of the most recently completed fiscal quarter prior to the date of termination, or (ii) the offer price, which will be based on the lesser of (a) the Manager’s earnings before interest, taxes, depreciation and amortization (adjusted for unusual, extraordinary and non-recurring charges and expenses), or “EBITDA” annualized based on the most recent quarter ended, multiplied by a specific multiple, or EBITDA Multiple, depending on the Company’s achieved total annual return, and (b) the Company’s equity market capitalization multiplied by a specific percentage, or Capitalization Percentage, depending on the Company’s achieved total return (the Internalization Price). Equity – Equity-based Payments to Non-Employees, 0.5 The Company also may terminate the Management Agreement at any time, including during the initial term, without the payment of any termination fee, with 30 days’ prior written notice from the Board of Directors, for cause. “Cause” is defined as: (i) the Manager’s continued breach of any material provision of the Management Agreement following a prescribed period; (ii) the occurrence of certain events with respect to the bankruptcy or insolvency of the Manager; (iii) a change of control of the Manager that a majority of the Company’s independent directors determines is materially detrimental to the Company; (iv) the Manager committing fraud against the Company, misappropriating or embezzling the Company’s funds, or acting grossly negligent in the performance of its duties under the Management Agreement; (v) the dissolution of the Manager; (vi) the Manager fails to provide adequate or appropriate personnel that are reasonably necessary for the Manager to identify investment opportunities for the Company and to manage and develop the Company’s investment portfolio if such default continues uncured for a period of 60 days after written notice thereof, which notice must contain a request that the same be remedied; (vii) the Manager is convicted (including a plea of nolo contendere) of a felony; or (viii) the departure of Mr. Jernigan from the senior management of the Manager, or the Company, during the term of the Management Agreement other than by reason of death or disability. The Manager may terminate the Management Agreement if the Company becomes required to register as an investment company under the 1940 Act, with such termination deemed to occur immediately before such event, in which case the Company would not be required to pay the Manager a termination fee. The Manager may also decline to renew the Management Agreement by providing the Company with 180 days’ written notice, in which case the Company would not be required to pay a termination fee. The Management Agreement provides for the Manager to earn a base management fee and an incentive fee. In addition, the Company will reimburse certain expenses of the Manager, excluding the salaries and cash bonuses of the Manager’s chief executive officer and chief financial officer, half of the salary of the president and chief operating officer, and certain other costs as determined by the Manager in accordance with the Management Agreement. Certain prepaid expenses and fixed assets are also purchased through the Manager and reimbursed by the Company. In the event that the Company terminates the Management Agreement per the terms of the agreement, other than for cause or the Company being required to register as an investment company, there will be a termination fee due to the Manager. Amounts reimbursable to the Manager for expenses totaled $ 2.1 Management Fees As of December 31, 2015, the Company did not have any personnel. As a result, the Company is relying on the properties, resources and personnel of the Manager to conduct operations. The Company has agreed to pay the Manager a base management fee in an amount equal to 0.375 1.5 1.2 Incentive Fee The Manager is entitled to an incentive fee with respect to each fiscal quarter (or part thereof that the Management Agreement is in effect) in arrears in cash. The incentive fee will be an amount, not less than zero, determined pursuant to the following formula: IF = .20 times (A minus (B times .08)) minus C In the foregoing formula: • A equals the Company’s Core Earnings (as defined below) for the previous 12-month period; • B equals (i) the weighted average of the issue price per share of the Company’s common stock of all of its public offerings of common stock, multiplied by (ii) the weighted average number of all shares of common stock outstanding (including (i) any restricted stock units and any restricted shares of common stock in the previous 12-month period and (ii) shares of common stock issuable upon conversion of outstanding OC Units); and • C equals the sum of any incentive fees earned by the Manager with respect to the first three fiscal quarters of such previous 12-month period. Notwithstanding application of the incentive fee formula, no incentive fee shall be paid with respect to any fiscal quarter unless cumulative annual stockholder total return for the four most recently completed fiscal quarters is greater than 8 For purposes of calculating the incentive fee prior to the completion of a 12-month period following this offering, Core Earnings is calculated on the basis of the number of days that the Management Agreement has been in effect on an annualized basis. The Manager computes each quarterly installment of the incentive fee within 45 days after the end of the fiscal quarter with respect to which such installment is payable and promptly delivers such calculation to the Company’s Board of Directors. The amount of the installment shown in the calculation is due and payable no later than the date which is five business days after the date of delivery of such computation to the Board of Directors. The calculation generally will be reviewed by the Board of Directors at their regularly scheduled quarterly board meeting. As of December 31, 2015, the Manager has not earned an incentive fee.

RESTRUCTURING COSTS

RESTRUCTURING COSTS	12 Months Ended
	Dec. 31, 2015
Restructuring and Related Activities [Abstract]
Restructuring and Related Activities Disclosure [Text Block]	11. RESTRUCTURING COSTS On August 11, 2015, the Company’s Board of Directors approved consolidating its offices and moving the corporate headquarters to Memphis, Tennessee. In connection with the consolidation and moving of the Company’s headquarters, the Company added legal, accounting, loan administration and business development personnel in Memphis and closed its offices in Miami, Florida and Cleveland, Ohio. The consolidation was completed by the end of the third quarter. Restructuring costs reflected in the accompanying Consolidated Statement of Operations relate primarily to one-time termination benefits and lease termination costs. The Company recognizes these severance and other charges when the requirements of ASC 420 have been met regarding a plan of termination and when communication has been made to employees. 0.3 0.1 Cost Type Restructuring Restructuring Cash Non-cash Restructuring Total cumulative Severance $ - $ 97 $ 97 $ - $ - $ 97 Fixed asset disposal - 33 - 33 - 33 Lease termination - 124 39 - 85 124 Other - 23 12 - 10 23 Total restructuring costs $ - $ 276 $ 148 $ 33 $ 95 $ 276

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	12. COMMITMENTS AND CONTINGENCIES As described in Note 3, Investments 115.1 Other Assets 1.0 In conjunction with the Management Agreement with its Manager, the Company also is obligated under several operating leases (primarily for office spaces) with terms ranging from three to five years. The Company recognized $ 0.4 0.2 0.1 2016 $ 288 2017 295 2018 206 2019 2 2020 2 Total $ 793 The Company from time to time may be party to litigation relating to claims arising in the normal course of business. The Company is not aware of any legal claims that could materially impact its financial position, results of operations, or cash flows.

QUARTERLY FINANCIAL DATA (UNAUD

QUARTERLY FINANCIAL DATA (UNAUDITED)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information [Text Block]	13. QUARTERLY FINANCIAL DATA (UNAUDITED) For the three month period ended, March 31 June 30 September 30 December 31 2015: Total revenue $ - $ 157 $ 578 $ 1,008 Net loss $ (147) $ (558) $ (1,407) $ (831) Net loss per common shares-Basic n/a $ (0.10) $ (0.24) $ (0.15) Net loss per common share-Diluted n/a $ (0.10) $ (0.24) $ (0.15)

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2015
Subsequent Events [Abstract]
Subsequent Events [Text Block]	14. SUBSEQUENT EVENTS The Company’s management has evaluated subsequent events through the date of issuance of the consolidated financial statements included herein. Other than those disclosed below, there have been no subsequent events that occurred during such period that require disclosure or recognition in the accompanying consolidated financial statements as of and for the year ended December 31, 2015. On March 18 , 0.35 On March 7, 2016 we, through our operating company, entered into the Limited Liability Company Agreement (the “JV Agreement”) of Storage Lenders LLC, a Delaware limited liability company, to form a joint venture (the “Heitman Joint Venture”) with HVP III Storage Lenders Investor, LLC, an investment vehicle managed by Heitman Capital Management LLC (“Heitman”). The Heitman Joint Venture was formed for the purpose of providing capital to developers of self-storage facilities identified and underwritten by us. Under the JV Agreement, we contributed to the Heitman Joint Venture three existing self-storage development investments in Miami and Fort Lauderdale, Florida that are not yet under construction with an aggregate committed principal amount of approximately $ 41.9 110.0 90 12.2 10 8.1 On January 27, 2016, the Company executed a non-binding term sheet for a credit facility of up to $ 60.0

SCHEDULE IV - MORTGAGE LOANS ON

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE	12 Months Ended
	Dec. 31, 2015
Disclosure Text Block [Abstract]
Mortgage Loans on Real Estate, by Loan Disclosure [Text Block]	SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE December 31, 2015 (dollars in thousands) Column A Column B Column C Column D Column E Column F Column G Column H Description Location Interest Final Periodic Prior Liens Face Carrying Principal Amount Development property investments: Development investments with a profits interest - (2) Self-storage development project Orlando 6.90 % 1-May-21 (3) $ - $ 3,254 $ 3,400 $ - Self-storage development project Miami 6.90 % 1-Jun-21 (3) - 2,258 2,115 - Self-storage development project Miami 6.90 % 1-Jun-21 (3) - 3,076 2,929 - Self-storage development project Atlanta 6.90 % 1-Jul-21 (3) - 4,723 4,829 - Self-storage development project Tampa 6.90 % 1-Jul-21 (3) - 3,720 3,820 - Self-storage development project Atlanta 6.90 % 1-Jul-21 (3) - 2,799 2,823 - Self-storage development project Charlotte 6.90 % 1-Aug-21 (3) - 1,124 1,554 - Self-storage development project Milwaukee 6.90 % 1-Aug-21 (3) - 2,529 2,463 - Self-storage development project New Haven 6.90 % 1-Sep-21 (3) - 997 960 - Self-storage development project Pittsburgh 6.90 % 1-Sep-21 (3) - 1,542 1,542 - Self-storage development project Raleigh 6.90 % 1-Sep-21 (3) - 1,026 934 - Self-storage development project Fort Lauderdale 6.90 % 1-Nov-21 (3) - 2,144 2,009 - Self-storage development project Jacksonville 6.90 % 1-Oct-21 (3) - 1,213 1,180 - Self-storage development project Austin 6.90 % 27-Oct-21 (3) - 800 708 - $ - $ 31,205 $ 31,266 $ - Construction loans - first mortgages Self-storage development project West Palm Beach 6.90 % 1-Mar-17 (4) $ - $ 2,011 $ 1,951 $ - Self-storage development project Sarasota 6.90 % 1-Mar-17 (4) - 1,036 998 - Self-storage development project Chicago 6.90 % 31-May-17 (4) - 775 706 - Self-storage development project Miami 6.90 % 1-Jul-17 (4) - 5,655 5,301 - $ - $ 9,477 $ 8,956 $ - Operating property loans - first mortgages: Self-storage property New Orleans 6.90 % 1-Jul-21 (6) $ - $ 2,800 $ 2,736 $ - Self-storage property Newark 5.85 % 1-Aug-22 (5) (6) - 3,480 3,416 - Self-storage property Nashville 6.90 % 1-Nov-21 (6) - 1,210 1,192 - Self-storage property Sacramento 5.95 % 1-Nov-21 (6) - 5,500 5,401 - Self-storage property Nashville 6.90 % 1-Dec-21 (6) - 4,863 4,755 - Self-storage property Chicago 6.90 % 22-Dec-21 (6) - 2,130 2,100 - $ - $ 19,983 $ 19,600 $ - $ - $ 60,665 $ 59,822 $ - Other loans - first mortgage: Land Orlando 6.90 % 28-Jun-16 (7) $ - $ 700 $ 693 $ - $ - $ 61,365 $ 60,515 $ - (1) The carrying value of the Company's investments and loans approximate the aggregate cost for federal income tax purposes. (2) Development loan investments with a profits interest are comprised of a construction loan secured by a first mortgage on the development project and a mezzanine loan secured by a first priority security interest in the membership interests of the owners of the project. These loans are entered into simultaneously and are valued as a single instrument for accounting purposes. (3) Interest only monthly (funded from interest reserve); balloon payment due at maturity; prepayment penalty - On or before 15th month - no prepayment premium; on or after 15th month but prior to 28th month, 3%; on or after 28th month but prior to 40th month, 2%; on or after 40th month but prior to 52nd month, 1%; on or after 52nd month - no prepayment premium. (4) Interest only monthly; balloon payment due at maturity subject to contribution agreements from equity REIT; no prepayment permitted for all or any portion of the loan prior to completion of construction and receipt of certificate of occupancy. (5) Original maturity date is August 1, 2022 with an option to extend 36 months to August 1, 2025. (6) Interest only monthly; balloon payment due at maturity; no prepayment during first 36 months, thereafter stepdown prepayment of 3%, 2%, 1%, no prepayment the last 90 days prior to maturity. (7) Interest only monthly; balloon payment due at maturity; any prepayment of the Loan shall be made by paying on the date of prepayment (i) the amount of principal being prepaid, (ii) all accrued interest, and (iii) all other sums due under the note and the other loan documents. The following table sets forth the activity of mortgage loans for the year ended December 31, 2015: Balance as of December 31, 2014 $ - Fundings of principal, net of unamortized origination fees 64,689 Payment-in-kind interest 973 Repayments of principal (6,019) Net unrealized gains 872 Balance as of December 31, 2015 $ 60,515

SIGNIFICANT ACCOUNTING POLICI22

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Consolidation, Policy [Policy Text Block]	There were no operations from October 1, 2014 (inception of the Company) to December 31, 2014. As a result, there is no statement of operations or statement of cash flows for the period ended December 31, 2014.
Liquidity [Policy Text Block]	Liquidity As of December 31, 2015, the Company had unrestricted cash of approximately $43.9 million and unfunded loan commitments related to its investment portfolio of approximately $115.1 million, a difference of $71.2 million. Pursuant to the JV Agreement (defined in Note 14, Subsequent Events Subsequent Events Subsequent Events,
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Actual results could differ from those estimates.
Fair Value Measurement, Policy [Policy Text Block]	Fair Value Measurement The Company carries certain financial instruments at fair value because it has elected to apply the fair value option on an instrument by instrument basis under Accounting Standards Codification (“ASC”) 825, Financial Instruments 49.9 Fair Value Measurements Using Total Level 1 Level 2 Level 3 Development property investments $ 40,222 $ - $ - $ 40,222 Operating property loans 19,600 - - 19,600 Total investments $ 59,822 $ - $ - $ 59,822 Estimating fair value requires the use of judgment. The types of judgments involved depend upon the availability of observable market information. Management’s judgments include determining the appropriate valuation model to use, estimating unobservable inputs and applying valuation adjustments. See Note 4, Fair Value of Financial Instruments
Consolidation, Variable Interest Entity, Policy [Policy Text Block]	Variable Interest Entities The Company invests in entities which may qualify as variable interest entities (“VIEs”). A VIE is a legal entity that lacks one or more of the characteristics of a voting interest entity. A VIE is defined as an entity in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The determination of whether an entity is a VIE includes both a qualitative and quantitative analysis. Management bases the qualitative analysis on its review of the design of the entity, its organizational structure including decision-making ability and relevant financial agreements and the quantitative analysis on the forecasted cash flow of the entity. Management reassesses the initial evaluation of an entity as a VIE upon the occurrence of certain reconsideration events. A VIE must be consolidated only by its primary beneficiary, which is defined as the party which, along with its affiliates and agents has both the: (i) power to direct the activities that most significantly impact the VIE’s economic performance and (ii) obligation to absorb the losses of the VIE or the right to receive the benefits from the VIE, which could be significant to the VIE. Management determines whether the Company is the primary beneficiary of a VIE by considering qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIE’s economic performance and which party controls such activities; the amount and characteristics of its investment; the obligation or likelihood for the Company or other interests to provide financial support; consideration of the VIE’s purpose and design, including the risks the VIE was designed to create and pass through to its variable interest holders and the similarity with and significance to the Company’s business activities and the other interests. Management reassesses the determination of whether the Company is the primary beneficiary of a VIE each reporting period.
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash, investments in money market accounts and certificates of deposit with original maturities of three months or less are considered to be cash equivalents. The Company places its cash and cash equivalents primarily with a single financial institution and, at times, cash held may exceed the Federal Deposit Insurance Corporation insurance limit
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]	The Company’s restricted cash balance at December 31, 2014 includes a customer due diligence deposit received in connection with a prospective loan
Equity Method Investments, Policy [Policy Text Block]	Equity Investments Investments in joint ventures and entities over which the Company exercises significant influence but not control are accounted for using the equity method. In accordance with ASC 825-10, the Company has elected the fair value option of accounting for its equity method investments, which consist of its development property investments.
Policy Loans Receivable, Policy [Policy Text Block]	Loan Investments and Fair Value Option Election The Company has elected the fair value option of accounting for all of its investment portfolio loan investments, including those that are required under GAAP to be accounted for under the equity method, in order to provide better transparency into the Company’s revenues and value inherent in the Company’s equity participation in development projects. Changes in the fair value of these investments are recorded in change in fair value of investments within other income. All direct loan costs are charged to expense as incurred. Each loan investment is evaluated for impairment on a periodic basis. A loan will be considered impaired when, based on current information and events, it is probable that the loan will not be collected according to the contractual terms of the loan agreement. Factors to be considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. At December 31, 2015, there were no loans in default.
Prepaid Expenses and Other Assets [Policy Text Block]	Prepaid Expenses and Other Assets The Company’s prepaid expenses and other assets balance at December 31, 2015 includes principal balances for three revolving loan agreements and one mortgage loan. Because these loans are not part of the Company’s investment portfolio, these loans are accounted for under the cost method.
Property, Plant and Equipment, Policy [Policy Text Block]	Fixed Assets Fixed assets are recorded at cost and consist of furniture, office and computer equipment, and software. Depreciation is computed on a straight-line basis over the estimated useful lives of the related assets, which range from three to seven years. Fixed assets are generally purchased by the Manager and then reimbursed by the Company. As a result, depreciation expense is included in general and administrative expenses reimbursable to Manager in the Consolidated Statement of Operations. Maintenance and repair costs are charged to expense as incurred. Upon sale or retirement, the asset cost and related accumulated depreciation are eliminated from the respective accounts and any resulting gain or loss is included in income.
Revenue Recognition, Policy [Policy Text Block]	Interest income is recognized as earned on a simple interest basis and is reported in interest income from investments in the Consolidated Statement of Operations. Accrual of interest will be discontinued on a loan when management believes, after considering economic and business conditions and collection efforts, that the borrower’s financial condition is such that collection of interest is doubtful. The Company will recognize income on impaired loans when they are placed into non-accrual status on a cash basis when the loans are both current and the collateral on the loan is sufficient to cover the outstanding obligation to the Company. If these factors do not exist, the Company will not recognize income on such loans. Accrued interest generally is reversed when a loan is placed on non-accrual status. The Company’s loan origination fees are accreted into interest income over the term of the investment using the effective yield method.
Offering Costs [Policy Text Block]	Offering Costs Underwriting commissions and offering costs incurred in connection with the Company’s stock offerings are reflected as a reduction of additional paid-in capital. Offering costs represent professional fees, fees paid to various regulatory agencies, and other costs incurred in connection with the registration and sale of the Company’s common stock.
Origination Fees and Costs [Policy Text Block]	Organization Costs Costs incurred to organize the Company were expensed as incurred.
Costs Associated with Exit or Disposal Activities or Restructurings, Policy [Policy Text Block]	Restructuring Costs Restructuring costs consist of severance and benefits costs, lease termination costs, and other costs incurred by the Company in conjunction with consolidating its offices and moving its corporate headquarters. The Company recognizes these severance and other charges when the requirements of ASC 420, Exit or Disposal Cost Obligations ,
Income Tax, Policy [Policy Text Block]	Income Taxes The Company intends to elect to be taxed as a REIT and to comply with the related provisions of the Code commencing with its taxable year ended December 31, 2015. Accordingly, the Company will generally not be subject to U.S. federal income tax to the extent of its distributions to stockholders and as long as certain asset, income and share ownership tests are met. The Company had no taxable income for the year ended December 31, 2015. To qualify as a REIT, the Company must annually distribute at least 90
Earnings Per Share, Policy [Policy Text Block]	Earnings per Share (“EPS”) Basic EPS includes only the weighted average number of common shares outstanding during the period. Diluted EPS includes the weighted average number of common shares and the dilutive effect of restricted stock and redeemable Operating Company units when such instruments are dilutive. All outstanding unvested share-based payment awards that contain rights to nonforfeitable dividends are treated as participating in undistributed earnings with common shareholders. Awards of this nature are considered participating securities and the two-class method of computing basic and diluted EPS must be applied.
Comprehensive Income, Policy [Policy Text Block]	Comprehensive Income For the year ended December 31, 2015, comprehensive income equaled net income; therefore, a separate Consolidated Statement of Comprehensive Income is not included in the accompanying consolidated financial statements.
Segment Reporting, Policy [Policy Text Block]	Segment Reporting The Company does not evaluate performance on a relationship specific or transactional basis and does not distinguish its principal business or group its operations on a geographical basis for purposes of measuring performance. Accordingly, the Company believes it has a single operating segment for reporting purposes in accordance with GAAP.
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements In January 2014, the FASB issued ASU 2014-04, Receivables-Troubled Debt Restructurings by Creditors (Sub Topic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans Upon Foreclosure. This ASU clarifies when an in substance repossession or foreclosure occurs and requires disclosure of the amount of foreclosed residential real estate property held by the creditor and the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure. ASU 2014-04 is effective for annual periods beginning after December 15, 2014, and interim periods within annual periods beginning after December 15, 2015. The adoption of this guidance did not have an impact on the Company’s consolidated financial statements. In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis. This ASU amends the assessment of whether a limited partnership or limited liability company is a variable interest entity; the effect that fees paid to a decision maker have on the consolidation analysis; how variable interests held by a reporting entity’s related parties or de facto agents affect its consolidation conclusion; and for entities other than limited partnerships and limited liability companies, clarifies how to determine whether the equity holders as a group have power over an entity. This guidance is effective for public business entities for fiscal years and for interim periods within those fiscal years, beginning after December 15, 2015, with early adoption being allowed. The Company early adopted the provisions of this ASU in 2015, and there was no impact on the Company’s consolidated financial statements as a result of the adoption. In April 2015, the FASB issued ASU 2015-03, Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. This guidance simplifies the presentation of debt issuance costs by requiring that debt issuance costs be presented in the balance sheet as a deduction from the carrying amount of the related debt liability, consistent with debt discount or premiums. The recognition guidance for debt issuance costs are not affected by amendments in this update, which is effective for annual reporting periods beginning after December 15, 2015. The Company does not expect adoption will have a material impact on its consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, which is effective for fiscal years, and interim periods within those years, beginning on or after December 15, 2016. In August 2015, the FASB extended the effective date by one year to years beginning on and after December 15, 2017. The standard may be adopted as early as the original effective date but early adoption prior to that date is not permitted. This ASU outlines a new, single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry specific guidance. The Company is currently assessing the impact this new accounting guidance will have on the Company’s consolidated financial statements. In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. This ASU requires management to evaluate whether there are conditions and events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the financial statements are issued (or available to be issued when applicable) and, if so, disclose that fact. This ASU is effective for annual periods ending after December 15, 2016 and interim periods within annual periods beginning after December 15, 2016. Early adoption is permitted for annual or interim reporting periods for which the financial statements have not previously been issued. The adoption of this guidance is not expected to have a material effect on the Company’s consolidated financial statements and disclosures.

SIGNIFICANT ACCOUNTING POLICI23

SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	The following table presents the financial instruments measured at fair value on a recurring basis as of December 31, 2015: Fair Value Measurements Using Total Level 1 Level 2 Level 3 Development property investments $ 40,222 $ - $ - $ 40,222 Operating property loans 19,600 - - 19,600 Total investments $ 59,822 $ - $ - $ 59,822

INVESTMENTS (Tables)

INVESTMENTS (Tables)	12 Months Ended
	Dec. 31, 2015
Schedule of Investments [Abstract]
Investment Holdings, Schedule of Investments [Table Text Block]	As of December 31, 2015, the aggregate committed principal amount of the Company’s investment portfolio was approximately $ 175.7 60.7 Closing Date Metropolitan Commitment Funded (1) Unfunded Fair Value Development property investments: Loan investments with a profits interest: 4/21/2015 Orlando $ 5,372 $ 3,254 $ 2,118 $ 3,400 5/14/2015 Miami (2) 13,867 2,258 11,609 2,115 5/14/2015 Miami (2) 14,849 3,076 11,773 2,929 6/10/2015 Atlanta 8,132 4,723 3,409 4,829 6/19/2015 Tampa 5,369 3,720 1,649 3,820 6/26/2015 Atlanta 6,050 2,799 3,251 2,823 6/29/2015 Charlotte 7,624 1,124 6,500 1,554 7/2/2015 Milwaukee 7,650 2,529 5,121 2,463 7/31/2015 New Haven 6,930 997 5,933 960 8/10/2015 Pittsburgh 5,266 1,542 3,724 1,542 8/14/2015 Raleigh 8,998 1,026 7,972 934 9/25/2015 Fort Lauderdale (2) 13,230 2,144 11,086 2,009 9/30/2015 Jacksonville 6,445 1,213 5,232 1,180 10/27/2015 Austin 8,658 800 7,858 708 $ 118,440 $ 31,205 $ 87,235 $ 31,266 Construction loans: 8/5/2015 West Palm Beach 7,500 2,011 5,489 1,951 8/5/2015 Sarasota 4,792 1,036 3,756 998 11/17/2015 Chicago 6,808 775 6,033 706 12/23/2015 Miami 17,733 5,655 12,078 5,301 $ 36,833 $ 9,477 $ 27,356 $ 8,956 Subtotal $ 155,273 $ 40,682 $ 114,591 $ 40,222 Operating property loans: 6/19/2015 New Orleans 2,800 2,800 - 2,736 7/7/2015 Newark 3,480 3,480 - 3,416 10/30/2015 Nashville 1,210 1,210 - 1,192 11/10/2015 Sacramento 5,500 5,500 - 5,401 11/24/2015 Nashville 4,968 4,863 105 4,755 12/22/2015 Chicago 2,502 2,130 372 2,100 Subtotal $ 20,460 $ 19,983 $ 477 $ 19,600 Total investments $ 175,733 $ 60,665 $ 115,068 $ 59,822 (1) Represents principal balance of loan gross of origination fees (2) These development property investments were contributed to the Heitman Joint Venture in connection with our investment in the Heitman Joint Venture of $ 12.2 10 8.1 Subsequent Events.
Schedule Of Changes In Fair Value Of Investments [Table Text Block]	The following table provides a reconciliation of the funded principal to the fair market value of investments at December 31, 2015: Funded principal $ 60,665 Adjustments: Unamortized origination fees (1,715) Change in fair value of investments 872 Fair value of investments $ 59,822

FAIR VALUE OF FINANCIAL INSTR25

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block]	The following table summarizes the significant unobservable inputs the Company used to value its investments categorized within Level 3 as of December 31, 2015. Unobservable Inputs Asset Category Primary Valuation Input Estimated Range Weighted Development property investments Income approach analysis Market yields/ discount rate 7.74 – 9.35% 8.77% Exit date 1.17 – 3.83 years 3.02 years Development property investments with a profits interest (a) Option pricing model Volatility 72.46 - 73.12% 72.82% Exit date 3.31 - 3.83 years 3.49 years Capitalization rate (b) 6.00 – 6.50% 6.38% Operating property loans Income approach analysis Market yields/ discount rate 6.22 - 7.53% 6.91% Exit date (c) 5.50 - 6.68 years 5.97 years (a) The valuation technique for the development property investments with a profits interest does not differ from the development property investments without a profits interest. The development property investment with a profits interest only requires incremental valuation techniques to determine the value of the profits interest. Therefore this line only focuses on the profits interest valuation. (b) Four properties were between 40% - 100% complete, thus requiring a capitalization rate to derive entrepreneurial profit. (c) The exit dates for the operating property loans are the contractual maturity dates.
Schedule Of Change In Fair Value Of Investments Due To Change In Market Yield Discount Rates [Table Text Block]	For the year ended December 31, 2015, the following fluctuations in the market yields/discount rates would have had the following impact on the fair value of our investments: Change in market yields/discount rates Increase (Decrease) in Up 100 basis points $ (1.6) Down 50 basis points, subject to a minimum yield/rate of 10 basis points 0.8
Schedule Of Change In Fair Value Of Investments Due To Change In Capitalization Rates [Table Text Block]	For the year ended December 31, 2015, the following fluctuations in the capitalization rates would have had the following impact on the fair value of our investments: Change in capitalization rates Increase (Decrease) in Up 100 basis points $ (0.3) Down 100 basis points 0.4
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	The following table presents changes in investments that use Level 3 inputs for the year ended December 31, 2015: Balance as of December 31, 2014 $ - Net realized gains - Net unrealized gains 872 Fundings of principal, net of unamortized origination fees 63,996 Payment-in-kind interest 973 Repayments of principal (6,019) Net transfers in or out of Level 3 - Balance as of December 31, 2015 $ 59,822

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	12 Months Ended
	Dec. 31, 2015
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net [Abstract]
Schedule of Variable Interest Entities [Table Text Block]	The Company’s maximum exposure to loss at December 31, 2015 as a result of its involvement with the VIEs is as follows: Assets recorded related to VIEs $ 40.2 Unfunded loan commitments to VIEs 114.6 Maximum exposure to loss $ 154.8

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	12 Months Ended
	Dec. 31, 2015
Stockholders' Equity Note [Abstract]
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block]	A summary of changes in the Company’s restricted shares for the year ended December 31, 2015 is as follows: Shares Weighted Nonvested at beginning of period - $ - Granted 162,500 20.08 Vested - - Forfeited - - Nonvested at end of period 162,500 $ 20.08

DIVIDENDS AND DISTRIBUTIONS (Ta

DIVIDENDS AND DISTRIBUTIONS (Tables)	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Schedule of Dividends Payable [Table Text Block]	The following table summarizes the Company’s dividends declared during the year ended December 31, 2015: Date declared Record date Payment date Per share amount Total amount June 3, 2015 July 6, 2015 July 15, 2015 $ 0.35 $ 2,139 August 27, 2015 October 1, 2015 October 15, 2015 $ 0.35 $ 2,157 November 10, 2015 January 1, 2016 January 15, 2016 $ 0.35 $ 2,157

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Numerator: Net loss $ (2,943) Less: Dividends declared on unvested restricted shares (152) Net loss attributable to common shareholders $ (3,095) Denominator: Weighted-average number of common shares - basic 4,504,356 Unvested restricted stock shares (1) - Redeemable operating company units (2) - Weighted-average number of common shares - diluted 4,504,356 Net loss per share attributable to common stockholders $ (0.69) (1) Anti-dilutive for the year ended December 31, 2015 (2) A termination fee (see Note 10, Related Party Transactions

RESTRUCTURING COSTS (Tables)

RESTRUCTURING COSTS (Tables)	12 Months Ended
	Dec. 31, 2015
Restructuring and Related Activities [Abstract]
Restructuring and Related Costs [Table Text Block]	During the year ended December 31, 2015, the Company recorded $ 0.3 0.1 Cost Type Restructuring Restructuring Cash Non-cash Restructuring Total cumulative Severance $ - $ 97 $ 97 $ - $ - $ 97 Fixed asset disposal - 33 - 33 - 33 Lease termination - 124 39 - 85 124 Other - 23 12 - 10 23 Total restructuring costs $ - $ 276 $ 148 $ 33 $ 95 $ 276

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	The following table shows future minimum payments (gross of any sublease income) under the operating leases as of December 31, 2015: 2016 $ 288 2017 295 2018 206 2019 2 2020 2 Total $ 793

QUARTERLY FINANCIAL DATA (UNA32

QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information [Table Text Block]	The following table summarizes the Company’s quarterly financial results for each quarter of the year ended December 31, 2015: For the three month period ended, March 31 June 30 September 30 December 31 2015: Total revenue $ - $ 157 $ 578 $ 1,008 Net loss $ (147) $ (558) $ (1,407) $ (831) Net loss per common shares-Basic n/a $ (0.10) $ (0.24) $ (0.15) Net loss per common share-Diluted n/a $ (0.10) $ (0.24) $ (0.15)

SIGNIFICANT ACCOUNTING POLICI33

SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Development property investments	$ 40,222	$ 0
Operating property loans	19,600	$ 0
Total investments	59,822
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Development property investments	0
Operating property loans	0
Total investments	0
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Development property investments	0
Operating property loans	0
Total investments	0
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Development property investments	40,222
Operating property loans	19,600
Total investments	$ 59,822

SIGNIFICANT ACCOUNTING POLICI34

SIGNIFICANT ACCOUNTING POLICIES (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Apr. 30, 2015
Significant Accounting Policies [Line Items]
Percentage Of Taxable Income Distributed	90.00%
Cash	$ 43.9
Line of Credit [Member]
Significant Accounting Policies [Line Items]
Loans and Leases Receivable, Commitments, Fixed Rates	36.7
Heitman Joint Venture [Member]
Significant Accounting Policies [Line Items]
Loans and Leases Receivable, Commitments, Fixed Rates	71.2
Equity Method Investments	80.3
Scenario, Previously Reported [Member]
Significant Accounting Policies [Line Items]
Long-term Purchase Commitment, Amount	$ 115.1
Development Property Investment [Member]
Significant Accounting Policies [Line Items]
Equity Method Investment, Ownership Percentage	49.90%
Equity Method Investments		$ 0.9
Three Development Property Investment [Member] | Heitman Joint Venture [Member]
Significant Accounting Policies [Line Items]
Loans and Leases Receivable, Commitments, Fixed Rates	$ 34.5
Eleven Development Property Investment [Member] | Heitman Joint Venture [Member]
Significant Accounting Policies [Line Items]
Loans and Leases Receivable, Commitments, Fixed Rates	$ 52.7

INVESTMENTS (Details)

INVESTMENTS (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014
Schedule of Investments [Line Items]
Commitment Amount		$ 175,733
Funded Prinicpal	[1]	60,665
Unfunded Commitment		115,068
Development property investments, Fair Value		40,222	$ 0
Operating property loans, Fair Value		19,600	$ 0
Investments, Fair Value Disclosure, Total		59,822
Operating Property Loans [Member]
Schedule of Investments [Line Items]
Commitment Amount		20,460
Funded Prinicpal	[1]	19,983
Unfunded Commitment		477
Operating property loans, Fair Value		19,600
Development Property Investment [Member]
Schedule of Investments [Line Items]
Commitment Amount		155,273
Funded Prinicpal	[1]	40,682
Unfunded Commitment		114,591
Development property investments, Fair Value		40,222
Development Property Investment [Member] | Construction Loans [Member]
Schedule of Investments [Line Items]
Commitment Amount		36,833
Funded Prinicpal	[1]	9,477
Unfunded Commitment		27,356
Development property investments, Fair Value		8,956
Development Property Investment [Member] | Loan Investments With Profits Interest [Member]
Schedule of Investments [Line Items]
Commitment Amount		118,440
Funded Prinicpal	[1]	31,205
Unfunded Commitment		87,235
Development property investments, Fair Value		$ 31,266
Investment Portfolio One [Member] | Development Property Investment [Member] | Loan Investments With Profits Interest [Member]
Schedule of Investments [Line Items]
Closing Date		4/21/2015
Metropolitan Statistical Area (MSA)		Orlando
Commitment Amount		$ 5,372
Funded Prinicpal	[1]	3,254
Unfunded Commitment		2,118
Development property investments, Fair Value		$ 3,400
Investment Portfolio Two [Member] | Development Property Investment [Member] | Loan Investments With Profits Interest [Member]
Schedule of Investments [Line Items]
Closing Date		5/14/2015
Metropolitan Statistical Area (MSA)	[2]	Miami
Commitment Amount		$ 13,867
Funded Prinicpal	[1]	2,258
Unfunded Commitment		11,609
Development property investments, Fair Value		$ 2,115
Investment Portfolio Three [Member] | Development Property Investment [Member] | Loan Investments With Profits Interest [Member]
Schedule of Investments [Line Items]
Closing Date		5/14/2015
Metropolitan Statistical Area (MSA)	[2]	Miami
Commitment Amount		$ 14,849
Funded Prinicpal	[1]	3,076
Unfunded Commitment		11,773
Development property investments, Fair Value		$ 2,929
Investment Portfolio Four [Member] | Development Property Investment [Member] | Loan Investments With Profits Interest [Member]
Schedule of Investments [Line Items]
Closing Date		6/10/2015
Metropolitan Statistical Area (MSA)		Atlanta
Commitment Amount		$ 8,132
Funded Prinicpal	[1]	4,723
Unfunded Commitment		3,409
Development property investments, Fair Value		$ 4,829
Investment Portfolio Five [Member] | Development Property Investment [Member] | Loan Investments With Profits Interest [Member]
Schedule of Investments [Line Items]
Closing Date		6/19/2015
Metropolitan Statistical Area (MSA)		Tampa
Commitment Amount		$ 5,369
Funded Prinicpal	[1]	3,720
Unfunded Commitment		1,649
Development property investments, Fair Value		$ 3,820
Investment Portfolio Six [Member] | Development Property Investment [Member] | Loan Investments With Profits Interest [Member]
Schedule of Investments [Line Items]
Closing Date		6/26/2015
Metropolitan Statistical Area (MSA)		Atlanta
Commitment Amount		$ 6,050
Funded Prinicpal	[1]	2,799
Unfunded Commitment		3,251
Development property investments, Fair Value		$ 2,823
Investment Portfolio Seven [Member] | Development Property Investment [Member] | Loan Investments With Profits Interest [Member]
Schedule of Investments [Line Items]
Closing Date		6/29/2015
Metropolitan Statistical Area (MSA)		Charlotte
Commitment Amount		$ 7,624
Funded Prinicpal	[1]	1,124
Unfunded Commitment		6,500
Development property investments, Fair Value		$ 1,554
Investment Portfolio Eight [Member] | Development Property Investment [Member] | Loan Investments With Profits Interest [Member]
Schedule of Investments [Line Items]
Closing Date		7/2/2015
Metropolitan Statistical Area (MSA)		Milwaukee
Commitment Amount		$ 7,650
Funded Prinicpal	[1]	2,529
Unfunded Commitment		5,121
Development property investments, Fair Value		$ 2,463
Investment Portfolio Nine [Member] | Development Property Investment [Member] | Loan Investments With Profits Interest [Member]
Schedule of Investments [Line Items]
Closing Date		7/31/2015
Metropolitan Statistical Area (MSA)		New Haven
Commitment Amount		$ 6,930
Funded Prinicpal	[1]	997
Unfunded Commitment		5,933
Development property investments, Fair Value		$ 960
Investment Portfolio Ten [Member] | Development Property Investment [Member] | Loan Investments With Profits Interest [Member]
Schedule of Investments [Line Items]
Closing Date		8/10/2015
Metropolitan Statistical Area (MSA)		Pittsburgh
Commitment Amount		$ 5,266
Funded Prinicpal	[1]	1,542
Unfunded Commitment		3,724
Development property investments, Fair Value		$ 1,542
Investment Portfolio Eleven [Member] | Development Property Investment [Member] | Loan Investments With Profits Interest [Member]
Schedule of Investments [Line Items]
Closing Date		8/14/2015
Metropolitan Statistical Area (MSA)		Raleigh
Commitment Amount		$ 8,998
Funded Prinicpal	[1]	1,026
Unfunded Commitment		7,972
Development property investments, Fair Value		$ 934
Investment Portfolio Twelve [Member] | Development Property Investment [Member] | Loan Investments With Profits Interest [Member]
Schedule of Investments [Line Items]
Closing Date		9/25/2015
Metropolitan Statistical Area (MSA)	[2]	Fort Lauderdale
Commitment Amount		$ 13,230
Funded Prinicpal	[1]	2,144
Unfunded Commitment		11,086
Development property investments, Fair Value		$ 2,009
Investment Portfolio Thirteen [Member] | Development Property Investment [Member] | Loan Investments With Profits Interest [Member]
Schedule of Investments [Line Items]
Closing Date		9/30/2015
Metropolitan Statistical Area (MSA)		Jacksonville
Commitment Amount		$ 6,445
Funded Prinicpal	[1]	1,213
Unfunded Commitment		5,232
Development property investments, Fair Value		$ 1,180
Investment Portfolio Fourteen [Member] | Development Property Investment [Member] | Loan Investments With Profits Interest [Member]
Schedule of Investments [Line Items]
Closing Date		10/27/2015
Metropolitan Statistical Area (MSA)		Austin
Commitment Amount		$ 8,658
Funded Prinicpal	[1]	800
Unfunded Commitment		7,858
Development property investments, Fair Value		$ 708
Investment Portfolio Fifteen [Member] | Development Property Investment [Member] | Construction Loans [Member]
Schedule of Investments [Line Items]
Closing Date		8/5/2015
Metropolitan Statistical Area (MSA)		West Palm Beach
Commitment Amount		$ 7,500
Funded Prinicpal	[1]	2,011
Unfunded Commitment		5,489
Development property investments, Fair Value		$ 1,951
Investment Portfolio Sixteen [Member] | Development Property Investment [Member] | Construction Loans [Member]
Schedule of Investments [Line Items]
Closing Date		8/5/2015
Metropolitan Statistical Area (MSA)		Sarasota
Commitment Amount		$ 4,792
Funded Prinicpal	[1]	1,036
Unfunded Commitment		3,756
Development property investments, Fair Value		$ 998
Investment Portfolio Seventeen [Member] | Development Property Investment [Member] | Construction Loans [Member]
Schedule of Investments [Line Items]
Closing Date		11/17/2015
Metropolitan Statistical Area (MSA)		Chicago
Commitment Amount		$ 6,808
Funded Prinicpal	[1]	775
Unfunded Commitment		6,033
Development property investments, Fair Value		$ 706
Investment Portfolio Eighteen [Member] | Development Property Investment [Member] | Construction Loans [Member]
Schedule of Investments [Line Items]
Closing Date		12/23/2015
Metropolitan Statistical Area (MSA)		Miami
Commitment Amount		$ 17,733
Funded Prinicpal	[1]	5,655
Unfunded Commitment		12,078
Development property investments, Fair Value		$ 5,301
Investment Portfolio Nineteen [Member] | Operating Property Loans [Member]
Schedule of Investments [Line Items]
Closing Date		6/19/2015
Metropolitan Statistical Area (MSA)		New Orleans
Commitment Amount		$ 2,800
Funded Prinicpal	[1]	2,800
Unfunded Commitment		0
Operating property loans, Fair Value		$ 2,736
Investment Portfolio Twenty [Member] | Operating Property Loans [Member]
Schedule of Investments [Line Items]
Closing Date		7/7/2015
Metropolitan Statistical Area (MSA)		Newark
Commitment Amount		$ 3,480
Funded Prinicpal	[1]	3,480
Unfunded Commitment		0
Operating property loans, Fair Value		$ 3,416
Investment Portfolio Twenty One [Member] | Operating Property Loans [Member]
Schedule of Investments [Line Items]
Closing Date		10/30/2015
Metropolitan Statistical Area (MSA)		Nashville
Commitment Amount		$ 1,210
Funded Prinicpal	[1]	1,210
Unfunded Commitment		0
Operating property loans, Fair Value		$ 1,192
Investment Portfolio Twenty Two [Member] | Operating Property Loans [Member]
Schedule of Investments [Line Items]
Closing Date		11/10/2015
Metropolitan Statistical Area (MSA)		Sacramento
Commitment Amount		$ 5,500
Funded Prinicpal	[1]	5,500
Unfunded Commitment		0
Operating property loans, Fair Value		$ 5,401
Investment Portfolio Twenty Three [Member] | Operating Property Loans [Member]
Schedule of Investments [Line Items]
Closing Date		11/24/2015
Metropolitan Statistical Area (MSA)		Nashville
Commitment Amount		$ 4,968
Funded Prinicpal	[1]	4,863
Unfunded Commitment		105
Operating property loans, Fair Value		$ 4,755
Investment Portfolio Twenty Four [Member] | Operating Property Loans [Member]
Schedule of Investments [Line Items]
Closing Date		12/22/2015
Metropolitan Statistical Area (MSA)		Chicago
Commitment Amount		$ 2,502
Funded Prinicpal	[1]	2,130
Unfunded Commitment		372
Operating property loans, Fair Value		$ 2,100
[1]	Represents principal balance of loan gross of origination fees
[2]	These development property investments were contributed to the Heitman Joint Venture in connection with our investment in the Heitman Joint Venture of $12.2 million for a 10% interest (approximately $8.1 million of which will be contributed in the form of the drawn balances on these investments). See Note 14, Subsequent Events.

INVESTMENTS (Details 1)

INVESTMENTS (Details 1) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)
Schedule of Investments [Line Items]
Funded principal	$ 60,665	[1]
Adjustments:
Unamortized origination fees	(1,715)
Change in fair value of investments	872
Fair value of investments	$ 59,822
[1]	Represents principal balance of loan gross of origination fees

INVESTMENTS (Details Textual)

INVESTMENTS (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Mar. 31, 2016	Mar. 07, 2016	Apr. 30, 2015
Schedule of Investments [Line Items]
Number Of Investment	14
Proceeds From Unamortized Origination Fees	$ 100
Heitman Joint Venture [Member] | Subsequent Event [Member]
Schedule of Investments [Line Items]
Equity Method Investment, Ownership Percentage			10.00%
Investments In The Form Drawn Balances		$ 8,100
Commitment Amount Made			$ 12,200
Maximum [Member]
Schedule of Investments [Line Items]
Proceeds from Prepayment Penalties	100
Minimum [Member]
Schedule of Investments [Line Items]
Proceeds from Prepayment Penalties	$ 32
Construction Loans [Member]
Schedule of Investments [Line Items]
Term Of Mortgage Loans Receivables	18 months
Mortgage Loans on Real Estate, Interest Rate	6.90%
Investments, Total	$ 36,800
First Mortgage [Member]
Schedule of Investments [Line Items]
Mortgage Loans on Real Estate, Interest Rate	6.90%
Medium-term Notes	$ 20,500
Development Property Investment [Member]
Schedule of Investments [Line Items]
Term Of Mortgage Loans Receivables	72 months
Equity Method Investment, Ownership Percentage	49.90%
Mortgage Loans on Real Estate, Interest Rate	6.90%
Investments, Total	$ 118,400
Equity Method Investments				$ 900
Equity Method Investment, Assets, Total	44,400
Equity Method Investment, Liabilities, Total	$ 31,200
Development Property Investment [Member] | Maximum [Member]
Schedule of Investments [Line Items]
Equity Method Investment, Ownership Percentage				49.90%
Operating Property Loans [Member]
Schedule of Investments [Line Items]
Term Of Mortgage Loans Receivables	72 months
Operating Property Loans [Member] | Maximum [Member]
Schedule of Investments [Line Items]
Mortgage Loans on Real Estate, Interest Rate	6.90%
Operating Property Loans [Member] | Minimum [Member]
Schedule of Investments [Line Items]
Mortgage Loans on Real Estate, Interest Rate	5.85%
Total Commitment [Member] | Maximum [Member]
Schedule of Investments [Line Items]
Investments, Total	$ 175,700
Total Commitment [Member] | Minimum [Member]
Schedule of Investments [Line Items]
Investments, Total	$ 60,700

FAIR VALUE OF FINANCIAL INSTR38

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details)	12 Months Ended
	Dec. 31, 2015
Development Property Investments [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Inputs, Asset Category	Development property investments
Development Property Investments [Member] | Income approach analysis [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements, Valuation Techniques	Market yields/ discount rate
Development Property Investments [Member] | Option pricing model [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements, Valuation Techniques	Capitalization rate	[1]
Development Property Investments [Member] | Minimum [Member] | Income approach analysis [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Assumptions, Expected Volatility Rate	7.74%
Fair Value Assumptions, Expected Term	1 year 2 months 1 day
Development Property Investments [Member] | Maximum [Member] | Income approach analysis [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Assumptions, Expected Volatility Rate	9.35%
Fair Value Assumptions, Expected Term	3 years 9 months 29 days
Development Property Investments [Member] | Weighted Average [Member] | Income approach analysis [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Inputs, Discount Rate	8.77%
Fair Value Assumptions, Expected Term	3 years 7 days
Loan Investments With Profits Interest [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Inputs, Asset Category	Development property investments with a profits interest	[2]
Loan Investments With Profits Interest [Member] | Option pricing model [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements, Valuation Techniques	Volatility
Loan Investments With Profits Interest [Member] | Minimum [Member] | Option pricing model [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Assumptions, Expected Volatility Rate	72.46%
Fair Value Assumptions, Expected Term	3 years 3 months 22 days
Fair Value Inputs, Cap Rate	6.00%
Loan Investments With Profits Interest [Member] | Maximum [Member] | Option pricing model [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Assumptions, Expected Volatility Rate	73.12%
Fair Value Assumptions, Expected Term	3 years 9 months 29 days
Fair Value Inputs, Cap Rate	6.50%
Loan Investments With Profits Interest [Member] | Weighted Average [Member] | Option pricing model [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Inputs, Discount Rate	77.82%
Fair Value Assumptions, Expected Term	3 years 5 months 26 days
Fair Value Inputs, Cap Rate	6.38%
Operating Property Loans [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements, Valuation Techniques	Exit date	[3]
Fair Value Inputs, Asset Category	Operating property loans
Operating Property Loans [Member] | Income approach analysis [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Measurements, Valuation Techniques	Market yields/ discount rate
Operating Property Loans [Member] | Minimum [Member] | Income approach analysis [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Assumptions, Expected Volatility Rate	6.22%
Fair Value Assumptions, Expected Term	5 years 6 months
Operating Property Loans [Member] | Maximum [Member] | Income approach analysis [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Assumptions, Expected Volatility Rate	7.53%
Fair Value Assumptions, Expected Term	6 years 8 months 5 days
Operating Property Loans [Member] | Weighted Average [Member] | Income approach analysis [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value Inputs, Discount Rate	6.91%
Fair Value Assumptions, Expected Term	5 years 11 months 19 days
[1]	Four properties were between 40% - 100% complete, thus requiring a capitalization rate to derive entrepreneurial profit.
[2]	The valuation technique for the development property investments with a profits interest does not differ from the development property investments without a profits interest. The development property investment with a profits interest only requires incremental valuation techniques to determine the value of the profits interest. Therefore this line only focuses on the profits interest valuation.
[3]	The exit dates for the operating property loans are the contractual maturity dates.

FAIR VALUE OF FINANCIAL INSTR39

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details 1) - Market Yield And Discount Rate [Member] $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)
Up 100 Basis Points [Member]
Investments in and Advances to Affiliates [Line Items]
Increase (Decrease) in fair value of investments	$ (1.6)
Down 50 Basis Points [Member]
Investments in and Advances to Affiliates [Line Items]
Increase (Decrease) in fair value of investments	$ 0.8

FAIR VALUE OF FINANCIAL INSTR40

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details 2) - Capitalization Rates [Member] $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)
Up 100 Basis Points [Member]
Investments in and Advances to Affiliates [Line Items]
Increase (Decrease) in fair value of investments	$ (0.3)
Down 50 Basis Points [Member]
Investments in and Advances to Affiliates [Line Items]
Increase (Decrease) in fair value of investments	$ 0.4

FAIR VALUE OF FINANCIAL INSTR41

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details 3) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance as of December 31, 2014	$ 0
Net realized gains	0
Net unrealized gains	872
Fundings of principal, net of unamortized origination fees	63,996
Payment-in-kind interest	973
Repayments of principal	(6,019)
Net transfers in or out of Level 3	0
Balance as of December 31, 2015	$ 59,822

FAIR VALUE OF FINANCIAL INSTR42

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details Textual) $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Investment Owned, Unrecognized Unrealized Appreciation (Depreciation), Net	$ 0.9
Investments in and Advances to Affiliates, at Fair Value, Period Increase (Decrease), Total	$ 0.5
Minimum [Member]
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Percentage of Completion of construction	40.00%
Maximum [Member]
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Percentage of Completion of construction	100.00%
Class B [Member]
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Equity Method Investment, Ownership Percentage	49.90%

VARIABLE INTEREST ENTITIES ( De

VARIABLE INTEREST ENTITIES ( Details )	Dec. 31, 2015USD ($)
Variable Interest Entity [Line Items]
Assets recorded related to VIEs	$ 40,200
Unfunded loan commitments to VIEs	114,600
Maximum exposure to loss	$ 154,800

VARIABLE INTEREST ENTITIES (Det

VARIABLE INTEREST ENTITIES (Details Textual) $ in Millions	Dec. 31, 2015USD ($)
Variable Interest Entity [Line Items]
Variable Interest Entity Carrying Amount Assets	$ 40.2

OTHER ASSETS (Details Textual)

OTHER ASSETS (Details Textual) $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)
Line of Credit [Member]
Debt Instrument, Face Amount	$ 0.5
Line of Credit Facility, Maximum Borrowing Capacity	$ 1.5
Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest	100.00%
Line of Credit [Member] | Maximum [Member]
Line of Credit Facility, Interest Rate During Period	7.00%
Line of Credit [Member] | Minimum [Member]
Line of Credit Facility, Interest Rate During Period	6.90%
Secured Debt [Member]
Secured Debt	$ 0.7
Debt Instrument, Interest Rate, Stated Percentage	7.00%
Debt Instrument, Maturity Date	Jun. 30, 2016

STOCKHOLDERS' EQUITY (Details)

STOCKHOLDERS' EQUITY (Details) - Restricted Stock [Member]	12 Months Ended
	Dec. 31, 2015$ / sharesshares
Class of Stock [Line Items]
Shares, Nonvested shares at beginning of period | shares	0
Shares, Granted | shares	162,500
Shares, Vested | shares	0
Shares, Forfeited | shares	0
Shares, Nonvested shares at end of period | shares	162,500
Weighted average grant date fair value, Nonvested at beginning of period | $ / shares	$ 0
Weighted average grant date fair value, Granted | $ / shares	20.08
Weighted average grant date fair value, Vested | $ / shares	0
Weighted average grant date fair value, Forfeited | $ / shares	0
Weighted average grant date fair value, Nonvested at end of period | $ / shares	$ 20.08

STOCKHOLDERS' EQUITY (Details T

STOCKHOLDERS' EQUITY (Details Textual) - USD ($)	1 Months Ended			3 Months Ended	12 Months Ended
	Jun. 15, 2015	Apr. 30, 2015	Oct. 31, 2014	Sep. 30, 2015	Dec. 31, 2015	Dec. 31, 2014
Class of Stock [Line Items]
Common Stock, Shares Authorized					500,000,000	1,000
Common Stock, Shares, Issued					6,162,500	1,000
Preferred Stock, Shares Authorized					100,000,000	0
Capital			$ 1,000
Proceeds from Issuance Initial Public Offering		$ 93,000,000
Proceeds from Issuance of Common Stock					$ 110,391,000
Restricted Stock or Unit Expense					$ 300,000
Share Price					$ 14.95
Expected Restricted Stock or Unit Expense					$ 2,200,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition					3 years 9 months 18 days
Restricted Stock [Member]
Class of Stock [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period					162,500
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period					0
Director [Member] | Restricted Stock [Member]
Class of Stock [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		2,500
2015 Equity Incentive Plan [Member]
Class of Stock [Line Items]
Common Stock, Capital Shares Reserved for Future Issuance		200,000
2015 Equity Incentive Plan [Member] | Restricted Stock [Member]
Class of Stock [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	100,000	10,000			162,500
2015 Equity Incentive Plan [Member] | Restricted Stock [Member] | Share-based Compensation Award, Tranche One [Member]
Class of Stock [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period					40,833
2015 Equity Incentive Plan [Member] | Restricted Stock [Member] | Share-based Compensation Award, Tranche Two [Member]
Class of Stock [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period					40,833
2015 Equity Incentive Plan [Member] | Restricted Stock [Member] | Share-based Compensation Award, Tranche Three [Member]
Class of Stock [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period					40,833
2015 Equity Incentive Plan [Member] | Restricted Stock [Member] | Share Based Compensation Award Tranche Four [Member]
Class of Stock [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period					20,000
2015 Equity Incentive Plan [Member] | Restricted Stock [Member] | Share Based Compensation Award Tranche Five [Member]
Class of Stock [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period					20,000
Founder [Member]
Class of Stock [Line Items]
Proceeds from Issuance of Private Placement		$ 5,000,000
IPO [Member]
Class of Stock [Line Items]
Common Stock, Shares, Issued		5,000,000
Private Placement [Member]
Class of Stock [Line Items]
Common Stock, Shares, Issued		250,000
Stock Issued During Period, Shares, New Issues		250,000
Over-Allotment Option [Member]
Class of Stock [Line Items]
Proceeds from Issuance of Common Stock		$ 14,000,000
Common Stock [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues					5,750,000
Common Stock [Member] | Restricted Stock [Member]
Class of Stock [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				52,500
Common Stock [Member] | IPO [Member]
Class of Stock [Line Items]
Common Stock, Shares, Issued		1,000
Stock Issued During Period, Shares, New Issues			1,000
Common Stock [Member] | Over-Allotment Option [Member]
Class of Stock [Line Items]
Sale of Stock, Number of Shares Issued in Transaction		750,000

DIVIDENDS AND DISTRIBUTIONS (De

DIVIDENDS AND DISTRIBUTIONS (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Class of Stock [Line Items]
Dividends Payable, Date Declared	Nov. 10, 2015
Dividends Payable, Date of Record	Jan. 1, 2016
Dividends Payable, Date to be Paid	Jan. 15, 2016
Dividends Payable, Amount Per Share	$ 0.35
Dividends Payable	$ 2,157	$ 0
Dividend Declared [Member]
Class of Stock [Line Items]
Dividends Payable, Date Declared	Jun. 3, 2015
Dividends Payable, Date of Record	Jul. 6, 2015
Dividends Payable, Date to be Paid	Jul. 15, 2015
Dividends Payable, Amount Per Share	$ 0.35
Dividends Payable	$ 2,139
Dividend Declared One [Member]
Class of Stock [Line Items]
Dividends Payable, Date Declared	Aug. 27, 2015
Dividends Payable, Date of Record	Oct. 1, 2015
Dividends Payable, Date to be Paid	Oct. 15, 2015
Dividends Payable, Amount Per Share	$ 0.35
Dividends Payable	$ 2,157

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended				12 Months Ended
		Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2015
Numerator:
Net loss		$ (831)	$ (1,407)	$ (558)	$ (147)	$ (2,943)
Less: Dividends declared on unvested restricted shares						(152)
Net loss attributable to common shareholders						$ (3,095)
Denominator:
Weighted-average number of common shares - basic	[1]					4,504,356
Unvested restricted stock shares (1)	[1]					0
Redeemable operating company units (2)	[2]					0
Weighted-average number of common shares - diluted						4,504,356
Net loss per share attributable to common stockholders						$ (0.69)
[1]	Anti-dilutive for the year ended December 31, 2015
[2]	A termination fee (see Note 10, Related Party Transactions) payable by the Operating Company in OC Units is anti-dilutive for the year ended December 31, 2015. The OC Units, if issued, would be redeemable into common stock of the Company.

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Textual) - USD ($) $ in Thousands	Dec. 15, 2015	Apr. 30, 2015	Dec. 31, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Annual Rate Of Interest			1.50%
Cumulative Annual Stockholder Total Return			8.00%
Percentage Of Base Management Fee			0.375%
Expenses Reimbursed To Manager			$ 2,100
Base Management Fee			$ 1,200
Contract Termination Claims, Description			a termination fee equal to the greater of (i) three times the sum of the average annual Base Management Fee and Incentive Fee earned by the Manager during the 24-month period prior to such termination, calculated as of the end of the most recently completed fiscal quarter prior to the date of termination, or (ii) the offer price, which will be based on the lesser of (a) the Managers earnings before interest, taxes, depreciation and amortization (adjusted for unusual, extraordinary and non-recurring charges and expenses), or EBITDA annualized based on the most recent quarter ended, multiplied by a specific multiple, or EBITDA Multiple, depending on the Companys achieved total annual return, and (b) the Companys equity market capitalization multiplied by a specific percentage, or Capitalization Percentage, depending on the Companys achieved total return (the Internalization Price).
Amortization of Other Deferred Charges			$ 500
Equity Method Investments, Fair Value Disclosure			40,222	$ 0
Payments To Acquire Loan from Manager	$ 200
Equity Method Investments [Member]
Related Party Transaction [Line Items]
Change in Fair value from equity investment			1,100
Equity Method Investments, Fair Value Disclosure			31,300
Income (Loss) from Equity Method Investments			$ 900
Private Placement [Member]
Related Party Transaction [Line Items]
Stock Issued During Period, Shares, New Issues		250,000
Founder [Member]
Related Party Transaction [Line Items]
Reimbursement Of Organization Costs		$ 100
Reimbursement Of Offering Costs		100
Proceeds from Issuance of Private Placement		$ 5,000

RESTRUCTURING COSTS (Details)

RESTRUCTURING COSTS (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring costs liability, Beginning Balance	$ 0
Restructuring costs	276
Cash payments	148
Non-cash activity	33
Restructuring costs liability, Ending Balance	95
Total cumulative restructuring costs expected to be incurred	276
Severance
Restructuring Cost and Reserve [Line Items]
Restructuring costs liability, Beginning Balance	0
Restructuring costs	97
Cash payments	97
Non-cash activity	0
Restructuring costs liability, Ending Balance	0
Total cumulative restructuring costs expected to be incurred	97
Fixed asset disposal
Restructuring Cost and Reserve [Line Items]
Restructuring costs liability, Beginning Balance	0
Restructuring costs	33
Cash payments	0
Non-cash activity	33
Restructuring costs liability, Ending Balance	0
Total cumulative restructuring costs expected to be incurred	33
Lease termination
Restructuring Cost and Reserve [Line Items]
Restructuring costs liability, Beginning Balance	0
Restructuring costs	124
Cash payments	39
Non-cash activity	0
Restructuring costs liability, Ending Balance	85
Total cumulative restructuring costs expected to be incurred	124
Other
Restructuring Cost and Reserve [Line Items]
Restructuring costs liability, Beginning Balance	0
Restructuring costs	23
Cash payments	12
Non-cash activity	0
Restructuring costs liability, Ending Balance	10
Total cumulative restructuring costs expected to be incurred	$ 23

RESTRUCTURING COSTS (Details Te

RESTRUCTURING COSTS (Details Textual) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2015
Restructuring Cost and Reserve [Line Items]
Restructuring Charges, Total		$ 276
Severance Costs	$ 100

COMMITMENTS AND CONTINGENCIES53

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	Dec. 31, 2015USD ($)
2,016	$ 288
2,017	295
2,018	206
2,019	2
2,020	2
Total	$ 793

COMMITMENTS AND CONTINGENCIES54

COMMITMENTS AND CONTINGENCIES (Details Textual) $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)
Operating Leases, Rent Expense	$ 0.4
Operating Leases, Income Statement, Sublease Revenue	$ 0.2
Maximum [Member]
Lessee Leasing Arrangements, Operating Leases, Term of Contract	5 years
Minimum [Member]
Lessee Leasing Arrangements, Operating Leases, Term of Contract	3 years
General and Administrative Expense [Member]
Operating Leases, Rent Expense	$ 0.1
Other Investments [Member]
Unfunded Loan Commitment Related To Investment Portfolio	115.1
Other Assets [Member]
Unfunded Loan Commitment Related To Three Revolving Loan Agreement	$ 1

QUARTERLY FINANCIAL DATA (UNA55

QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2015
Total revenue	$ 1,008	$ 578	$ 157	$ 0	$ 1,743
Net loss	$ (831)	$ (1,407)	$ (558)	$ (147)	$ (2,943)
Net loss per common shares-Basic	$ (0.15)	$ (0.24)	$ (0.10)
Net loss per common share-Diluted	$ (0.15)	$ (0.24)	$ (0.10)

SUBSEQUENT EVENTS (Details Text

SUBSEQUENT EVENTS (Details Textual) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended		12 Months Ended
	Mar. 31, 2016	Jan. 27, 2016	Dec. 31, 2015	Mar. 07, 2016
Subsequent Event [Line Items]
Common Stock, Dividends, Per Share, Declared			$ 1.05
Subsequent Event [Member]
Subsequent Event [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		$ 60
Debt Instrument, Term		3 years
Common Stock, Dividends, Per Share, Declared	$ 0.35
Line of Credit Facility, Description		The proposed credit facility will have a three year term, will bear interest at a variable rate tied to 30-day LIBOR, provides for a 1.0% origination fee, a 0.1% annual administration fee, a 0.30% exit fee, an unused line fee after 13 months and a minimum interest/prepayment penalty upon early retirement of the credit facility.
Investment Owned, Balance, Principal Amount				$ 41.9
Subsequent Event [Member] | Heitman Capital Management LLC [Member]
Subsequent Event [Line Items]
Equity Method Investment, Ownership Percentage				90.00%
Equity Method Investments				$ 110
Subsequent Event [Member] | Heitman Joint Venture [Member]
Subsequent Event [Line Items]
Commitment Amount Made				$ 12.2
Equity Method Investment, Ownership Percentage				10.00%
Investments In The Form Drawn Balances	$ 8.1

SCHEDULE IV -MORTGAGE LOANS ON

SCHEDULE IV -MORTGAGE LOANS ON REAL ESTATE (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)
Prior Liens	$ 0
Face Amount of Loans	61,365
Carrying Amount of Loans	60,515	[1]
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
First Mortgage [Member]
Location	West Palm Beach
Interest Rate	6.90%
Final Maturity Date	Mar. 1, 2017
Periodic Payment Terms	-	[2]
Prior Liens	$ 0
Face Amount of Loans	2,011
Carrying Amount of Loans	1,951	[1]
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
Self-storage development project Orlando [Member] | First Mortgage [Member]
Location	Orlando	[3]
Interest Rate	6.90%	[3]
Final Maturity Date	May 1, 2021	[3]
Periodic Payment Terms	-	[3],[4]
Prior Liens	$ 0	[3]
Face Amount of Loans	3,254	[3]
Carrying Amount of Loans	3,400	[1],[3]
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0	[3]
Self-storage development project Miami 1 [Member] | First Mortgage [Member]
Location	Miami	[3]
Interest Rate	6.90%	[3]
Final Maturity Date	Jun. 1, 2021	[3]
Periodic Payment Terms	-	[3],[4]
Prior Liens	$ 0	[3]
Face Amount of Loans	2,258	[3]
Carrying Amount of Loans	2,115	[1],[3]
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0	[3]
Self-storage development project Miami 2 [Member] | First Mortgage [Member]
Location	Miami	[3]
Interest Rate	6.90%	[3]
Final Maturity Date	Jun. 1, 2021	[3]
Periodic Payment Terms	-	[3],[4]
Prior Liens	$ 0	[3]
Face Amount of Loans	3,076	[3]
Carrying Amount of Loans	2,929	[1],[3]
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0	[3]
Self-storage development project Atlanta 1 [Member] | First Mortgage [Member]
Location	Atlanta	[3]
Interest Rate	6.90%	[3]
Final Maturity Date	Jul. 1, 2021	[3]
Periodic Payment Terms	-	[3],[4]
Prior Liens	$ 0	[3]
Face Amount of Loans	4,723	[3]
Carrying Amount of Loans	4,829	[1],[3]
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0	[3]
Self-storage development project Tampa [Member] | First Mortgage [Member]
Location	Tampa	[3]
Interest Rate	6.90%	[3]
Final Maturity Date	Jul. 1, 2021	[3]
Periodic Payment Terms	-	[3],[4]
Prior Liens	$ 0	[3]
Face Amount of Loans	3,720	[3]
Carrying Amount of Loans	3,820	[1],[3]
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0	[3]
Self-storage development project Atlanta 2 [Member] | First Mortgage [Member]
Location	Atlanta	[3]
Interest Rate	6.90%	[3]
Final Maturity Date	Jul. 1, 2021	[3]
Periodic Payment Terms	-	[3],[4]
Prior Liens	$ 0	[3]
Face Amount of Loans	2,799	[3]
Carrying Amount of Loans	2,823	[1],[3]
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0	[3]
Self-storage development project Charlotte [Member] | First Mortgage [Member]
Location	Charlotte	[3]
Interest Rate	6.90%	[3]
Final Maturity Date	Aug. 1, 2021	[3]
Periodic Payment Terms	-	[3],[4]
Prior Liens	$ 0	[3]
Face Amount of Loans	1,124	[3]
Carrying Amount of Loans	1,554	[1],[3]
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0	[3]
Self-storage development project Milwaukee [Member] | First Mortgage [Member]
Location	Milwaukee	[3]
Interest Rate	6.90%	[3]
Final Maturity Date	Aug. 1, 2021	[3]
Periodic Payment Terms	-	[3],[4]
Prior Liens	$ 0	[3]
Face Amount of Loans	2,529	[3]
Carrying Amount of Loans	2,463	[1],[3]
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0	[3]
Self-storage development project New Haven [Member] | First Mortgage [Member]
Location	New Haven	[3]
Interest Rate	6.90%	[3]
Final Maturity Date	Sep. 1, 2021	[3]
Periodic Payment Terms	-	[3],[4]
Prior Liens	$ 0	[3]
Face Amount of Loans	997	[3]
Carrying Amount of Loans	960	[1],[3]
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0	[3]
Self-storage development project Pittsburgh [Member] | First Mortgage [Member]
Location	Pittsburgh	[3]
Interest Rate	6.90%	[3]
Final Maturity Date	Sep. 1, 2021	[3]
Periodic Payment Terms	-	[3],[4]
Prior Liens	$ 0	[3]
Face Amount of Loans	1,542	[3]
Carrying Amount of Loans	1,542	[1],[3]
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0	[3]
Self-storage development project Raleigh [Member] | First Mortgage [Member]
Location	Raleigh	[3]
Interest Rate	6.90%	[3]
Final Maturity Date	Sep. 1, 2021	[3]
Periodic Payment Terms	-	[3],[4]
Prior Liens	$ 0	[3]
Face Amount of Loans	1,026	[3]
Carrying Amount of Loans	934	[1],[3]
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0	[3]
Self-storage development project Fort Lauderdale [Member] | First Mortgage [Member]
Location	Fort Lauderdale	[3]
Interest Rate	6.90%	[3]
Final Maturity Date	Nov. 1, 2021	[3]
Periodic Payment Terms	-	[3],[4]
Prior Liens	$ 0	[3]
Face Amount of Loans	2,144	[3]
Carrying Amount of Loans	2,009	[1],[3]
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0	[3]
Self-storage development project Jacksonville [Member] | First Mortgage [Member]
Location	Jacksonville	[3]
Interest Rate	6.90%	[3]
Final Maturity Date	Oct. 1, 2021	[3]
Periodic Payment Terms	-	[3],[4]
Prior Liens	$ 0	[3]
Face Amount of Loans	1,213	[3]
Carrying Amount of Loans	1,180	[1],[3]
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0	[3]
Self-storage development project Austin [Member] | First Mortgage [Member]
Location	Austin	[3]
Interest Rate	6.90%	[3]
Final Maturity Date	Oct. 27, 2021	[3]
Periodic Payment Terms	-	[3],[4]
Prior Liens	$ 0	[3]
Face Amount of Loans	800	[3]
Carrying Amount of Loans	708	[1],[3]
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0	[3]
Self-storage development project New Orleans [Member] | First Mortgage [Member]
Periodic Payment Terms	0
Self-storage Development Project Sarasota [Member] | First Mortgage [Member]
Location	Sarasota
Interest Rate	6.90%
Final Maturity Date	Mar. 1, 2017
Periodic Payment Terms	-	[2]
Prior Liens	$ 0
Face Amount of Loans	1,036
Carrying Amount of Loans	998	[1]
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
Self-storage Development Project Chicago [Member] | First Mortgage [Member]
Location	Chicago
Interest Rate	6.90%
Final Maturity Date	May 31, 2017
Periodic Payment Terms	-	[2]
Prior Liens	$ 0
Face Amount of Loans	775
Carrying Amount of Loans	706	[1]
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
Self-storage Development Project Miami 3 [Member] | First Mortgage [Member]
Location	Miami
Interest Rate	6.90%
Final Maturity Date	Jul. 1, 2017
Periodic Payment Terms	-	[2]
Prior Liens	$ 0
Face Amount of Loans	5,655
Carrying Amount of Loans	5,301	[1]
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
Self-storage property New Orleans [Member] | First Mortgage [Member]
Location	New Orleans
Interest Rate	6.90%
Final Maturity Date	Jul. 1, 2021
Periodic Payment Terms	-	[5]
Prior Liens	$ 0
Face Amount of Loans	2,800
Carrying Amount of Loans	2,736	[1]
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
Self-storage property Newark [Member] | First Mortgage [Member]
Location	Newark
Interest Rate	5.85%
Final Maturity Date	Aug. 1, 2022	[6]
Periodic Payment Terms	0	[5]
Prior Liens	$ 0
Face Amount of Loans	3,480
Carrying Amount of Loans	3,416	[1]
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
Self-storage property Nashville 1 [Member] | First Mortgage [Member]
Location	Nashville
Interest Rate	6.90%
Final Maturity Date	Nov. 1, 2021
Periodic Payment Terms	-	[5]
Prior Liens	$ 0
Face Amount of Loans	1,210
Carrying Amount of Loans	1,192	[1]
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
Self-storage property Sacramento [Member] | First Mortgage [Member]
Location	Sacramento
Interest Rate	5.95%
Final Maturity Date	Nov. 1, 2021
Periodic Payment Terms	-	[5]
Prior Liens	$ 0
Face Amount of Loans	5,500
Carrying Amount of Loans	5,401	[1]
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
Self-storage property Nashville 2 [Member] | First Mortgage [Member]
Location	Nashville
Interest Rate	6.90%
Final Maturity Date	Dec. 1, 2021
Periodic Payment Terms	-	[5]
Prior Liens	$ 0
Face Amount of Loans	4,863
Carrying Amount of Loans	4,755	[1]
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
Self-storage property Chicago [Member] | First Mortgage [Member]
Location	Chicago
Interest Rate	6.90%
Final Maturity Date	Dec. 22, 2021
Periodic Payment Terms	-	[5]
Prior Liens	$ 0
Face Amount of Loans	2,130
Carrying Amount of Loans	2,100	[1]
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
Land [Member]
Location	Orlando
Land [Member] | First Mortgage [Member]
Interest Rate	6.90%
Final Maturity Date	Jun. 28, 2016
Periodic Payment Terms	-	[7]
Prior Liens	$ 0
Face Amount of Loans	700
Carrying Amount of Loans	693	[1]
Principal Amount of Loans Subject to Delinquent Principal or Interest	0
Development investments with a profits interest [Member]
Prior Liens	0
Face Amount of Loans	31,205
Carrying Amount of Loans	31,266	[1]
Principal Amount of Loans Subject to Delinquent Principal or Interest	0
Construction loans - first mortgages [Member]
Prior Liens	0
Face Amount of Loans	9,477
Carrying Amount of Loans	8,956	[1]
Principal Amount of Loans Subject to Delinquent Principal or Interest	0
Operating property loans - first mortgages [Member]
Prior Liens	0
Face Amount of Loans	19,983
Carrying Amount of Loans	19,600	[1]
Principal Amount of Loans Subject to Delinquent Principal or Interest	0
Mortgage Loans Excluding Land [Member]
Prior Liens	0
Face Amount of Loans	60,665
Carrying Amount of Loans	59,822	[1]
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0
[1]	The carrying value of the Company’s investments and loans approximate the aggregate cost for federal income tax purposes.
[2]	Interest only monthly; balloon payment due at maturity subject to contribution agreements from equity REIT; no prepayment permited for all or any portion of the loan prior to completion of construction and receipt of certificate of occupancy.
[3]	Development loan investments with a profits interest are comprised of a construction loan secured by a first mortgage on the development project and a mezzanine loan secured by a first priority security interest in the membership interests of the owners of the project. These loans are entered into simultaneously and are valued as a single instrument for accounting purposes.
[4]	Interest only monthly (funded from interest reserve); balloon payment due at maturity; prepayment penalty - On or before 15th month - no prepayment premium; on or after 15th month but prior to 28th month, 3%; on or after 28th month but prior to 40th month, 2%; on or after 40th month but prior to 52nd month, 1%; on or after 52nd month - no prepayment premium.
[5]	Interest only monthly; balloon payment due at maturity; no prepayment during first 36 months, thereafter stepdown prepayment of 3%, 2%, 1%, no prepayment the last 90 days prior to maturity.
[6]	Originial maturity date is August 1, 2022 with an option to extend 36 months to August 1, 2025.
[7]	Interest only monthly; balloon payment due at maturity; any prepayment of the Loan shall be made by paying on the date of prepayment (i) the amount of principal being prepaid, (ii) all accrued interest, and (iii) all other sums due under the note and the other loan documents.

SCHEDULE IV - MORTGAGE LOANS 58

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE (Details1) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)
Balance as of December 31, 2014	$ 0
Fundings of principal, net of unamortized origination fees	63,996
Payment-in-kind interest	973
Repayments of principal	(6,019)
Net unrealized gains	872
Balance as of December 31, 2015	$ 60,515

SCHEDULE IV - MORTGAGE LOANS 59

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE (Details Textual)	12 Months Ended
	Dec. 31, 2015
Self-storage development project [Member]
Mortgage Loans on Real Estate, Periodic Payment Terms	Interest only monthly (funded from interest reserve); balloon payment due at maturity; prepayment penalty - On or before 15th month - no prepayment premium; on or after 15th month but prior to 28th month, 3%; on or after 28th month but prior to 40th month, 2%; on or after 40th month but prior to 52nd month, 1%; on or after 52nd month - no prepayment premium.
Self-storage property [Member]
Mortgage Loans on Real Estate, Periodic Payment Terms	Interest only monthly; balloon payment due at maturity; no prepayment during first 36 months, thereafter stepdown prepayment of 3%, 2%, 1%, no prepayment the last 90 days prior to maturity.