Jernigan Capital (JCAP) 10-Q 8 Aug 17 2017 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Aug. 07, 2017
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Entity Registrant Name	Jernigan Capital, Inc.
Entity Central Index Key	1,622,353
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Trading Symbol	JCAP
Entity Common Stock, Shares Outstanding		14,238,350

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Assets:
Cash and cash equivalents	$ 100,529	$ 67,373
Development property investments at fair value, of which $33.3 million of funded principal is pledged as collateral against certain of the Company’s senior loan participations as of June 30, 2017 and December 31, 2016	163,979	95,102
Operating property loans at fair value, of which $2.8 million of funded principal is pledged as collateral against certain of the Company’s senior loan participations as of June 30, 2017 and December 31, 2016	8,790	9,905
Investment in and advances to real estate venture	14,314	5,373
Self-storage real estate owned	7,283	0
Other loans, at cost	6,619	11,752
Deferred costs	2,305	2,207
Prepaid expenses and other assets	1,119	868
Fixed assets, net	189	199
Total assets	305,127	192,779
Liabilities:
Senior loan participations	20,147	18,582
Due to Manager	1,027	1,008
Accounts payable, accrued expenses and other liabilities	2,399	697
Dividends payable	5,160	4,130
Total liabilities	28,733	24,417
Jernigan Capital, Inc. stockholders’ equity:
Cumulative preferred stock, $0.01 par value, 100,000,000 shares authorized, 10,000 shares issued and outstanding at June 30, 2017 and December 31, 2016, at liquidation preference of $10.0 million, net of allocated costs	9,445	9,448
Common stock, $0.01 par value, 500,000,000 shares authorized at June 30, 2017 and December 31, 2016; 14,238,350 and 8,956,354 issued and outstanding at June 30, 2017 and December 31, 2016, respectively	142	90
Additional paid-in capital	272,525	162,664
Accumulated deficit	(5,718)	(3,840)
Total equity	276,394	168,362
Total liabilities and equity	$ 305,127	$ 192,779

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Securities Held as Collateral, at Fair Value	$ 33.3	$ 33.3
Loans Pledged as Collateral	$ 2.8	$ 2.8
Common Stock, Par Value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, Shares Authorized	500,000,000	500,000,000
Common Stock, Shares Issued	14,238,350	8,956,354
Common Stock, Shares Outstanding	14,238,350	8,956,354
Cumulative Preferred Stock [Member]
Preferred Stock, Par Value (in dollars per share)	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	100,000,000	100,000,000
Preferred Stock, Shares Issued	10,000	10,000
Preferred Stock, Shares Outstanding	10,000	10,000
Preferred Stock, Liquidation Preference, Value	$ 10	$ 10

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenues:
Interest income from investments	$ 2,467	$ 1,533	$ 4,586	$ 2,676
Rental and other property-related income from real estate owned	105	0	168	0
Other revenues	27	0	146	0
Total revenues	2,599	1,533	4,900	2,676
Costs and expenses:
General and administrative expenses	1,371	1,335	2,949	2,639
Management fees to Manager	707	402	1,337	816
Property operating expenses of real estate owned	81	0	136	0
Transaction and other expenses	0	175	0	2,127
Restructuring costs	0	47	0	54
Deferred termination fee to Manager	0	82	0	239
Total costs and expenses	2,159	2,041	4,422	5,875
Operating income (loss)	440	(508)	478	(3,199)
Other income (expense):
Equity in earnings from unconsolidated real estate venture	595	418	1,017	418
Change in fair value of investments	4,289	5,527	5,682	9,318
Interest expense	(230)	(38)	(434)	(38)
Other interest income	100	13	234	35
Total other income	4,754	5,920	6,499	9,733
Net income	5,194	5,412	6,977	6,534
Net income attributable to preferred stockholders	(177)	0	(723)	0
Net income attributable to common stockholders	$ 5,017	$ 5,412	$ 6,254	$ 6,534
Basic earnings per share attributable to common stockholders	$ 0.5	$ 0.89	$ 0.66	$ 1.07
Diluted earnings per share attributable to common stockholders	0.5	0.89	0.66	1.07
Dividends declared per share of common stock	$ 0.35	$ 0.35	$ 0.7	$ 0.7

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]	Preferred Stock [Member]
Balance at Dec. 31, 2015	$ 101,764	$ 62	$ 110,634	$ (9,396)	$ 101,300	$ 464	$ 0
Balance (in shares) at Dec. 31, 2015		6,162,500					0
Stock dividend paid on preferred stock	0
Repurchase of 213,078 shares of common stock	(3,152)	$ (2)	(3,150)	0	(3,152)	0	$ 0
Repurchase of 213,078 shares of common stock (in shares)		(213,078)					0
Issuances of stock-based awards	0	$ 0	0	0	0	0	$ 0
Issuances of stock-based awards (in shares)		14,340					0
Stock-based compensation	487	$ 0	487	0	487	0	$ 0
Deferred termination fee to Manager	239	0	0	0	0	239	0
Effect of Management Agreement Amendment	0	0	703	0	703	(703)	0
Dividends declared on common stock	(4,244)	0	0	(4,244)	(4,244)	0	0
Net income	6,534	0	0	6,534	6,534	0	0
Balance at Jun. 30, 2016	101,628	$ 60	108,674	(7,106)	101,628	0	$ 0
Balance (in shares) at Jun. 30, 2016		5,963,762					0
Balance at Dec. 31, 2016	168,362	$ 90	162,664	(3,840)	168,362	0	$ 9,448
Balance (in shares) at Dec. 31, 2016		8,956,354					10,000
Equity offering costs related to issuance of preferred stock	(3)	$ 0	0	0	(3)	0	$ (3)
Stock dividend paid on preferred stock	1,194	$ 1	1,193	0	1,194	0	$ 0
Stock dividend paid on preferred stock (in Shares)		57,850					0
Proceeds from issuance of common stock, net of offering costs	83,935	$ 40	83,895	0	83,935	0	$ 0
Proceeds from issuance of common stock, net of offering costs (in shares)		4,025,000					0
At-the-market issuance of common stock, net of offering costs	24,194	$ 10	24,184	0	24,194	0	$ 0
At-the-market issuance of common stock, net of offering costs (in shares)		1,093,202					0
Repurchase and retirement of 5,470 shares related to vested restricted stock	(128)	$ 0	(128)	0	(128)	0	$ 0
Repurchase and retirement of 5,470 shares related to vested restricted stock (in shares)		(5,470)					0
Issuances of stock-based awards	(9)	$ 1	(10)	0	(9)	0	$ 0
Issuances of stock-based awards (in shares)		111,414					0
Stock-based compensation	727	$ 0	727	0	727	0	$ 0
Deferred termination fee to Manager	0
Dividends declared on preferred stock	(723)	0	0	(723)	(723)	0	0
Dividends declared on common stock	(8,132)	0	0	(8,132)	(8,132)	0	0
Net income	6,977	0	0	6,977	6,977	0	0
Balance at Jun. 30, 2017	$ 276,394	$ 142	$ 272,525	$ (5,718)	$ 276,394	$ 0	$ 9,445
Balance (in shares) at Jun. 30, 2017		14,238,350					10,000

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities
Net income	$ 6,977	$ 6,534
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Interest capitalized on outstanding loans	(3,114)	(1,522)
Change in fair market value of investments	(5,682)	(9,318)
Stock-based compensation	727	487
Equity in earnings from unconsolidated real estate venture	(1,012)	(418)
Return on investment from unconsolidated joint venture	329	0
Deferred termination fee to Manager	0	239
Depreciation	91	35
Amortization of deferred financing costs	11	0
Accretion of origination fees	(299)	(280)
Origination fees received in cash	2,680	29
Changes in operating assets and liabilities:
Prepaid expenses and other assets	(369)	(255)
Due to Manager	19	(62)
Accounts payable, accrued expenses, and other liabilities	97	25
Net cash provided by (used in) operating activities	455	(4,506)
Cash flows from investing activities
Purchase of fixed assets	(19)	(3)
Purchase of self-storage real estate owned	(1,270)	0
Capital contributions to real estate venture	(3,172)	0
Advances to real estate venture	(27,481)	(718)
Repayment of advances to real estate venture	22,396	0
Capitalized real estate venture costs	0	(226)
Cash received for developer’s equity prior to funding	1,254	0
Funding of investment portfolio: Development property investments	(78,129)	(22,181)
Funding of investment portfolio: Operating property loans	0	(242)
Funding of other loans	(8,940)	(3,824)
Repayments of investment portfolio investments	12,239	5,500
Repayments of other loans	12,704	94
Net cash used in investing activities	(70,418)	(21,600)
Cash flows from financing activities
Senior loan participations	1,658	5,049
Deferred costs	(12)	(312)
Stock repurchase	(128)	(3,152)
Net proceeds from issuance of common stock	108,235	0
Costs related to the future issuance of preferred stock	(3)	0
Dividends paid on preferred stock	(348)	0
Dividends paid on common stock	(6,283)	(4,314)
Net cash provided by (used in) financing activities	103,119	(2,729)
Net change in cash and cash equivalents	33,156	(28,835)
Cash and cash equivalents at the beginning of the period	67,373	43,859
Cash and cash equivalents at the end of the period	$ 100,529	$ 15,024

ORGANIZATION AND FORMATION OF T

ORGANIZATION AND FORMATION OF THE COMPANY	6 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	1. ORGANIZATION AND FORMATION OF THE COMPANY 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 and other capital sources 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 Company is externally managed by JCAP Advisors, LLC (the “Manager”). The Company has elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986, as amended (the “Code”). 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	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	2. SIGNIFICANT ACCOUNTING POLICIES The Company’s consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The accompanying interim consolidated financial statements include all normal recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the interim periods included therein. Substantially all operations are conducted through the Operating Company, and all significant intercompany transactions and balances have been eliminated in consolidation. 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. The Company invests in entities that 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 allocation of decision-making authority 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 that, 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. Investments in real estate ventures and entities over which the Company exercises significant influence but not control are accounted for using the equity method. In accordance with Accounting Standards Codification (“ASC”) 825, Financial Instruments 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 stockholders and others who rely on the Company’s financial statements with a more complete and accurate understanding of the Company’s economic performance including its 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, including those recorded at cost and presented on the Consolidated Balance Sheets as other loans, is evaluated for impairment on a periodic basis. For loans carried at fair value, indicators of impairment are reflected in measurement of the loan. For loans that are carried at cost, the Company estimates an allowance for loan loss at each reporting date. In evaluating loan impairment, the Company also periodically evaluates the extent and impact of any credit deterioration associated with the performance and/or value of the underlying collateral property as well as the financial and operating capability of the borrower on a loan by loan basis. The Company also evaluates the financial wherewithal of any loan guarantors as well as the borrower’s competency in managing and operating the property. In addition, the Company considers the overall economic environment, real estate sector and geographic sub-market in which the borrower operates. 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 June 30, 2017 and December 31, 2016, there were no loans that were deemed to be impaired loans. Additionally, for loans recorded at cost, the Company determined that no allowance for loan loss was necessary at June 30, 2017 and December 31, 2016. For investments carried at fair value, fees and costs are expensed as incurred. Loan arrangements under which the Company is entitled to greater than 50% of the residual profits are accounted for as a real estate investment in accordance with ASC 310, Receivables 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 ASC 825-10. The Company’s financial instruments consist of cash, development property investments (which are typically structured as first mortgages and a 49.9 Fair Value Measurements Using Total Level 1 Level 2 Level 3 Development property investments $ 163,979 $ - $ - $ 163,979 Operating property loans 8,790 - - 8,790 Total investments $ 172,769 $ - $ - $ 172,769 The following table presents the financial instruments measured at fair value on a recurring basis at December 31, 2016: Fair Value Measurements Using Total Level 1 Level 2 Level 3 Development property investments $ 95,102 $ - $ - $ 95,102 Operating property loans 9,905 - - 9,905 Total investments $ 105,007 $ - $ - $ 105,007 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 Land is carried at historical cost. Building and improvements are carried at historical cost less accumulated depreciation and impairment losses. The cost reflects the purchase price or development cost of the assets. Ordinary repairs and maintenance are expensed as incurred; major replacements and betterments, which improve or extend the life of the asset, are capitalized and depreciated over their estimated useful lives. The costs of building and improvements are depreciated using the straight-line method based on a useful life of 40 The Company evaluates long-lived assets for impairment when events and circumstances such as declines in occupancy and operating results indicate that there may be an impairment. The carrying value of these long-lived assets is compared to the undiscounted future net operating cash flows, plus a terminal value, attributable to the assets to determine if the facility’s basis is recoverable. If an asset’s basis is not considered recoverable, an impairment loss is recorded to the extent the net carrying value of the asset exceeds the fair value. The impairment loss recognized equals the excess of net carrying value over the related fair value of the asset. 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 two financial institutions, and the balance at each financial institution exceeds the Federal Deposit Insurance Corporation insurance limit of $ 250,000 The Company’s other loans balance primarily includes principal balances for certain revolving loan agreements and short-term mortgage loans made by the Company in situations where it was determined that making such loans would benefit the Company’s primary business. These loans are accounted for under the cost method. 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 the cost reimbursed by the Company. 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. Interest income is recognized as earned on a simple interest basis and is reported in interest income from investments in the Consolidated Statements 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. The operations of the self-storage real estate owned are managed by a third-party self-storage management company. All rental leases are operating leases, and rental income is recognized in accordance with the terms of the leases, which generally are month to month. Costs related to the sale of senior participations are deferred and are amortized as interest expense over the estimated life of the related senior participation using the straight-line method, which approximates the effective interest method. If a debt instrument is repurchased prior to its original maturity date, the unamortized balance of debt issuance costs are written off to interest expense or, if significant, included in “early extinguishment of debt.” Debt issuance costs are presented in the Consolidated Balance Sheets as a deduction from the carrying amount of the principal balance. Transaction and other expenses consist of non-capitalizable advisory fees and other unreimbursed expenses incurred in connection with various financing and investment transactions and are expensed as incurred. There were no transaction and other expenses for the three or six months ended June 30, 2017. During the three and six months ended June 30, 2016, the Company incurred $ 0.2 2.1 Offering and registration costs represent underwriting discounts and commissions, professional fees, fees paid to various regulatory agencies, and other costs incurred in connection with the registration and sale of the Company’s securities. Offering and registration costs incurred in connection with the Company’s common stock offerings are reflected as a reduction of additional paid-in capital. On July 27, 2016, the Company entered into a Stock Purchase Agreement (see Note 10, Stockholders’ Equity 50.0 2.8 50.0 2.8 2.2 0.6 The Company has elected to be taxed as a REIT and to comply with the related provisions of the Code. 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. 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. 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, accrued stock dividends, 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. For the three and six months ended June 30, 2017 and 2016, comprehensive income equaled net income; therefore, separate Consolidated Statements of Comprehensive Income are not included in the accompanying consolidated financial statements. 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. In August 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-15 , Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers Consolidated Statements of Cash Flows - Supplemental Disclosures Six months ended June 30, 2017 2016 Supplemental disclosure of cash flow information: Interest paid $ 433 $ 20 Supplemental disclosure of non-cash investing and financing activities: Stock dividend paid on preferred stock $ 1,194 $ - Dividends declared, but not paid, on preferred stock 177 - Dividends declared, but not paid, on common stock 4,983 2,087 Contribution of assets to real estate venture - 7,693 Reclassification of self-storage real estate owned 6,066 - Other loans paid off with issuance of development property investments 1,410 -

INVESTMENTS

INVESTMENTS	6 Months Ended
	Jun. 30, 2017
Schedule of Investments [Abstract]
Investment Holdings, Schedule of Investments [Text Block]	3. INVESTMENTS The Company’s self-storage investments at June 30, 2017 consisted of the following: ⋅ Development Property Investments 33 337.5 49.9 6.9 72 months The Company also had one construction loan investment with a committed principal amount of approximately $ 17.7 18 months 6.9 ⋅ Operating property loans 8.8 5.85 6.9 72 months The Company’s development property investments and operating property loans are collectively referred to herein as the Company’s investment portfolio. 364.0 157.5 Closing Date Metropolitan Total Investment Funded (1) Remaining Fair Value Development property investments: Loan investments with a profits interest: 4/21/2015 Orlando 1 (2) (4) $ 5,372 $ 5,367 $ 5 $ 1,347 6/10/2015 Atlanta 1 (2) 8,132 7,908 224 10,736 6/19/2015 Tampa 1 (2) 5,369 5,285 84 6,369 6/26/2015 Atlanta 2 (2) 6,050 5,684 366 9,043 6/29/2015 Charlotte 1 (2) 7,624 7,065 559 10,361 7/2/2015 Milwaukee (2) 7,650 6,870 780 8,304 7/31/2015 New Haven (2) 6,930 6,093 837 8,058 8/10/2015 Pittsburgh (2) 5,266 4,361 905 5,936 8/14/2015 Raleigh 8,792 3,417 5,375 3,335 9/30/2015 Jacksonville 1 (2) 6,445 5,988 457 8,320 10/27/2015 Austin (2) 8,658 6,866 1,792 8,619 9/20/2016 Charlotte 2 12,888 3,029 9,859 2,796 11/17/2016 Orlando 2 (3) 5,134 2,994 2,140 3,577 11/17/2016 Jacksonville 2 (3) 7,530 2,847 4,683 3,011 1/4/2017 New York City 1 (3) 16,117 11,093 5,024 12,509 1/18/2017 Atlanta 3 14,115 3,385 10,730 3,295 1/31/2017 Atlanta 4 13,678 5,866 7,812 5,824 2/24/2017 Orlando 3 8,056 905 7,151 835 2/24/2017 New Orleans 12,549 - 12,549 - 2/27/2017 Atlanta 5 17,492 4,854 12,638 4,737 3/1/2017 Fort Lauderdale 9,952 1,740 8,212 1,661 3/1/2017 Houston 13,630 3,532 10,098 3,445 4/14/2017 Louisville 8,523 627 7,896 542 4/20/2017 Denver 1 9,806 1,873 7,933 1,783 4/20/2017 Denver 2 11,164 2,137 9,027 2,035 5/2/2017 Atlanta 6 12,543 3,671 8,872 3,565 5/2/2017 Tampa 2 8,091 1,584 6,507 1,508 5/19/2017 Tampa 3 9,224 1,524 7,700 1,434 6/12/2017 Tampa 4 10,266 2,391 7,875 2,293 6/19/2017 Baltimore (5) 10,775 2,199 8,576 2,008 6/28/2017 Knoxville 9,115 829 8,286 738 6/29/2017 Boston 14,103 1,466 12,637 1,326 6/30/2017 New York City 2 (5) 26,482 16,004 10,478 15,637 $ 337,521 $ 139,454 $ 198,067 $ 154,987 Construction loans: 12/23/2015 Miami 17,733 9,232 8,501 8,992 $ 17,733 $ 9,232 $ 8,501 $ 8,992 Subtotal $ 355,254 $ 148,686 $ 206,568 $ 163,979 Operating property loans: 6/19/2015 New Orleans (6) 2,800 2,800 - 2,792 7/7/2015 Newark 3,480 3,480 - 3,482 12/22/2015 Chicago 2,502 2,500 2 2,516 Subtotal $ 8,782 $ 8,780 $ 2 $ 8,790 Total investments $ 364,036 $ 157,466 $ 206,570 $ 172,769 (1) (2) Fair Value of Financial Instruments (3) Fair Value of Financial Instruments (4) In February 2017, the Company purchased 1.3 50 49.9 74.9 Self-storage Real Estate Owned 25.1 (5) (6) Funded principal $ 157,466 Adjustments: Unamortized origination fees (3,471) Change in fair value of investments 24,924 Reclassification of self-storage real estate owned (6,066) Other (84) Fair value of investments $ 172,769 141.9 86.9 Closing Date Metropolitan Total Investment Funded (1) Remaining Fair Value Development property investments: Loan investments with a profits interest: 4/21/2015 Orlando 1 (2) $ 5,372 $ 5,308 $ 64 $ 7,302 6/10/2015 Atlanta 1 (2) 8,132 7,694 438 10,404 6/19/2015 Tampa (2) 5,369 5,285 84 6,279 6/26/2015 Atlanta 2 (2) 6,050 5,620 430 8,900 6/29/2015 Charlotte 1 (2) 7,624 6,842 782 9,853 7/2/2015 Milwaukee (2) 7,650 5,608 2,042 7,008 7/31/2015 New Haven (2) 6,930 5,257 1,673 6,730 8/10/2015 Pittsburgh (3) 5,266 3,497 1,769 4,551 8/14/2015 Raleigh 8,792 1,460 7,332 1,396 9/30/2015 Jacksonville 1 (2) 6,445 5,852 593 7,962 10/27/2015 Austin (3) 8,658 4,366 4,292 5,192 9/20/2016 Charlotte 2 12,888 1,446 11,442 1,298 11/17/2016 Orlando 2 5,134 1,342 3,792 1,237 11/17/2016 Jacksonville 2 7,530 624 6,906 551 $ 101,840 $ 60,201 $ 41,639 $ 78,663 Construction loans: 8/5/2015 West Palm Beach (4) 7,500 6,712 788 6,702 8/5/2015 Sarasota (4) 4,792 3,485 1,307 3,473 12/23/2015 Miami 17,733 6,517 11,216 6,264 $ 30,025 $ 16,714 $ 13,311 $ 16,439 Subtotal $ 131,865 $ 76,915 $ 54,950 $ 95,102 Operating property loans: 6/19/2015 New Orleans 2,800 2,800 - 2,768 7/7/2015 Newark 3,480 3,480 - 3,441 10/30/2015 Nashville (4) 1,210 1,210 - 1,204 12/22/2015 Chicago 2,502 2,500 2 2,492 Subtotal $ 9,992 $ 9,990 $ 2 $ 9,905 Total investments $ 141,857 $ 86,905 $ 54,952 $ 105,007 (1) (2) Fair Value of Financial Instruments (3) Fair Value of Financial Instruments (4) Funded principal $ 86,905 Adjustments: Unamortized origination fees (1,056) Change in fair value of investments 19,242 Other (84) Fair value of investments $ 105,007 The Company has elected the fair value option of accounting for all of its investment portfolio investments in order to provide stockholders and others who rely on the Company’s financial statements with a more complete and accurate understanding of the Company’s economic performance, including its revenues and value inherent in its equity participation in development projects. See Note 4, Fair Value of Financial Instruments No loans were in non-accrual status as of June 30, 2017 and December 31, 2016. All of the Company’s development property investments with a profits interest, except for the Orlando 1 investment, would have been accounted for under the equity method had the Company not elected the fair value option. For these development property investments with a profits interest, the assets and liabilities of the equity method investees approximated $ 157.3 134.1 71.0 60.2 0.7 1.2 0.1 0.1 1.8 For eight of the Company’s development property investments with a profits interest, an investor has an option to put its interest to the Company upon the event of default of the underlying property loans. The put, if exercised, requires the Company to purchase the member’s interest at the original purchase price plus a yield of 4.5% on such purchase price.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2017
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 to report selected financial assets and liabilities at fair value. The Company has elected the fair value option of accounting for its development property investments and operating property loan investments in order to provide stockholders and others who rely on the Company’s financial statements with a more complete and accurate understanding of the Company’s economic performance, including its revenues and value inherent in its equity participation in self-storage 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, other loans, receivables, senior loan participations and payables approximate their fair values due to their short-term nature or due to a variable interest rate. Cash, receivables, and payables are categorized as Level 1 instruments in the measurement of fair value. Other loans and senior loan participations are categorized as Level 2 instruments in the measurement of fair value as the fair values of these investments are determined using a discounted cash flow model with inputs from third-party pricing sources and similar instruments. The table below 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 determined 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 determined 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. Level 3 An option-pricing method (OPM) framework is utilized to calculate the value of the profits interests. Operating property loans Valuations are determined using an Income Approach analysis, using the discounted cash flow method model, capturing the prepayment penalty / call price schedule as applicable. Level 3 (a) The Company’s development property investments and operating property loan investments are valued using two different valuation techniques. 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 value of 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 40 100 Level 3 Fair Value Measurements The following tables summarize the significant unobservable inputs the Company used to value its investments categorized within Level 3 as of June 30, 2017 and December 31, 2016. As of June 30, 2017 Unobservable Inputs Asset Category Primary Valuation Input Estimated Range Weighted Development property (a) Market yields/ 7.97 – 10.33% 8.70% Exit date 0.58 – 5.00 years 2.71 years Development property (b) Volatility 63.58 – 90.26% 70.77% Exit date 0.92 – 5.00 years 2.83 years Capitalization rate (c) 5.25 - 5.50% 5.47% Discount rate 8.25 - 8.50% 8.47% Operating property loans Market yields/ 5.84 – 6.98% 6.46% Exit date (d) 4.00 - 5.16 years 4.60 years (a) (b) (c) (d) As of December 31, 2016 Unobservable Inputs Asset Category Primary Valuation Input Estimated Range Weighted (a) Market yields/ 7.23 - 9.28% 8.34% Exit date 0.17 - 3.88 years 1.81 years Development property investments with a profits interest (b) Option pricing model Volatility 68.72 - 73.46% 73.17% Exit date 1.42 - 3.88 years 2.12 years Capitalization rate (c) 5.25 - 5.50% 5.47% Discount rate 8.25 - 8.50% 8.47% Operating property loans Income approach analysis Market yields/discount rate 6.09 - 7.20% 6.73% Exit date (d) 4.50 - 5.66 years 5.07 years (a) (b) (c) (d) 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 and discount rates, each in isolation, may change the fair value of certain of the Company’s investments. Generally, an increase in market yields or discount rates may result in a decrease in the fair value of certain of the Company’s investments. Increase (decrease) in fair value of investments Change in market yields/discount rates (in millions) June 30, 2017 December 31, 2016 Up 25 basis points $ (0.8) $ (0.3) Down 25 basis points, subject to a minimum yield/rate of 10 basis points 0.8 0.3 Capitalization rate - changes in capitalization rate, in isolation and all else equal, may change the fair value of certain of the Company’s development investments containing profits interests. Generally an increase in the capitalization rate assumption may result in a decrease in the fair value of the Company’s investments. Increase (decrease) in fair value of investments Change in capitalization rates (in millions) June 30, 2017 December 31, 2016 Up 25 basis points $ (2.2) $ (2.1) Down 25 basis points 2.4 2.3 Up 50 basis points (4.2) (3.8) Down 50 basis points 5.0 4.6 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 acceleration 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. Operating cash flow projections - changes in the operating cash flow projections of the underlying self-storage facilities, 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 operating cash flow projections 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. There were no gains or losses attributable to changes in instrument-specific credit risk in the three and six months ended June 30, 2017 and 2016. 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, 2016 $ 105,007 Net realized gains - Net unrealized gains 5,682 Fundings of principal and change in unamortized origination fees 77,271 Repayments of loans (12,239) Payment-in-kind interest 3,114 Reclassification of self-storage real estate owned (6,066) Net transfers in or out of Level 3 - Balance at June 30, 2017 $ 172,769 As of June 30, 2017 and December 31, 2016, the total net unrealized appreciation on the investments that use Level 3 inputs was $ 24.9 19.2 For the three and six months ended June 30, 2017 and 2016, substantially all of the change in fair value of investments in the Company’s Consolidated Statements of Operations was attributable to unrealized gains relating to the Company’s Level 3 assets still held as of the respective balance sheet date. Transfers between levels, if any, are recognized at the beginning of the quarter in which the transfers occur.

INVESTMENT IN REAL ESTATE VENTU

INVESTMENT IN REAL ESTATE VENTURE	6 Months Ended
	Jun. 30, 2017
Banking and Thrift [Abstract]
Equity Method Investments and Joint Ventures Disclosure [Text Block]	5. INVESTMENT IN REAL ESTATE VENTURE On March 7, 2016, the Company, through its Operating Company, entered into the Limited Liability Company Agreement (the “JV Agreement”) of Storage Lenders LLC, a Delaware limited liability company, to form a real estate venture (the “SL1 Venture”) with HVP III Storage Lenders Investor, LLC (“HVP III”), an investment vehicle managed by Heitman Capital Management LLC (“Heitman”). The SL1 Venture was formed for the purpose of providing capital to developers of self-storage facilities identified and underwritten by the Company. Upon formation, HVP III committed $ 110.0 90 12.2 10 On March 31, 2016, the Company contributed to the SL1 Venture three of its existing development property investments with a profits interest located in Miami and Fort Lauderdale, Florida that were not yet under construction. These investments had an aggregate committed principal amount of approximately $ 41.9 8.1 8.1 Nonmonetary Transactions 7.7 7.3 7.3 As of June 30, 2017, the SL1 Venture had closed on eight new development property investments with a profits interest with an aggregate commitment amount of approximately $ 81.4 123.3 90 111.0 10 12.3 Under the JV Agreement, the Company receives a priority distribution (after debt service and any reserve but before any other distributions) out of operating cash flow and residual distributions based upon 1% of the committed principal amount of loans made by the SL1 Venture, exclusive of the loans contributed to the SL1 Venture by the Company. Operating cash flow of the SL1 Venture (after debt service, reserves and the foregoing priority distributions) is distributed in accordance with capital commitments. Residual cash flow from capital and other events (after debt service, reserves and priority distributions) will be distributed (i) pro rata in accordance with capital commitments (its “Percentage Interest”) until each member has received a return of all capital contributed; (ii) pro rata in accordance with each member’s Percentage Interest until Heitman has achieved a 14% internal rate of return; (iii) to Heitman in an amount equal to its Percentage Interest less 10% and to the Company in an amount equal to the Company’s Percentage Interest plus 10% until Heitman has achieved a 17% internal rate of return; (iv) to Heitman in an amount equal to its Percentage Interest less 20% and to the Company in an amount equal to the Company’s Percentage Interest plus 20% until Heitman has achieved a 20% internal rate of return; and (v) any excess to Heitman in an amount equal to its Percentage Interest less 30% and to the Company in an amount equal to the Company’s Percentage Interest plus 30%. However, the Company will not be entitled to any such promoted interest prior to the earlier to occur of the third anniversary of the JV Agreement and Heitman receiving distributions to the extent necessary to provide Heitman with a 1.48 multiple on its contributed capital. Since the allocation of cash distributions and liquidating distributions are determined as described in the preceding paragraph, the Company has applied the hypothetical-liquidation-at-book-value (“HLBV”) method to allocate the earnings of SL1 Venture. Under the HLBV approach, the Company’s share of the investee’s earnings or loss is calculated by: · The Company’s capital account at the end of the period assuming that the investee was liquidated or sold at book value, plus · Cash distributions received by the Company during the period, minus · Cash contributions made by the Company during the period, minus · The Company’s capital account at the beginning of the period assuming that the investee were liquidated or sold at book value. SL1 Venture has elected the fair value option of accounting for its development property investments with a profits interest, which are equity method investments of SL1 Venture. The assumptions used to value SL1 Venture’s investments are materially consistent with those used to value the Company’s investments. Closing Date Metropolitan Total Investment Funded (1) Remaining Fair Value 5/14/2015 Miami 1 (2) (3) $ 13,867 $ 8,631 $ 5,236 $ 9,610 5/14/2015 Miami 2 (2) (3) 14,849 7,299 7,550 7,321 9/25/2015 Fort Lauderdale (2) 13,230 5,531 7,699 5,419 4/15/2016 Washington DC (3) 17,269 11,628 5,641 12,600 4/29/2016 Atlanta 1 (3) 10,223 3,475 6,748 3,641 7/19/2016 Jacksonville (3) 8,127 5,697 2,430 7,398 7/21/2016 New Jersey 7,828 1,161 6,667 1,090 8/15/2016 Atlanta 2 (3) 8,772 4,900 3,872 5,474 8/25/2016 Denver (3) 11,032 6,100 4,932 6,811 9/28/2016 Columbia (3) 9,199 5,462 3,737 5,819 12/22/2016 Raleigh 8,877 1,641 7,236 1,583 Total $ 123,273 $ 61,525 $ 61,748 $ 66,766 (1) (2) (3) Fair Value of Financial Instruments As of June 30, 2017, the SL1 Venture had total assets of $ 69.5 7.5 5.2 7.5 0.6 1.0 4.6 6.5 0.2 7.4 2.3 In accordance with the JV Agreement, for each development property investment, the borrower must deliver to the SL1 Venture a completion guarantee whereby the borrower agrees to cover all costs in excess of the agreed-upon budget amount. Additionally, the Company is required to deliver to the SL1 Venture a backstop completion guarantee for each development property investment to guarantee completion in the event the borrower does not satisfy its obligations. The Company concluded that the likelihood of loss is remote and assigned no value to these guarantees as of June 30, 2017. Under the JV Agreement, Heitman and the Company seek to obtain and, if obtained, share joint rights of first refusal to acquire self-storage facilities that are the subject of development property investments made by the SL1 Venture. Additionally, so long as the Company, through its operating subsidiary, is a member of the SL1 Venture and the SL1 Venture holds any assets, the Company will not make any investment of debt or equity or otherwise, directly or indirectly, in one or more new joint ventures or similar programs for the purposes of funding or providing development loans or financing, directly or indirectly, for the development, construction or conversion of self-storage facilities, in each case without first offering such opportunity to Heitman to participate on substantially the same terms as those set forth in the JV Agreement, either through the SL1 Venture or a newly formed real estate venture. The JV Agreement permits Heitman to cause the Company to repurchase from Heitman its Developer Equity Interests (as defined in the JV Agreement) in certain limited circumstances. Under the JV Agreement, if a developer causes to be refinanced a self-storage facility with respect to which the SL1 Venture has made a development property investment and such refinancing does not coincide with a sale of the underlying self-storage facility, then at any time after the fourth anniversary of the commencement of the SL1 Venture, Heitman may either put to the Company its share of the Developer Equity Interests in respect of each such development property investment, or sell Heitman’s Developer Equity Interests to a third party. The Company concluded that the likelihood of loss is remote and assigned no value to these puts as of June 30, 2017. The Company is the managing member of the SL1 Venture and will manage and administer (i) the day-to-day business and affairs of the SL1 Venture and any of its acquired properties and (ii) loan servicing and other administration of the approved development property investments. The Company will be paid a monthly expense reimbursement amount by the SL1 Venture in connection with its role as managing member, as set forth in the JV Agreement. Heitman may remove the Company as the managing member of the SL1 Venture if it commits an event of default (as defined in the JV Agreement), if it undergoes a change of control (as defined in the JV Agreement), or if it becomes insolvent. Heitman approves all “Major Decisions” of the SL1 Venture, as defined in the JV Agreement, including, but not limited to, each investment of capital, the incurrence of any indebtedness, the sale or other disposition of assets of the SL1 Venture, the replacement of the managing member, the acceptance of new members into the SL1 Venture and the liquidation of the SL1 Venture. For four of the SL1 Venture development property investments with a profits interest, an investor has an option to put its interest to the Company upon the event of default of the underlying property loans. The puts, if exercised, require the Company to purchase the member’s interest at the original purchase price plus a yield of 4.5

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	6 Months Ended
	Jun. 30, 2017
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net [Abstract]
Variable Interest Entity Disclosure [Text Block]	6. VARIABLE INTEREST ENTITIES Development Property Investments The Company holds variable interests in its development property investments. The Company has 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) making financing decisions, (4) authorizing capital expenditures and (5) disposing 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. The Company has recorded assets of $ 164.0 95.1 June 30, 2017 December 31, 2016 Assets recorded related to VIEs $ 163,979 $ 95,102 Unfunded loan commitments to VIEs 206,568 54,950 Maximum exposure to loss $ 370,547 $ 150,052 The Company has a construction completion guaranty from the managing members of the VIEs or individual affiliates/owners of such managing members. Investment in Real Estate Venture The Company determined that the SL1 Venture qualifies as a VIE because it does not have enough equity to finance its activities without additional subordinated financial support. In determining whether the Company is the primary beneficiary of the entity, the Company identified the activities that most significantly impact the entity’s economic performance. Such activities are (1) approving self-storage development investments and acquiring self-storage properties, (2) managing directly-owned properties, (3) obtaining debt financing, and (4) disposing of investments. Although the Company has certain rights, it does not have the power to direct the activities that most significantly impact the entity’s economic performance and thus is not the primary beneficiary. As such, the Company does not consolidate the entity and accounts for its unconsolidated interest in the SL1 Venture using the equity method of accounting. The Company’s investment in the SL1 Venture is included in the investment in and advances to real estate venture balance in the Consolidated Balance Sheets, and earnings from the SL1 Venture are included in equity in earnings from unconsolidated real estate venture in the Company’s Consolidated Statements of Operations. The Company’s maximum contribution to the SL1 Venture is $ 12.3 6.1 9.4

SELF-STORAGE REAL ESTATE OWNED

SELF-STORAGE REAL ESTATE OWNED	6 Months Ended
	Jun. 30, 2017
Banking and Thrift [Abstract]
Real Estate Owned [Text Block]	7. SELF-STORAGE REAL ESTATE OWNED On February 3, 2017, the Company purchased 50 1.3 49.9 74.9 June 30, 2017 Cash $ 5 Land 1,507 Building and improvements 5,890 Accumulated depreciation (114) Self-storage real estate owned $ 7,283 Accrued liabilities $ 15 Three months ended Six months ended Rental revenues $ 105 $ 168 General property operating expenses (43) (74) Depreciation expense (38) (62) Property operating expenses of real estate owned $ (81) $ (136) The Company’s basis in the land and building was recorded at cost (equal to cash paid and accrued interest, plus unrealized gains recorded at the date of reclassification) at February 3, 2017, the date of the Company’s purchase of 50% of the economic rights of the Class A membership units of the limited liability company that owns the development property investment with a profits interest. The allocation to land and building was based on the historical cost of these assets.

OTHER LOANS, AT COST

OTHER LOANS, AT COST	6 Months Ended
	Jun. 30, 2017
Receivables [Abstract]
Other Assets Disclosure [Text Block]	8. OTHER LOANS, AT COST As of June 30, 2017, the Company had a balance of $ 5.3 6.9 12.1 7.3 10.1 The Company also had executed seven revolving loan agreements with an aggregate outstanding principal amount of $ 1.2 of the agreements are with individuals who are owners of limited liability companies, one is with a limited liability company, and all are personally guaranteed. Six of these borrowers are either directly or indirectly owners of certain of the Company’s development property investments and one is a prospective developer. 0.5 0.1 0.25 0.7 1.0 3.6 6.9 7.0 2.0 1.5 1.7

SENIOR PARTICIPATIONS

SENIOR PARTICIPATIONS	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	9. SENIOR PARTICIPATIONS On April 29, 2016, the Company sold senior participations (the “Operating Property A Notes”) in two separate operating property loans in the Nashville, Tennessee and New Orleans, Louisiana MSAs, having an aggregate outstanding principal balance of $ 7.8 5.0 5.2 3.4 0.1 30-day LIBOR plus 3.85%, or 5.07% April 1, 2019 0.5 1.8 On May 27, 2016, the Company sold a third senior participation in a construction loan on a facility in the Miami, Florida MSA (“the Miami A Note”), having a commitment amount of $ 17.7 10.0 7.7 30-day LIBOR plus 3.10%, or 4.32% 0.1 July 1, 2017 0.7 On July 26, 2016, the Company sold to a national commercial bank operating in the Company’s markets senior participations in the construction loans of four separate development property investments with a profits interest (the “July 2016 A Notes”) (one in the Orlando, Florida MSA, two in the Atlanta, Georgia MSA, and one in the Tampa, Florida MSA) having an aggregate committed principal balance of approximately $ 21.8 6.9 14.2 12.5 14.2 30-day LIBOR plus 3.50%, or 4.72% August 1, 2019 0.5 13.7 On October 18, 2016, the Company sold to a local Memphis, Tennessee-based community bank a senior participation in the construction loan of one of the Company’s development property investments with a profits interest (the “October 2016 A Note”) in Charlotte, North Carolina having a committed principal balance of approximately $ 6.8 6.9 4.4 3.4 4.4 30-day LIBOR plus 3.50%, or 4.72% September 1, 2021 4.0 Commitment by Amount Remaining Interest Rate Effective Maturity Date Operating Property A Note (1) $ 1,820 $ 1,820 $ - 30-day LIBOR + 3.85% 5.07 % April 1, 2019 Miami A Note 10,001 732 9,269 30-day LIBOR + 3.10% 4.32 % January 31, 2018 July 2016 A Notes (2) 14,185 13,679 506 30-day LIBOR + 3.50% 4.72 % August 1, 2019 October 2016 A Note (2) 4,405 4,041 364 30-day LIBOR + 3.50% 4.72 % September 1, 2021 Total $ 30,411 20,272 $ 10,139 Unamortized fees (125) Net balance $ 20,147 (1) 2.8 1.8 18,000 (2) 100 Subsequent Events The table below details the bank commitments and outstanding balances of our senior participations at December 31, 2016: Commitment by Amount Borrowed Remaining Interest Rate Effective Maturity Date Operating Property A Note $ 1,820 $ 1,820 $ - 30-day LIBOR + 3.85% 4.47 % April 1, 2019 Miami A Note 10,001 - 10,001 30-day LIBOR + 3.10% 3.72 % July 1, 2017 July 2016 A Notes 14,185 13,420 765 30-day LIBOR + 3.50% 4.12 % August 1, 2019 October 2016 A Note 4,405 3,375 1,030 30-day LIBOR + 3.50% 4.12 % September 1, 2021 Total $ 30,411 $ 18,615 $ 11,796 Unamortized fees (33) Net balance $ 18,582

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	6 Months Ended
	Jun. 30, 2017
Stockholders' Equity Note [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	10. STOCKHOLDERS’ EQUITY The Company had 14,238,350 8,956,354 202,502 120,001 10,000 Common Stock Offerings On December 13, 2016, the Company received $ 53.5 2,996,311 On April 5, 2017, the Company entered into an at-the-market continuous equity offering program (“ATM Program”) with an aggregate offering price of up to $ 50.0 1,093,202 22.69 24.2 On June 27, 2017, the Company received $ 83.9 4,025,000 Stock Repurchase Plan On May 20, 2016, the Company’s Board of Directors authorized a share repurchase program for the repurchase of up to $ 10.0 213,078 3.2 6.8 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 3,585 14,340 170,000 200,000 370,000 2,138 6,414 105,000 Restricted Stock Awards The Amended and Restated 2015 Equity Incentive Plan permits the issuance of restricted stock awards to employees of the Manager (as the Company has no employees) and non-employee directors. Granted stock awards at June 30, 2017 and December 31, 2016 aggregated 288,254 176,840 55,172 28,913 17,500 75,003 55,001 54,998 1,667 The Company recognized approximately $ 0.4 0.3 0.7 0.5 3.9 2.0 22.00 21.05 2.7 Three Months Ended Three Months Ended Shares Weighted Shares Weighted Nonvested at March 31, 120,001 $ 20.10 162,500 $ 20.08 Granted 111,414 22.59 14,340 13.95 Vested (28,913) 21.26 (37,672) 18.09 Forfeited - - - - Nonvested at June 30, 202,502 $ 21.33 139,168 $ 19.91 Six Months Ended Six Months Ended Shares Weighted Shares Weighted Nonvested at December 31, 120,001 $ 20.10 162,500 $ 20.08 Granted 111,414 22.59 14,340 13.95 Vested (28,913) 21.26 (37,672) 18.09 Forfeited - - - - Nonvested at June 30, 202,502 $ 21.33 139,168 $ 19.91 Nonvested restricted shares receive dividends which are nonforfeitable. Series A Preferred Stock Private Placement On July 27, 2016 (the “Effective Date”), the Company entered into a Stock Purchase Agreement (the “Purchase Agreement”) with accounts managed by NexPoint Advisors, L.P., an affiliate of Highland Capital Management, L.P. (collectively, the “Buyers”) relating to the issuance and sale, from time to time until the second anniversary of the Effective Date (such period, the “Commitment Period”), of up to $ 100 0.01 1,000 50 125 5 15 35 The Series A Preferred Stock will rank senior to the shares of the Company’s common stock, par value $ 0.01 Holders of Series A Preferred Stock are entitled to a cumulative cash distribution (“Cash Distribution”) equal to (A) 7.0 8.5 5.0 25 14.0 The holders of Series A Preferred Stock have the right to purchase their pro rata share of any qualified offering of Common Stock, which consists of any offering by the Company of Common Stock except any shares of Common Stock issued (i) in connection with a merger, consolidation, acquisition or similar business combination, (ii) in connection with a joint venture, strategic alliance or similar corporate partnering arrangement, (iii) in connection with any acquisition of assets by the Company, (iv) at market prices pursuant to a registered at-the-market program and/or (v) as part of a compensatory or employment arrangement. As long as shares of Series A Preferred Stock remain outstanding, the Company is required to maintain a ratio of debt to total tangible assets determined under U.S. generally accepted accounting principles of no more than 0.4:1, measured as of the last day of each fiscal quarter. The Company has complied with this covenant as of June 30, 2017. The Series A Preferred Stock may be redeemed at the Company’s option (i) after five years from the Effective Date at a price equal to 105% of the Liquidation Value per share plus the value of all accumulated and unpaid Cash Distributions and Stock Dividends, and (ii) after six years from the Effective Date at a price equal to 100% of the Liquidation Value per share plus the value of all accumulated and unpaid Cash Distributions and Stock Dividends. In the event of certain change of control events affecting the Company prior to the third anniversary of the Effective Date, the Company must redeem all shares of Series A Preferred Stock for a price equal to (a) the Liquidation Value, plus (b) accumulated and unpaid Cash Distributions and Stock Dividends, plus (c) a make-whole premium designed to provide the holders of the Series A Preferred Stock with a return on the redeemed shares equal to a 14.0% internal rate of return through the third anniversary of the Effective Date. Holders of Series A Preferred Stock will be entitled to a separate class vote with respect to (i) any amendments to the Company’s Amended and Restated Articles of Incorporation (the “Charter”), as supplemented by the Articles Supplementary, or bylaws that would alter or change the rights, preferences, privileges or restrictions of the Series A Preferred Stock so as to materially and adversely affect such Series A Preferred Stock and (ii) reclassification or otherwise, any issuances by the Company of securities that are senior to, or equal in priority with, the Series A Preferred Stock. In the event of any liquidation, dissolution or winding up of the Company, the holders of the Series A Preferred Stock shall be entitled to receive an amount equal to the greater of (i) the Liquidation Value, plus all accumulated but unpaid Cash Distributions and Stock Dividends thereon to, but not including, the date of any liquidation, but excluding any Cash Premium and (ii) the amount that would be paid on such date in the event of a redemption following a change of control. Pursuant to the Purchase Agreement and the Articles Supplementary, the Company increased the size of its Board by one director and elected James Dondero, as representative of the Buyers, to the Board for a term expiring at the Company’s 2017 annual meeting of stockholders (Mr. Dondero has subsequently been reelected to the Board for a term expiring at the Company’s 2018 annual meeting of stockholders). Thereafter, so long as any shares of the Series A Preferred Stock are outstanding, the holders of the Series A Preferred Stock, voting as a single class, are entitled to nominate and elect one individual to serve on our Board of Directors. If the Company has not paid the full amount of the Cash Distribution or the Stock Dividend on the shares of the Series A Preferred Stock for six or more quarterly dividend periods (whether or not consecutive), the Company will increase the size of the Board by two directors and the holders of the our Series A Preferred Stock are entitled to elect two additional directors to serve on our Board of Directors until the Company pays in full all accumulated and unpaid Cash Distributions and Stock Dividends. Further, at any time that the Series A Preferred Stock remains outstanding, if Dean Jernigan, the Company’s current Chief Executive Officer and Chairman of the Board, voluntarily leaves the position of Chief Executive Officer, and is not serving as the Executive Chairman of the Board (a “Key Man Event”), the holders of the Series A Preferred Stock shall have the right to accept or reject the service of any person as Chief Executive Officer (or such person serving as the principal executive officer) of the Company. The Purchase Agreement requires that the Company and its subsidiaries conduct their business in the ordinary course of business consistent with past practice and use reasonable best efforts to (i) preserve substantially intact the business organization and (ii) avoid becoming subject to the requirements of the Investment Company Act of 1940, as amended. Additionally, the Company and its subsidiaries may not change or alter materially its method of accounting or the manner in which it keeps its accounting books and records unless required by the Securities and Exchange Commission to reflect changes in U.S. generally accepted accounting principles or, in the business judgment of the Board, such change would be in the best interests of the Company or stockholders. Future issuances of shares of Series A Preferred Stock at any one or more closings after the Effective Date are contingent upon the satisfaction of certain conditions at the time of such proposed purchase, including that (i) the representations and warranties of the Purchase Agreement remain true and correct in all material respects and the Company has complied with all covenants and conditions under the Purchase Agreement, the Articles Supplementary, the Registration Rights Agreement and the documents related thereto, (ii) no material adverse effect (as such term is defined in the Purchase Agreement) has occurred, (iii) there is no suspension of trading of the Common Stock on the New York Stock Exchange or such other market or exchange on which the Common Stock is then listed or traded (the “Principal Market”), (iv) a Key Man Event shall not have occurred, as described above, and (v) the Company has delivered certain customary closing deliverables. An event of default under the Purchase Agreement terminates the obligation of the Buyers to acquire shares of Series A Preferred Stock from the Company and also triggers the Cash Premium described above. Such events of default under the Purchase Agreement include (i) a Registration Default, (ii) the suspension of trading or delisting of the Common Stock on the Principal Market, (iii) the failure by the transfer agent of the Company to issue shares of the Series A Preferred Stock to the Buyers (subject to an applicable cure period), (iv) the Company’s breach of a representation or warranty, covenant or other term or condition under the Purchase Agreement, Articles Supplementary, the Registration Rights Agreement or the documents related thereto that has a material adverse effect (subject to an applicable cure period), (v) the failure of the Company to sell $ 50 The holders of the Series A Preferred Stock will have certain customary registration rights with respect to the Common Stock issued as Stock Dividends pursuant to the terms of a Registration Rights Agreement. The issuance and sale of the Series A Preferred Stock, and the issuance of shares of common stock and/or additional shares of Series A Preferred Stock issuable as Stock Dividends, will be exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”) pursuant to Section 4(a)(2) of the Securities Act and Rule 506 of Regulation D thereunder. The Buyers represented to the Company that they are “accredited investors” as defined in Rule 501 of the Securities Act and that the Series A Preferred Stock is being acquired for investment purposes and not with a view to, or for sale in connection with, any distribution thereof, and appropriate legends will be affixed to any certificates evidencing the shares of Series A Preferred Stock or Common Stock issuable pursuant to the Stock Purchase Agreement. As of June 30, 2017, the Company had issued 10,000 10.0 On March 7, 2017, the Company declared a (i) cash distribution of $ 17.50 On May 3, 2017, the Company declared a cash distribution of $ 17.69

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Earnings Per Share [Text Block]	11. EARNINGS PER SHARE Basic earnings per share is computed by dividing net income by the weighted average number of shares outstanding during the period. All outstanding unvested restricted share awards contain rights to non-forfeitable dividends and participate in undistributed earnings with common shareholders and, accordingly, are considered participating securities that are included in the two-class method of computing basic earnings per share. Both the unvested restricted shares and the assumed share-settlement of the stock dividend to holders of the Series A Preferred Stock, and the related impacts to earnings, are considered when calculating earnings per share on a diluted basis with our diluted earnings per share being the more dilutive of the treasury stock or two-class methods. Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Shares outstanding Weighted average common shares - basic 9,850,967 5,948,555 9,356,744 5,974,277 Effect of dilutive securities 182,062 155,652 151,203 159,076 Weighted average common shares, all classes 10,033,029 6,104,207 9,507,947 6,133,353 Calculation of Earnings per Share - basic Net income $ 5,194 $ 5,412 $ 6,977 $ 6,534 Less: Net income allocated to preferred stockholders 177 n/a 723 n/a Net income allocated to unvested restricted shares (1) 91 138 99 170 Net income attributable to common shareholders - two-class method $ 4,926 $ 5,274 $ 6,155 $ 6,364 Weighted average common shares - basic 9,850,967 5,948,555 9,356,744 5,974,277 Earnings per share - basic $ 0.50 $ 0.89 $ 0.66 $ 1.07 Calculation of Earnings per Share - diluted Net income $ 5,194 $ 5,412 $ 6,977 $ 6,534 Less: Net income allocated to preferred stockholders 177 n/a 723 n/a Net income attributable to common shareholders - two-class method $ 5,017 $ 5,412 $ 6,254 $ 6,534 Weighted average common shares - diluted 10,033,029 6,104,207 9,507,947 6,133,353 Earnings per share - diluted $ 0.50 $ 0.89 $ 0.66 $ 1.07 (1)

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2017
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	12. RELATED PARTY TRANSACTIONS 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 June 30, 2017 and December 31, 2016 were $ 153.6 78.7 6.1 6.0 8.7 10.0 The Company’s investment in the real estate venture, the SL1 Venture, has a carrying amount of $ 14.3 5.4 0.6 1.0 0.4 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. On May 23, 2016, the Company entered into an Amended and Restated Management Agreement (the “Amended and Restated Management Agreement”) by and among the Company, the Operating Company and the Manager that amends and restates the original Management Agreement dated April 1, 2015. The Amended and Restated Management Agreement was approved on behalf of the Company and the Operating Company by a unanimous vote of the Nominating and Corporate Governance Committee of the Company’s Board of Directors, which consists solely of independent directors. The Amended and Restated Management Agreement modifies certain procedures with respect to the future internalization of the Manager (as described in the Amended and Restated Management Agreement, an “Internalization Transaction”). Prior to entry into the Amended and Restated Management Agreement, if no Internalization Transaction had occurred prior to the end of the last renewal term, the Manager would have been entitled to the Termination Fee (as defined in the Amended and Restated Management Agreement) and the Company would not have acquired the assets of the Manager. The Amended and Restated Management Agreement, however, requires an Internalization Transaction at the end of the last renewal term (if an Internalization Transaction or termination of the Amended and Restated Management Agreement has not occurred prior to that date). The Internalization Price in such event would equal the Termination Fee amount and the Company would receive the Manager’s assets. Accordingly, the amount the Manager would receive has not changed, but the Company now would receive the assets of the Manager, which it would not have received prior to the Amended and Restated Management Agreement. Under the Amended and Restated Management Agreement, if an Internalization Transaction has not occurred prior to March 31, 2023, the last day of the last renewal term, then the Manager and the Company shall consummate an Internalization Transaction to be effective as of that date and all assets of the Manager (or, alternatively, all of the equity interests in the Manager) shall be conveyed to and acquired by the Operating Company in exchange for the Internalization Price (as described herein). At such time, all employees of the Manager shall become employees of the Operating Company and the Manager shall discontinue all business activities. Unlike an Internalization Transaction that occurs prior to the end of the final renewal term of the Amended and Restated Management Agreement, an Internalization Transaction that occurs at the end of the final renewal term shall not require a fairness opinion, the approval of a special committee of the Company’s Board of Directors or the approval of the Company’s stockholders. The “Internalization Price” payable in the event of an Internalization Transaction at the end of the last renewal term shall be equal to the Termination Fee and the Board of Directors of the Company has no discretion to change such Internalization Price or the conditions applicable to its payment. The Internalization Price paid to the Manager in any Internalization Transaction will be payable by the Operating Company in the number of units of limited liability company interests (“OC Units”) of the Operating Company equal to the Internalization Price, divided by the volume-weighted average of the closing market price of the common stock of the Company for the ten consecutive trading days immediately preceding the date with respect to which value must be determined. However, if the common stock of the Company is not traded on a national securities exchange at the time of closing of any Internalization Transaction, then the number of OC Units shall be determined by agreement between the Board of Directors of the Company and the Manager or, in the absence of such agreement, the Internalization Price shall be paid in cash. Prior to entry into the Amended and Restated Management Agreement, any Termination Fee would have been payable by the Operating Company in OC Units equal to the Termination Fee divided by the average of the daily market price of the Common Stock for the ten consecutive trading days immediately preceding the date of termination within 90 days after occurrence of the event requiring the payment of the Termination Fee. In accordance with ASC 505-50, Equity - Equity-based Payments to Non-Employees, 0.1 0.2 On April 1, 2017, the Company, the Operating Company and the Manager entered into a Second and Amended Restated Management Agreement to modify the manner in which certain expenses incurred by the Manager are accounted for and paid by the Company. Under the Amended and Restated Management Agreement, the Manager may engage independent contractors that provide investment banking, securities brokerage, mortgage brokerage and other financial, legal and account services as may be required for the Company’s investments, and the Company agrees to reimburse the Manager for costs and expenses incurred in connection with these services. The Second Amended and Restated Management Agreement now provides that expenses incurred by the Manager are reimbursable to the Manager by the Company only to the extent such expenses are not otherwise directly reimbursed by an unaffiliated third party. The amount of expenses to be reimbursed to the Manager by the Company will be reduced dollar-for-dollar by the amount of any such payment or reimbursement. 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. As described above, if an Internalization Transaction has not occurred prior to March 31, 2023, the last day of the last renewal term, then the Manager and the Company shall consummate an Internalization Transaction to be effective as of that date, and such Internalization Transaction shall not require a fairness opinion, the approval of a special committee of the Company’s Board of Directors or the approval of the Company’s stockholders. If 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). Any Termination Fee will be payable by the Operating Company in cash. The Company also may terminate the Amended and Restated 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 Amended and Restated 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 Amended and Restated 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) both the current Chief Executive Officer and the current President and Chief Operating Officer are no longer senior executive officers of the Manager or the Company during the term of the Amended and Restated Management Agreement other than by reason of death or disability. The Manager may terminate the Amended and Restated 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 Amended and Restated 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 Amended and Restated 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, a portion of the salary of the president and chief operating officer, and certain other costs as determined by the Manager in accordance with the Amended and Restated 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 Amended and Restated 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 are included in general and administrative expenses in the Consolidated Statements of Operations and totaled $ 0.6 0.7 1.5 1.6 Management Fees As of June 30, 2017, 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 0.7 0.4 1.3 0.8 1.0 Incentive Fee The Manager is entitled to an incentive fee with respect to each fiscal quarter (or part thereof that the Amended and Restated 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: ⋅ ⋅ ⋅ 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 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. The Manager has not earned an incentive fee for the three and six months ended June 30, 2017 and 2016.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2017
Subsequent Events [Abstract]
Subsequent Events [Text Block]	13. 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. Investment Activity Closing Date MSA Total Investment 7/27/2017 Jacksonville 3 $ 8,096 Total $ 8,096 On July 20, 2017, the Company received proceeds of $ 2.8 28,000 1.8 18,000 Credit Facility On July 25, 2017, the Operating Company entered into the Credit Facility with KeyBank National Association, as administrative agent (the “Agent”), KeyBanc Capital Markets Inc., as lead arranger, and the other lenders party thereto. Pursuant to an accordion feature, the Operating Company may from time to time increase the commitments up to an aggregate amount of $200 million, subject to, among other things, an absence of default under the Credit Facility, as well as receiving commitments from lenders for the additional amounts. 20.0 33.3 20.0 On July 25, 2017, the Company and certain wholly-owned subsidiaries of the Operating Company (the “Subsidiaries”) entered into an Unconditional Guaranty of Payment and Performance (the “Guaranty”) whereby they have agreed to unconditionally guarantee the obligations of the Operating Company under the Credit Facility. The Credit Facility is secured by substantially all of our development investments, and other subsidiaries of the Operating Company may be added as guarantors from time to time during the term of the Credit Facility. The Credit Facility has a scheduled maturity date on July 24, 2020. Borrowings under the Credit Facility are secured by two different pools of collateral: one consisting of the Company’s mortgage loans extended to developers and the other consisting of self-storage properties owned by the Company. The Credit Facility includes certain requirements that may limit the borrowing capacity available to the Company from time to time. Under the terms of the Credit Facility, the outstanding principal balance of the revolving credit loans, swing loans and letter of credit liabilities under the Credit Facility may not exceed the borrowing base availability. Each loan made under the Credit Facility will bear interest at either, at the Operating Company’s election, a base rate plus a margin of either 1.75 2.75 2.75 3.75 0.35 The Credit Facility contains certain customary representations and warranties and financial and other affirmative and negative covenants. The Operating Company’s ability to borrow under the Credit Facility is subject to ongoing compliance by the Company and the Operating Company with various customary restrictive covenants, including but not limited to limitations on its incurrence of indebtedness, investments, dividends, asset sales, acquisitions, mergers and consolidations and liens and encumbrances. In addition, the Credit Facility contains certain financial covenants including the following: total consolidated indebtedness not exceeding 50% of gross asset value; ⋅ a minimum fixed charge coverage ratio (defined as the ratio of consolidated adjusted earnings before interest, taxes, depreciation and amortization to consolidated fixed charges) of 0.75 to 1.00 during the period between July 25, 2017 and June 30, 2018, 0.90 to 1 during the period between July 1, 2018 and December 31, 2018 and 1.20 to 1 during the period between January 1, 2019 through the maturity of the Credit Facility; ⋅ a minimum consolidated tangible net worth (defined as gross asset value less total consolidated indebtedness) of $183.3 million plus 75% of the sum of any additional net offering proceeds; ⋅ when aggregate loan commitments under the Credit Facility exceed $50 million, unhedged variable rate debt cannot exceed 25% of consolidated total indebtedness; ⋅ liquidity of no less than $50 million for the period between July 25, 2017 and December 31, 2018 or on and after December 31, 2018, liquidity of no less than the sum of (i) total unfunded loan commitments of the Company and its subsidiaries plus (ii) $25 million; and ⋅ a debt service coverage ratio (defined as the ratio of consolidated adjusted earnings before interest, taxes, depreciation and amortization to the Company’s consolidated interest expense and debt principal payments for any given period) of 2 to 1. The Credit Facility provides for standard events of default, including nonpayment of principal and other amounts when due, non-performance of covenants, breach of representations and warranties, certain bankruptcy or insolvency events, and changes in control. If an event of default occurs and is continuing under the Credit Facility, the lenders may, among other things, terminate their commitments under the Credit Facility and require the immediate payment of all amounts owed thereunder. Dividend Declarations On August 1, 2017, the Company’s Board of Directors declared a cash dividend to the holders of the Series A Preferred Stock and a distribution payable in kind, if applicable, in a number of shares of common stock or Series A Preferred Stock as determined in accordance with the election of the holders of the Series A Preferred Stock for the quarter ending September 30, 2017. The dividends are payable on October 15, 2017 (or if not a business day, on the next business day) to holders of Series A Preferred Stock of record on October 1, 2017. On August 1, 2017, the Company’s Board of Directors also declared a cash dividend of $ 0.35

SIGNIFICANT ACCOUNTING POLICI20

SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Consolidation, Policy [Policy Text Block]	Basis of Presentation The Company’s consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The accompanying interim consolidated financial statements include all normal recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the interim periods included therein. Substantially all operations are conducted through the Operating Company, and all significant intercompany transactions and balances have been eliminated in consolidation.
Use of Estimates, Policy [Policy Text Block]	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.
Consolidation, Variable Interest Entity, Policy [Policy Text Block]	Variable Interest Entities The Company invests in entities that 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 allocation of decision-making authority 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 that, 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.
Equity Method Investments, Policy [Policy Text Block]	Investments in real estate ventures and entities over which the Company exercises significant influence but not control are accounted for using the equity method. In accordance with Accounting Standards Codification (“ASC”) 825, Financial Instruments
Policy Loans Receivable, Policy [Policy Text Block]	Loan Investments and Election of Fair Value Option of Accounting for Certain Loan Investments 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 stockholders and others who rely on the Company’s financial statements with a more complete and accurate understanding of the Company’s economic performance including its 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, including those recorded at cost and presented on the Consolidated Balance Sheets as other loans, is evaluated for impairment on a periodic basis. For loans carried at fair value, indicators of impairment are reflected in measurement of the loan. For loans that are carried at cost, the Company estimates an allowance for loan loss at each reporting date. In evaluating loan impairment, the Company also periodically evaluates the extent and impact of any credit deterioration associated with the performance and/or value of the underlying collateral property as well as the financial and operating capability of the borrower on a loan by loan basis. The Company also evaluates the financial wherewithal of any loan guarantors as well as the borrower’s competency in managing and operating the property. In addition, the Company considers the overall economic environment, real estate sector and geographic sub-market in which the borrower operates. 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 June 30, 2017 and December 31, 2016, there were no loans that were deemed to be impaired loans. Additionally, for loans recorded at cost, the Company determined that no allowance for loan loss was necessary at June 30, 2017 and December 31, 2016. For investments carried at fair value, fees and costs are expensed as incurred. Loan arrangements under which the Company is entitled to greater than 50% of the residual profits are accounted for as a real estate investment in accordance with ASC 310, Receivables
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 ASC 825-10. The Company’s financial instruments consist of cash, development property investments (which are typically structured as first mortgages and a 49.9 Fair Value Measurements Using Total Level 1 Level 2 Level 3 Development property investments $ 163,979 $ - $ - $ 163,979 Operating property loans 8,790 - - 8,790 Total investments $ 172,769 $ - $ - $ 172,769 The following table presents the financial instruments measured at fair value on a recurring basis at December 31, 2016: Fair Value Measurements Using Total Level 1 Level 2 Level 3 Development property investments $ 95,102 $ - $ - $ 95,102 Operating property loans 9,905 - - 9,905 Total investments $ 105,007 $ - $ - $ 105,007 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
Real Estate, Policy [Policy Text Block]	Self-Storage Real Estate Owned Land is carried at historical cost. Building and improvements are carried at historical cost less accumulated depreciation and impairment losses. The cost reflects the purchase price or development cost of the assets. Ordinary repairs and maintenance are expensed as incurred; major replacements and betterments, which improve or extend the life of the asset, are capitalized and depreciated over their estimated useful lives. The costs of building and improvements are depreciated using the straight-line method based on a useful life of 40 The Company evaluates long-lived assets for impairment when events and circumstances such as declines in occupancy and operating results indicate that there may be an impairment. The carrying value of these long-lived assets is compared to the undiscounted future net operating cash flows, plus a terminal value, attributable to the assets to determine if the facility’s basis is recoverable. If an asset’s basis is not considered recoverable, an impairment loss is recorded to the extent the net carrying value of the asset exceeds the fair value. The impairment loss recognized equals the excess of net carrying value over the related fair value of the asset.
Cash and Cash Equivalents, Policy [Policy Text Block]	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 two financial institutions, and the balance at each financial institution exceeds the Federal Deposit Insurance Corporation insurance limit of $ 250,000
Loans and Leases Receivable, Valuation, Policy [Policy Text Block]	Other Loans The Company’s other loans balance primarily includes principal balances for certain revolving loan agreements and short-term mortgage loans made by the Company in situations where it was determined that making such loans would benefit the Company’s primary business. 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 the cost reimbursed by the Company. 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]	Revenue Recognition Interest income is recognized as earned on a simple interest basis and is reported in interest income from investments in the Consolidated Statements 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. The operations of the self-storage real estate owned are managed by a third-party self-storage management company. All rental leases are operating leases, and rental income is recognized in accordance with the terms of the leases, which generally are month to month.
Debt Issuance Costs[Policy ] [Policy Text Block]	Debt Issuance Costs Costs related to the sale of senior participations are deferred and are amortized as interest expense over the estimated life of the related senior participation using the straight-line method, which approximates the effective interest method. If a debt instrument is repurchased prior to its original maturity date, the unamortized balance of debt issuance costs are written off to interest expense or, if significant, included in “early extinguishment of debt.” Debt issuance costs are presented in the Consolidated Balance Sheets as a deduction from the carrying amount of the principal balance.
Selling, General and Administrative Expenses, Policy [Policy Text Block]	Transaction and other expenses Transaction and other expenses consist of non-capitalizable advisory fees and other unreimbursed expenses incurred in connection with various financing and investment transactions and are expensed as incurred. There were no transaction and other expenses for the three or six months ended June 30, 2017. During the three and six months ended June 30, 2016, the Company incurred $ 0.2 2.1
Offering Costs [Policy Text Block]	Offering and Registration Costs Offering and registration costs represent underwriting discounts and commissions, professional fees, fees paid to various regulatory agencies, and other costs incurred in connection with the registration and sale of the Company’s securities. Offering and registration costs incurred in connection with the Company’s common stock offerings are reflected as a reduction of additional paid-in capital. On July 27, 2016, the Company entered into a Stock Purchase Agreement (see Note 10, Stockholders’ Equity 50.0 2.8 50.0 2.8 2.2 0.6
Income Tax, Policy [Policy Text Block]	Income Taxes The Company has elected to be taxed as a REIT and to comply with the related provisions of the Code. 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. 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, 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, accrued stock dividends, 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 three and six months ended June 30, 2017 and 2016, comprehensive income equaled net income; therefore, separate Consolidated Statements of Comprehensive Income are 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 August 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-15 , Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers

SIGNIFICANT ACCOUNTING POLICI21

SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	Fair Value Measurements Using Total Level 1 Level 2 Level 3 Development property investments $ 163,979 $ - $ - $ 163,979 Operating property loans 8,790 - - 8,790 Total investments $ 172,769 $ - $ - $ 172,769 The following table presents the financial instruments measured at fair value on a recurring basis at December 31, 2016: Fair Value Measurements Using Total Level 1 Level 2 Level 3 Development property investments $ 95,102 $ - $ - $ 95,102 Operating property loans 9,905 - - 9,905 Total investments $ 105,007 $ - $ - $ 105,007
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]	The following table provides supplemental disclosures related to the Consolidated Statements of Cash Flows: Six months ended June 30, 2017 2016 Supplemental disclosure of cash flow information: Interest paid $ 433 $ 20 Supplemental disclosure of non-cash investing and financing activities: Stock dividend paid on preferred stock $ 1,194 $ - Dividends declared, but not paid, on preferred stock 177 - Dividends declared, but not paid, on common stock 4,983 2,087 Contribution of assets to real estate venture - 7,693 Reclassification of self-storage real estate owned 6,066 - Other loans paid off with issuance of development property investments 1,410 -

INVESTMENTS (Tables)

INVESTMENTS (Tables)	6 Months Ended
	Jun. 30, 2017
Schedule of Investments [Line Items]
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 June 30, 2017: Funded principal $ 157,466 Adjustments: Unamortized origination fees (3,471) Change in fair value of investments 24,924 Reclassification of self-storage real estate owned (6,066) Other (84) Fair value of investments $ 172,769 The following table provides a reconciliation of the funded principal to the fair market value of investments at December 31, 2016: Funded principal $ 86,905 Adjustments: Unamortized origination fees (1,056) Change in fair value of investments 19,242 Other (84) Fair value of investments $ 105,007
Self Storage Investments [Member]
Schedule of Investments [Line Items]
Investment Holdings, Schedule of Investments [Table Text Block]	As of June 30, 2017, the aggregate committed principal amount of the Company’s investment portfolio was approximately $ 364.0 157.5 Closing Date Metropolitan Total Investment Funded (1) Remaining Fair Value Development property investments: Loan investments with a profits interest: 4/21/2015 Orlando 1 (2) (4) $ 5,372 $ 5,367 $ 5 $ 1,347 6/10/2015 Atlanta 1 (2) 8,132 7,908 224 10,736 6/19/2015 Tampa 1 (2) 5,369 5,285 84 6,369 6/26/2015 Atlanta 2 (2) 6,050 5,684 366 9,043 6/29/2015 Charlotte 1 (2) 7,624 7,065 559 10,361 7/2/2015 Milwaukee (2) 7,650 6,870 780 8,304 7/31/2015 New Haven (2) 6,930 6,093 837 8,058 8/10/2015 Pittsburgh (2) 5,266 4,361 905 5,936 8/14/2015 Raleigh 8,792 3,417 5,375 3,335 9/30/2015 Jacksonville 1 (2) 6,445 5,988 457 8,320 10/27/2015 Austin (2) 8,658 6,866 1,792 8,619 9/20/2016 Charlotte 2 12,888 3,029 9,859 2,796 11/17/2016 Orlando 2 (3) 5,134 2,994 2,140 3,577 11/17/2016 Jacksonville 2 (3) 7,530 2,847 4,683 3,011 1/4/2017 New York City 1 (3) 16,117 11,093 5,024 12,509 1/18/2017 Atlanta 3 14,115 3,385 10,730 3,295 1/31/2017 Atlanta 4 13,678 5,866 7,812 5,824 2/24/2017 Orlando 3 8,056 905 7,151 835 2/24/2017 New Orleans 12,549 - 12,549 - 2/27/2017 Atlanta 5 17,492 4,854 12,638 4,737 3/1/2017 Fort Lauderdale 9,952 1,740 8,212 1,661 3/1/2017 Houston 13,630 3,532 10,098 3,445 4/14/2017 Louisville 8,523 627 7,896 542 4/20/2017 Denver 1 9,806 1,873 7,933 1,783 4/20/2017 Denver 2 11,164 2,137 9,027 2,035 5/2/2017 Atlanta 6 12,543 3,671 8,872 3,565 5/2/2017 Tampa 2 8,091 1,584 6,507 1,508 5/19/2017 Tampa 3 9,224 1,524 7,700 1,434 6/12/2017 Tampa 4 10,266 2,391 7,875 2,293 6/19/2017 Baltimore (5) 10,775 2,199 8,576 2,008 6/28/2017 Knoxville 9,115 829 8,286 738 6/29/2017 Boston 14,103 1,466 12,637 1,326 6/30/2017 New York City 2 (5) 26,482 16,004 10,478 15,637 $ 337,521 $ 139,454 $ 198,067 $ 154,987 Construction loans: 12/23/2015 Miami 17,733 9,232 8,501 8,992 $ 17,733 $ 9,232 $ 8,501 $ 8,992 Subtotal $ 355,254 $ 148,686 $ 206,568 $ 163,979 Operating property loans: 6/19/2015 New Orleans (6) 2,800 2,800 - 2,792 7/7/2015 Newark 3,480 3,480 - 3,482 12/22/2015 Chicago 2,502 2,500 2 2,516 Subtotal $ 8,782 $ 8,780 $ 2 $ 8,790 Total investments $ 364,036 $ 157,466 $ 206,570 $ 172,769 (1) (2) Fair Value of Financial Instruments (3) Fair Value of Financial Instruments (4) In February 2017, the Company purchased 1.3 50 49.9 74.9 Self-storage Real Estate Owned 25.1 (5) (6) As of December 31, 2016, the aggregate committed principal amount of the Company’s investment portfolio was approximately $ 141.9 86.9 Closing Date Metropolitan Total Investment Funded (1) Remaining Fair Value Development property investments: Loan investments with a profits interest: 4/21/2015 Orlando 1 (2) $ 5,372 $ 5,308 $ 64 $ 7,302 6/10/2015 Atlanta 1 (2) 8,132 7,694 438 10,404 6/19/2015 Tampa (2) 5,369 5,285 84 6,279 6/26/2015 Atlanta 2 (2) 6,050 5,620 430 8,900 6/29/2015 Charlotte 1 (2) 7,624 6,842 782 9,853 7/2/2015 Milwaukee (2) 7,650 5,608 2,042 7,008 7/31/2015 New Haven (2) 6,930 5,257 1,673 6,730 8/10/2015 Pittsburgh (3) 5,266 3,497 1,769 4,551 8/14/2015 Raleigh 8,792 1,460 7,332 1,396 9/30/2015 Jacksonville 1 (2) 6,445 5,852 593 7,962 10/27/2015 Austin (3) 8,658 4,366 4,292 5,192 9/20/2016 Charlotte 2 12,888 1,446 11,442 1,298 11/17/2016 Orlando 2 5,134 1,342 3,792 1,237 11/17/2016 Jacksonville 2 7,530 624 6,906 551 $ 101,840 $ 60,201 $ 41,639 $ 78,663 Construction loans: 8/5/2015 West Palm Beach (4) 7,500 6,712 788 6,702 8/5/2015 Sarasota (4) 4,792 3,485 1,307 3,473 12/23/2015 Miami 17,733 6,517 11,216 6,264 $ 30,025 $ 16,714 $ 13,311 $ 16,439 Subtotal $ 131,865 $ 76,915 $ 54,950 $ 95,102 Operating property loans: 6/19/2015 New Orleans 2,800 2,800 - 2,768 7/7/2015 Newark 3,480 3,480 - 3,441 10/30/2015 Nashville (4) 1,210 1,210 - 1,204 12/22/2015 Chicago 2,502 2,500 2 2,492 Subtotal $ 9,992 $ 9,990 $ 2 $ 9,905 Total investments $ 141,857 $ 86,905 $ 54,952 $ 105,007 (1) (2) Fair Value of Financial Instruments (3) Fair Value of Financial Instruments (4)

FAIR VALUE OF FINANCIAL INSTR23

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block]	These tables are not intended to be all-inclusive, but instead to capture the significant unobservable inputs relevant to the Company’s determination of fair values. As of June 30, 2017 Unobservable Inputs Asset Category Primary Valuation Input Estimated Range Weighted Development property (a) Market yields/ 7.97 – 10.33% 8.70% Exit date 0.58 – 5.00 years 2.71 years Development property (b) Volatility 63.58 – 90.26% 70.77% Exit date 0.92 – 5.00 years 2.83 years Capitalization rate (c) 5.25 - 5.50% 5.47% Discount rate 8.25 - 8.50% 8.47% Operating property loans Market yields/ 5.84 – 6.98% 6.46% Exit date (d) 4.00 - 5.16 years 4.60 years (a) (b) (c) (d) As of December 31, 2016 Unobservable Inputs Asset Category Primary Valuation Input Estimated Range Weighted (a) Market yields/ 7.23 - 9.28% 8.34% Exit date 0.17 - 3.88 years 1.81 years Development property investments with a profits interest (b) Option pricing model Volatility 68.72 - 73.46% 73.17% Exit date 1.42 - 3.88 years 2.12 years Capitalization rate (c) 5.25 - 5.50% 5.47% Discount rate 8.25 - 8.50% 8.47% Operating property loans Income approach analysis Market yields/discount rate 6.09 - 7.20% 6.73% Exit date (d) 4.50 - 5.66 years 5.07 years (a) (b) (c) (d)
Schedule Of Change In Fair Value Of Investments Due To Change In Market Yield Discount Rates [Table Text Block]	The following fluctuations in the market yields/discount rates would have had the following impact on the fair value of our investments: Increase (decrease) in fair value of investments Change in market yields/discount rates (in millions) June 30, 2017 December 31, 2016 Up 25 basis points $ (0.8) $ (0.3) Down 25 basis points, subject to a minimum yield/rate of 10 basis points 0.8 0.3
Schedule Of Change In Fair Value Of Investments Due To Change In Capitalization Rates [Table Text Block]	The following fluctuations in the capitalization rates would have had the following impact on the fair value of our investments: Increase (decrease) in fair value of investments Change in capitalization rates (in millions) June 30, 2017 December 31, 2016 Up 25 basis points $ (2.2) $ (2.1) Down 25 basis points 2.4 2.3 Up 50 basis points (4.2) (3.8) Down 50 basis points 5.0 4.6
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 six month period ended June 30, 2017: Balance as of December 31, 2016 $ 105,007 Net realized gains - Net unrealized gains 5,682 Fundings of principal and change in unamortized origination fees 77,271 Repayments of loans (12,239) Payment-in-kind interest 3,114 Reclassification of self-storage real estate owned (6,066) Net transfers in or out of Level 3 - Balance at June 30, 2017 $ 172,769

INVESTMENT IN REAL ESTATE VEN24

INVESTMENT IN REAL ESTATE VENTURE (Tables)	6 Months Ended
	Jun. 30, 2017
Banking and Thrift [Abstract]
Equity Method Investments [Table Text Block]	As of June 30, 2017, SL1 Venture had eleven development property investments with a profits interest as described in more detail in the table below: Closing Date Metropolitan Total Investment Funded (1) Remaining Fair Value 5/14/2015 Miami 1 (2) (3) $ 13,867 $ 8,631 $ 5,236 $ 9,610 5/14/2015 Miami 2 (2) (3) 14,849 7,299 7,550 7,321 9/25/2015 Fort Lauderdale (2) 13,230 5,531 7,699 5,419 4/15/2016 Washington DC (3) 17,269 11,628 5,641 12,600 4/29/2016 Atlanta 1 (3) 10,223 3,475 6,748 3,641 7/19/2016 Jacksonville (3) 8,127 5,697 2,430 7,398 7/21/2016 New Jersey 7,828 1,161 6,667 1,090 8/15/2016 Atlanta 2 (3) 8,772 4,900 3,872 5,474 8/25/2016 Denver (3) 11,032 6,100 4,932 6,811 9/28/2016 Columbia (3) 9,199 5,462 3,737 5,819 12/22/2016 Raleigh 8,877 1,641 7,236 1,583 Total $ 123,273 $ 61,525 $ 61,748 $ 66,766 (1) (2) (3) Fair Value of Financial Instruments

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	6 Months Ended
	Jun. 30, 2017
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 as a result of its involvement with the VIEs is as follows: June 30, 2017 December 31, 2016 Assets recorded related to VIEs $ 163,979 $ 95,102 Unfunded loan commitments to VIEs 206,568 54,950 Maximum exposure to loss $ 370,547 $ 150,052

SELF-STORAGE REAL ESTATE OWNED

SELF-STORAGE REAL ESTATE OWNED (Tables)	6 Months Ended
	Jun. 30, 2017
Banking and Thrift [Abstract]
Real Estate Investment, Impact in Consolidated Balance Sheet , Disclosure [Table Text Block]	The following table shows the impact of this real estate investment on the Company’s Consolidated Balance Sheet as of June 30, 2017: June 30, 2017 Cash $ 5 Land 1,507 Building and improvements 5,890 Accumulated depreciation (114) Self-storage real estate owned $ 7,283 Accrued liabilities $ 15
Real Estate Investment, Impact in Consolidated Statement of Operations, Disclosure [Table Text Block]	The following table shows the impact of this real estate investment on the Company’s Consolidated Statement of Operations for the three and six months ended June 30, 2017: Three months ended Six months ended Rental revenues $ 105 $ 168 General property operating expenses (43) (74) Depreciation expense (38) (62) Property operating expenses of real estate owned $ (81) $ (136)

SENIOR PARTICIPATIONS (Tables)

SENIOR PARTICIPATIONS (Tables)	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Schedule of Line of Credit Facilities [Table Text Block]	Commitment by Amount Remaining Interest Rate Effective Maturity Date Operating Property A Note (1) $ 1,820 $ 1,820 $ - 30-day LIBOR + 3.85% 5.07 % April 1, 2019 Miami A Note 10,001 732 9,269 30-day LIBOR + 3.10% 4.32 % January 31, 2018 July 2016 A Notes (2) 14,185 13,679 506 30-day LIBOR + 3.50% 4.72 % August 1, 2019 October 2016 A Note (2) 4,405 4,041 364 30-day LIBOR + 3.50% 4.72 % September 1, 2021 Total $ 30,411 20,272 $ 10,139 Unamortized fees (125) Net balance $ 20,147 (1) 2.8 1.8 18,000 (2) 100 The table below details the bank commitments and outstanding balances of our senior participations at December 31, 2016: Commitment by Amount Borrowed Remaining Interest Rate Effective Maturity Date Operating Property A Note $ 1,820 $ 1,820 $ - 30-day LIBOR + 3.85% 4.47 % April 1, 2019 Miami A Note 10,001 - 10,001 30-day LIBOR + 3.10% 3.72 % July 1, 2017 July 2016 A Notes 14,185 13,420 765 30-day LIBOR + 3.50% 4.12 % August 1, 2019 October 2016 A Note 4,405 3,375 1,030 30-day LIBOR + 3.50% 4.12 % September 1, 2021 Total $ 30,411 $ 18,615 $ 11,796 Unamortized fees (33) Net balance $ 18,582

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	6 Months Ended
	Jun. 30, 2017
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 three and six months ended June 30, 2017 and 2016 is as follows: Three Months Ended Three Months Ended Shares Weighted Shares Weighted Nonvested at March 31, 120,001 $ 20.10 162,500 $ 20.08 Granted 111,414 22.59 14,340 13.95 Vested (28,913) 21.26 (37,672) 18.09 Forfeited - - - - Nonvested at June 30, 202,502 $ 21.33 139,168 $ 19.91 Six Months Ended Six Months Ended Shares Weighted Shares Weighted Nonvested at December 31, 120,001 $ 20.10 162,500 $ 20.08 Granted 111,414 22.59 14,340 13.95 Vested (28,913) 21.26 (37,672) 18.09 Forfeited - - - - Nonvested at June 30, 202,502 $ 21.33 139,168 $ 19.91

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	For the three and six months ended June 30, 2017 and 2016, the Company’s basic earnings per share is computed using the two-class method, and our diluted earnings per share is computed using the more dilutive of the treasury stock method or two-class method: Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Shares outstanding Weighted average common shares - basic 9,850,967 5,948,555 9,356,744 5,974,277 Effect of dilutive securities 182,062 155,652 151,203 159,076 Weighted average common shares, all classes 10,033,029 6,104,207 9,507,947 6,133,353 Calculation of Earnings per Share - basic Net income $ 5,194 $ 5,412 $ 6,977 $ 6,534 Less: Net income allocated to preferred stockholders 177 n/a 723 n/a Net income allocated to unvested restricted shares (1) 91 138 99 170 Net income attributable to common shareholders - two-class method $ 4,926 $ 5,274 $ 6,155 $ 6,364 Weighted average common shares - basic 9,850,967 5,948,555 9,356,744 5,974,277 Earnings per share - basic $ 0.50 $ 0.89 $ 0.66 $ 1.07 Calculation of Earnings per Share - diluted Net income $ 5,194 $ 5,412 $ 6,977 $ 6,534 Less: Net income allocated to preferred stockholders 177 n/a 723 n/a Net income attributable to common shareholders - two-class method $ 5,017 $ 5,412 $ 6,254 $ 6,534 Weighted average common shares - diluted 10,033,029 6,104,207 9,507,947 6,133,353 Earnings per share - diluted $ 0.50 $ 0.89 $ 0.66 $ 1.07 (1)

SUBSEQUENT EVENTS (Tables)

SUBSEQUENT EVENTS (Tables)	6 Months Ended
	Jun. 30, 2017
Development Property Investment [Member]
Investment Holdings, Schedule of Investments [Table Text Block]	Subsequent to June 30, 2017, the Company closed on the following development property investment with a profits interest: Closing Date MSA Total Investment 7/27/2017 Jacksonville 3 $ 8,096 Total $ 8,096

SIGNIFICANT ACCOUNTING POLICI31

SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Development property investments	$ 163,979	$ 95,102
Operating property loans	8,790	9,905
Total investments	172,769	105,007
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Development property investments	0	0
Operating property loans	0	0
Total investments	0	0
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Development property investments	0	0
Operating property loans	0	0
Total investments	0	0
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Development property investments	163,979	95,102
Operating property loans	8,790	9,905
Total investments	$ 172,769	$ 105,007

SIGNIFICANT ACCOUNTING POLICI32

SIGNIFICANT ACCOUNTING POLICIES (Details 1) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Supplemental disclosure of cash flow information:
Interest paid	$ 433	$ 20
Supplemental disclosure of non-cash investing and financing activities:
Stock dividend paid on preferred stock	1,194	0
Dividends declared, but not paid, on preferred stock	177	0
Dividends declared, but not paid, on common stock	4,983	2,087
Contribution of assets to real estate venture	0	7,693
Reclassification of self-storage real estate owned	6,066	0
Other loans paid off with issuance of development property investments	$ 1,410	$ 0

SIGNIFICANT ACCOUNTING POLICI33

SIGNIFICANT ACCOUNTING POLICIES (Details Textual) - USD ($)	1 Months Ended	3 Months Ended	6 Months Ended
	Jul. 27, 2016	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Significant Accounting Policies [Line Items]
Deferred Offering Costs	$ 2,800,000		$ 2,200,000
Other Nonrecurring (Income) Expense		$ 200,000		$ 2,100,000
Time Deposits, at or Above FDIC Insurance Limit			$ 250,000
Building and Building Improvements [Member]
Significant Accounting Policies [Line Items]
Property, Plant and Equipment, Useful Life			40 years
Series A Preferred Stock [Member]
Significant Accounting Policies [Line Items]
Value of Shares to Be issued Prior to Commitment Period	$ 50,000,000		$ 50,000,000
Cumulative Preferred Stock [Member]
Significant Accounting Policies [Line Items]
Decrease in Cumulative Preferred Stock Value			$ 600,000
Development Property Investment [Member]
Significant Accounting Policies [Line Items]
Equity Method Investment, Ownership Percentage			49.90%

INVESTMENTS (Details)

INVESTMENTS (Details) - USD ($) $ in Thousands		6 Months Ended		12 Months Ended
		Jun. 30, 2017		Dec. 31, 2016
Schedule of Investments [Line Items]
Funded Investment		$ 157,466		$ 86,905
Development property investments, Fair Value		163,979		95,102
Operating property loans, Fair Value		8,790		9,905
Investments, Fair Value Disclosure		172,769		105,007
Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		355,254		131,865
Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	[1]	148,686		76,915
Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		206,568		54,950
Loan investments [Member]
Schedule of Investments [Line Items]
Development property investments, Fair Value		154,987		78,663
Loan investments [Member] | Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		337,521		101,840
Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	[1]	139,454		60,201
Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		198,067		41,639
Construction Loans [Member]
Schedule of Investments [Line Items]
Development property investments, Fair Value		8,992		16,439
Construction Loans [Member] | Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		17,733		30,025
Construction Loans [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	[1]	9,232		16,714
Construction Loans [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		8,501		13,311
Operating Property Loans [Member]
Schedule of Investments [Line Items]
Operating property loans, Fair Value		8,790
Operating Property Loans [Member] | Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		8,782		9,992
Operating Property Loans [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	[1]	8,780		9,990
Operating Property Loans [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		2		2
Development Property Investments [Member] | Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		364,036		141,857
Development Property Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	[1]	157,466		86,905
Development Property Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 206,570		$ 54,952
Orlando 1 | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date		4/21/2015		4/21/2015
Development property investments, Fair Value		$ 1,347	[2],[3]	$ 7,302	[4]
Orlando 1 | Loan investments [Member] | Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		5,372	[2]	5,372	[4]
Orlando 1 | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	[1]	5,367	[2],[3]	5,308	[4]
Orlando 1 | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 5	[2],[3]	$ 64	[4]
Atlanta 1 | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date		6/10/2015		6/10/2015
Development property investments, Fair Value		$ 10,736	[2]	$ 10,404	[4]
Atlanta 1 | Loan investments [Member] | Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		8,132	[2]	8,132	[4]
Atlanta 1 | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	[1]	7,908	[2]	7,694	[4]
Atlanta 1 | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 224	[2]	$ 438	[4]
Tampa 1 | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date		6/19/2015		6/19/2015
Development property investments, Fair Value		$ 6,369	[2]	$ 6,279	[4]
Tampa 1 | Loan investments [Member] | Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		5,369	[2]	5,369	[4]
Tampa 1 | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	[1]	5,285	[2]	5,285	[4]
Tampa 1 | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 84	[2]	$ 84	[4]
Atlanta 2 | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date		6/26/2015		6/26/2015
Development property investments, Fair Value		$ 9,043	[2]	$ 8,900	[4]
Atlanta 2 | Loan investments [Member] | Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		6,050	[2]	6,050	[4]
Atlanta 2 | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	[1]	5,684	[2]	5,620	[4]
Atlanta 2 | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 366	[2]	$ 430	[4]
Charlotte 1 | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date		6/29/2015		6/29/2015
Development property investments, Fair Value		$ 10,361	[2]	$ 9,853	[4]
Charlotte 1 | Loan investments [Member] | Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		7,624	[2]	7,624	[4]
Charlotte 1 | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	[1]	7,065	[2]	6,842	[4]
Charlotte 1 | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 559	[2]	$ 782	[4]
Milwaukee | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date		7/2/2015		7/2/2015
Development property investments, Fair Value		$ 8,304	[2]	$ 7,008	[4]
Milwaukee | Loan investments [Member] | Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		7,650	[2]	7,650	[4]
Milwaukee | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	[1]	6,870	[2]	5,608	[4]
Milwaukee | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 780	[2]	$ 2,042	[4]
New Haven | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date		7/31/2015		7/31/2015
Development property investments, Fair Value		$ 8,058	[2]	$ 6,730	[4]
New Haven | Loan investments [Member] | Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		6,930	[2]	6,930	[4]
New Haven | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	[1]	6,093	[2]	5,257	[4]
New Haven | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 837	[2]	$ 1,673	[4]
Pittsburgh | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date		8/10/2015		8/10/2015
Development property investments, Fair Value		$ 5,936	[2]	$ 4,551
Pittsburgh | Loan investments [Member] | Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		5,266	[2]	5,266
Pittsburgh | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	[1]	4,361	[2]	3,497
Pittsburgh | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 905	[2]	$ 1,769
Raleigh | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date		8/14/2015		8/14/2015
Development property investments, Fair Value		$ 3,335		$ 1,396
Raleigh | Loan investments [Member] | Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		8,792		8,792
Raleigh | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	[1]	3,417		1,460
Raleigh | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 5,375		$ 7,332
Jacksonville 1 | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date		9/30/2015		9/30/2015
Development property investments, Fair Value		$ 8,320	[2]	$ 7,962	[4]
Jacksonville 1 | Loan investments [Member] | Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		6,445	[2]	6,445	[4]
Jacksonville 1 | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	[1]	5,988	[2]	5,852	[4]
Jacksonville 1 | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 457	[2]	$ 593	[4]
Austin | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date		10/27/2015		10/27/2015
Development property investments, Fair Value		$ 8,619	[2]	$ 5,192	[5]
Austin | Loan investments [Member] | Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		8,658	[2]	8,658	[5]
Austin | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	[1]	6,866	[2]	4,366	[5]
Austin | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 1,792	[2]	$ 4,292	[5]
Charlotte 2 | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date		9/20/2016		9/20/2016
Development property investments, Fair Value		$ 2,796		$ 1,298
Charlotte 2 | Loan investments [Member] | Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		12,888		12,888
Charlotte 2 | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	[1]	3,029		1,446
Charlotte 2 | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 9,859		$ 11,442
Orlando 2 | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date		11/17/2016		11/17/2016
Development property investments, Fair Value		$ 3,577	[6]	$ 1,237
Orlando 2 | Loan investments [Member] | Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		5,134		5,134
Orlando 2 | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	[1]	2,994	[6]	1,342
Orlando 2 | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 2,140	[6]	$ 3,792
Jacksonville 2 | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date		11/17/2016		11/17/2016
Development property investments, Fair Value		$ 3,011	[6]	$ 551
Jacksonville 2 | Loan investments [Member] | Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		7,530	[6]	7,530
Jacksonville 2 | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	[1]	2,847	[6]	624
Jacksonville 2 | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 4,683	[6]	$ 6,906
New York City 1 | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date		1/4/2017
Development property investments, Fair Value	[6]	$ 12,509
New York City 1 | Loan investments [Member] | Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	[6]	16,117
New York City 1 | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	[1],[6]	11,093
New York City 1 | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	[6]	$ 5,024
Atlanta 3 | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date		1/18/2017
Development property investments, Fair Value		$ 3,295
Atlanta 3 | Loan investments [Member] | Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		14,115
Atlanta 3 | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	[1]	3,385
Atlanta 3 | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 10,730
Atlanta 4 | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date		1/31/2017
Development property investments, Fair Value		$ 5,824
Atlanta 4 | Loan investments [Member] | Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		13,678
Atlanta 4 | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	[1]	5,866
Atlanta 4 | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 7,812
Orlando 3 | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date		2/24/2017
Development property investments, Fair Value		$ 835
Orlando 3 | Loan investments [Member] | Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		8,056
Orlando 3 | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	[1]	905
Orlando 3 | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 7,151
New Orleans | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date		2/24/2017
Development property investments, Fair Value		$ 0
New Orleans | Loan investments [Member] | Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		12,549
New Orleans | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	[1]	0
New Orleans | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 12,549
Atlanta 5 | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date		2/27/2017
Development property investments, Fair Value		$ 4,737
Atlanta 5 | Loan investments [Member] | Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		17,492
Atlanta 5 | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	[1]	4,854
Atlanta 5 | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 12,638
Fort Lauderdale | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date		3/1/2017
Development property investments, Fair Value		$ 1,661
Fort Lauderdale | Loan investments [Member] | Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		9,952
Fort Lauderdale | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	[1]	1,740
Fort Lauderdale | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 8,212
Houston | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date		3/1/2017
Development property investments, Fair Value		$ 3,445
Houston | Loan investments [Member] | Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		13,630
Houston | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	[1]	3,532
Houston | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 10,098
West Palm Beach | Construction Loans [Member]
Schedule of Investments [Line Items]
Investment Closing Date				8/5/2015
Development property investments, Fair Value	[7]			$ 6,702
West Palm Beach | Construction Loans [Member] | Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	[7]			7,500
West Palm Beach | Construction Loans [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	[1],[7]			6,712
West Palm Beach | Construction Loans [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	[7]			$ 788
Sarasota | Construction Loans [Member]
Schedule of Investments [Line Items]
Investment Closing Date				8/5/2015
Development property investments, Fair Value	[7]			$ 3,473
Sarasota | Construction Loans [Member] | Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	[7]			4,792
Sarasota | Construction Loans [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	[1],[7]			3,485
Sarasota | Construction Loans [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	[7]			$ 1,307
Miami | Construction Loans [Member]
Schedule of Investments [Line Items]
Investment Closing Date		12/23/2015		12/23/2015
Development property investments, Fair Value		$ 8,992		$ 6,264
Miami | Construction Loans [Member] | Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		17,733		17,733
Miami | Construction Loans [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	[1]	9,232		6,517
Miami | Construction Loans [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 8,501		$ 11,216
New Orleans | Operating Property Loans [Member]
Schedule of Investments [Line Items]
Investment Closing Date		6/19/2015		6/19/2015
Operating property loans, Fair Value		$ 2,792	[8]	$ 2,768
New Orleans | Operating Property Loans [Member] | Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		2,800	[8]	2,800
New Orleans | Operating Property Loans [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	[1]	2,800	[8]	2,800
New Orleans | Operating Property Loans [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 0	[8]	$ 0
Newark | Operating Property Loans [Member]
Schedule of Investments [Line Items]
Investment Closing Date		7/7/2015		7/7/2015
Operating property loans, Fair Value		$ 3,482		$ 3,441
Newark | Operating Property Loans [Member] | Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		3,480		3,480
Newark | Operating Property Loans [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	[1]	3,480		3,480
Newark | Operating Property Loans [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 0		$ 0
Nashville | Operating Property Loans [Member]
Schedule of Investments [Line Items]
Investment Closing Date				10/30/2015
Operating property loans, Fair Value	[7]			$ 1,204
Nashville | Operating Property Loans [Member] | Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	[7]			1,210
Nashville | Operating Property Loans [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	[1],[7]			1,210
Nashville | Operating Property Loans [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	[7]			$ 0
Chicago | Operating Property Loans [Member]
Schedule of Investments [Line Items]
Investment Closing Date		12/22/2015		12/22/2015
Operating property loans, Fair Value		$ 2,516		$ 2,492
Chicago | Operating Property Loans [Member] | Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		2,502		2,502
Chicago | Operating Property Loans [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	[1]	2,500		2,500
Chicago | Operating Property Loans [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 2		$ 2
Louisville | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date		4/14/2017
Development property investments, Fair Value		$ 542
Louisville | Loan investments [Member] | Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		8,523
Louisville | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	[1]	627
Louisville | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 7,896
Denver 1 | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date		4/20/2017
Development property investments, Fair Value		$ 1,783
Denver 1 | Loan investments [Member] | Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		9,806
Denver 1 | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	[1]	1,873
Denver 1 | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 7,933
Denver 2 | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date		4/20/2017
Development property investments, Fair Value		$ 2,035
Denver 2 | Loan investments [Member] | Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		11,164
Denver 2 | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	[1]	2,137
Denver 2 | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 9,027
Atlanta 6 | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date		5/2/2017
Development property investments, Fair Value		$ 3,565
Atlanta 6 | Loan investments [Member] | Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		12,543
Atlanta 6 | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	[1]	3,671
Atlanta 6 | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 8,872
Tampa 2 | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date		5/2/2017
Development property investments, Fair Value		$ 1,508
Tampa 2 | Loan investments [Member] | Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		8,091
Tampa 2 | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	[1]	1,584
Tampa 2 | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 6,507
Tampa 3 | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date		5/19/2017
Development property investments, Fair Value		$ 1,434
Tampa 3 | Loan investments [Member] | Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		9,224
Tampa 3 | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	[1]	1,524
Tampa 3 | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 7,700
Tampa 4 | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date		6/12/2017
Development property investments, Fair Value		$ 2,293
Tampa 4 | Loan investments [Member] | Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		10,266
Tampa 4 | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	[1]	2,391
Tampa 4 | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 7,875
Baltimore | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date		6/19/2017
Development property investments, Fair Value	[9]	$ 2,008
Baltimore | Loan investments [Member] | Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	[9]	10,775
Baltimore | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	[1],[9]	2,199
Baltimore | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	[9]	$ 8,576
Knoxville | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date		6/28/2017
Development property investments, Fair Value		$ 738
Knoxville | Loan investments [Member] | Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		9,115
Knoxville | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	[1]	829
Knoxville | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 8,286
Boston | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date		6/29/2017
Development property investments, Fair Value		$ 1,326
Boston | Loan investments [Member] | Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		14,103
Boston | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	[1]	1,466
Boston | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 12,637
New York City 2 | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date		6/30/2017
Development property investments, Fair Value	[9]	$ 15,637
New York City 2 | Loan investments [Member] | Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	[9]	26,482
New York City 2 | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	[1],[9]	16,004
New York City 2 | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	[9]	$ 10,478
[1]	Represents principal balance of loan gross of origination fees.
[2]	Facility had received certificate of occupancy as of June 30, 2017. See Note 4, Fair Value of Financial Instruments, for information regarding recognition of entrepreneurial profit.
[3]	In February 2017, the Company purchased, for $1.3 million, 50% of the economic rights of the Class A membership units of the limited liability company which owns this development property investment, thus increasing the Company’s profits interest in this investment from 49.9% to 74.9%. As such, the Company’s investment was reclassified as self-storage real estate owned in the June 30, 2017 Consolidated Balance Sheet. See Note 7, Self-storage Real Estate Owned, for additional discussion. The committed and funded investment amounts in this table pertain to the full terms of the development investment, while the fair value represents only the portion (25.1%) of the principal balance constituting a loan to the Class A member.
[4]	Facility had received certificate of occupancy as of December 31, 2016. See Note 4, Fair Value of Financial Instruments, for information regarding recognition of entrepreneurial profit.
[5]	Facility had achieved at least 40% construction completion but had not received certificate of occupancy as of December 31, 2016. See Note 4, Fair Value of Financial Instruments, for information regarding recognition of entrepreneurial profit.
[6]	Facility had achieved at least 40% construction completion but had not received certificate of occupancy as of June 30, 2017. See Note 4, Fair Value of Financial Instruments, for information regarding recognition of entrepreneurial profit.
[7]	These investments were fully repaid in the six months ended June 30, 2017.
[8]	This investment was fully repaid in July 2017.
[9]	These investments contain a higher loan-to-cost ratio and a higher interest rate, some of which interest is payment-in-kind ("PIK") interest. The PIK interest, computed at the contractual rate specified in each debt agreement, is periodically added to the principal balance of the debt and is recorded as interest income. Thus, the actual collection of this interest may be deferred until the time of debt principal repayment.

INVESTMENTS (Details 1)

INVESTMENTS (Details 1) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Schedule of Investments [Line Items]
Funded principal	$ 157,466		$ 86,905
Adjustments:
Unamortized origination fees	(3,471)		(1,056)
Change in fair value of investments	24,924		19,242
Reclassification of self-storage real estate owned	(6,066)	$ 0
Other	(84)		(84)
Fair value of investments	$ 172,769		$ 105,007

INVESTMENTS (Details Textual)

INVESTMENTS (Details Textual) - USD ($) $ in Thousands	Feb. 03, 2017	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Schedule of Investments [Line Items]
Number Of Investment				33
Revenues		$ 2,599	$ 1,533	$ 4,900	$ 2,676
Operating Income (Loss), Total		440	$ (508)	$ 478	$ (3,199)
Investment Owned, Funded Investment Percentage				25.10%
New Orleans MSA Development Property Investment [Member]
Schedule of Investments [Line Items]
Equity Method Investment, Summarized Financial Information, Net Income (Loss)				$ 1,800
Construction Loans [Member]
Schedule of Investments [Line Items]
Mortgage Loans on Real Estate, Periodic Payment Terms				18 months
Mortgage Loans on Real Estate, Interest Rate				6.90%
Other Commitment		$ 17,700		$ 17,700
Development Property Investment [Member]
Schedule of Investments [Line Items]
Mortgage Loans on Real Estate, Periodic Payment Terms				72 months
Equity Method Investment, Ownership Percentage		49.90%		49.90%
Mortgage Loans on Real Estate, Interest Rate				6.90%
Equity Method Investment, Assets, Total		$ 157,300		$ 157,300		$ 71,000
Equity Method Investment, Liabilities, Total		134,100		134,100		60,200
Other Commitment		337,500		337,500
Revenues		700		1,200
Operating Income (Loss), Total		100		$ 100
Put Option Purchase Price Terms				an investor has an option to put its interest to the Company upon the event of default of the underlying property loans. The put, if exercised, requires the Company to purchase the members interest at the original purchase price plus a yield of 4.5% on such purchase price.
Development Property Investment [Member] | Class A ship Units [Member]
Schedule of Investments [Line Items]
Investment Owned, Balance, Principal Amount	$ 1,300
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest	50.00%
Development Property Investment [Member] | Maximum [Member] | Class A ship Units [Member]
Schedule of Investments [Line Items]
Equity Method Investment, Ownership Percentage	74.90%
Development Property Investment [Member] | Minimum [Member] | Class A ship Units [Member]
Schedule of Investments [Line Items]
Equity Method Investment, Ownership Percentage	49.90%
Operating Property Loans [Member]
Schedule of Investments [Line Items]
Mortgage Loans on Real Estate, Periodic Payment Terms				72 months
Other Commitment		8,800		$ 8,800
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]
Other Commitment		364,000		$ 364,000		141,900
Total Commitment [Member] | Minimum [Member]
Schedule of Investments [Line Items]
Other Commitment		$ 157,500		$ 157,500		$ 86,900

FAIR VALUE OF FINANCIAL INSTR37

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details)		6 Months Ended		12 Months Ended
		Jun. 30, 2017		Dec. 31, 2016
Development Property Investments [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Primary Valuation Techniques	[1]	Income approach analysis		Income approach analysis
Development Property Investments [Member] | Minimum [Member] | Income approach analysis [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Exit date		6 months 29 days	[1]	2 months 1 day
Market yields/ discount rate		7.97%		7.23%
Development Property Investments [Member] | Maximum [Member] | Income approach analysis [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Exit date		5 years	[1]	3 years 10 months 17 days
Market yields/ discount rate		10.33%		9.28%
Development Property Investments [Member] | Weighted Average [Member] | Income approach analysis [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Exit date		2 years 8 months 16 days	[1]	1 year 9 months 22 days
Market yields/ discount rate		8.70%		8.34%
Loan Investments With Profits Interest [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Primary Valuation Techniques	[2]	Option pricing model		Option pricing model
Loan Investments With Profits Interest [Member] | Minimum [Member] | Option pricing model [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Volatility		63.58%	[2]	68.72%
Exit date		11 months 1 day	[2]	1 year 5 months 1 day
Capitalization rate	[2]	5.25%	[3]	5.25%	[4]
Market yields/ discount rate				8.25%
Loan Investments With Profits Interest [Member] | Maximum [Member] | Option pricing model [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Volatility		90.26%	[2]	73.46%
Exit date		5 years	[2]	3 years 10 months 17 days
Capitalization rate	[2]	5.50%	[3]	5.50%	[4]
Market yields/ discount rate				8.50%
Loan Investments With Profits Interest [Member] | Weighted Average [Member] | Option pricing model [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Volatility		70.77%	[2]	73.17%
Exit date		2 years 9 months 29 days	[2]	2 years 1 month 13 days
Capitalization rate	[2]	5.47%	[3]	5.47%	[4]
Market yields/ discount rate		8.47%		8.47%
Operating Property Loans [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Primary Valuation Techniques		Income approach analysis		Income approach analysis
Operating Property Loans [Member] | Minimum [Member] | Income approach analysis [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Exit date		4 years	[5]	4 years 6 months
Market yields/ discount rate		5.84%		6.09%
Operating Property Loans [Member] | Maximum [Member] | Income approach analysis [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Exit date		5 years 1 month 28 days	[5]	5 years 7 months 28 days
Market yields/ discount rate		6.98%		7.20%
Operating Property Loans [Member] | Weighted Average [Member] | Income approach analysis [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Exit date		4 years 7 months 6 days	[5]	5 years 25 days
Market yields/ discount rate		6.46%		6.73%
[1]	The valuation technique for the development property investments with a profits interest does not differ from the development property investments without a profits interest. Therefore, this line item focuses on all development property investments, including those with a profits interest.
[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 investments with a profits interest only require incremental valuation techniques to determine the value of the profits interest. Therefore this line only focuses on the profits interest valuation.
[3]	Thirteen properties were 40% - 100% complete, thus requiring a capitalization rate to derive entrepreneurial profit. Capitalization rates are estimated based on current data derived from independent sources in the markets in which the Company holds investments.
[4]	Ten properties were 40% - 100% complete, thus requiring a capitalization rate to derive entrepreneurial profit. Capitalization rates are estimated based on current data derived from independent sources in the markets in which the Company holds investments.
[5]	The exit dates for the operating property loans are the contractual maturity dates.

FAIR VALUE OF FINANCIAL INSTR38

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details 1) - Market Yield And Discount Rate [Member] - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Up 25 Basis Points [Member]
Investments in and Advances to Affiliates [Line Items]
Increase (decrease) in fair value of investments	$ (0.8)	$ (0.3)
Down 25 Basis Points [Member]
Investments in and Advances to Affiliates [Line Items]
Increase (decrease) in fair value of investments	$ 0.8	$ 0.3

FAIR VALUE OF FINANCIAL INSTR39

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details 2) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Up 25 Basis Points [Member]
Investments in and Advances to Affiliates [Line Items]
Increase (decrease) in fair value of investments	$ (2.2)	$ (2.1)
Down 25 Basis Points [Member]
Investments in and Advances to Affiliates [Line Items]
Increase (decrease) in fair value of investments	2.4	2.3
Up 50 basis points [Member]
Investments in and Advances to Affiliates [Line Items]
Increase (decrease) in fair value of investments	(4.2)	(3.8)
Down 50 Basis Points [Member]
Investments in and Advances to Affiliates [Line Items]
Increase (decrease) in fair value of investments	$ 5	$ 4.6

FAIR VALUE OF FINANCIAL INSTR40

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details 3) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance as of December 31, 2016			$ 105,007
Net realized gains			0
Net unrealized gains	$ 4,289	$ 5,527	5,682	$ 9,318
Fundings of principal and change in unamortized origination fees			77,271
Repayments of loans			(12,239)
Payment-in-kind interest			3,114
Reclassification of self-storage real estate owned			6,066	$ 0
Net transfers in or out of Level 3			0
Balance at June 30, 2017	$ 172,769		$ 172,769

FAIR VALUE OF FINANCIAL INSTR41

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details Textual) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Investment Owned, Unrecognized Unrealized Appreciation (Depreciation), Net	$ 24.9	$ 19.2
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%

INVESTMENT IN REAL ESTATE VEN42

INVESTMENT IN REAL ESTATE VENTURE (Details) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2017	Dec. 31, 2016
Real Estate Properties [Line Items]
Equity Method Investments, Fair Value Disclosure		$ 163,979	$ 95,102
Funded Investment		157,466	86,905
Loans and Finance Receivables [Member]
Real Estate Properties [Line Items]
Investment Commitment		355,254	131,865
Loan Origination Commitments [Member]
Real Estate Properties [Line Items]
Funded Investment	[1]	148,686	76,915
Unfunded Loan Commitment [Member]
Real Estate Properties [Line Items]
Investment Commitment		206,568	54,950
Loan investments [Member]
Real Estate Properties [Line Items]
Equity Method Investments, Fair Value Disclosure		154,987	78,663
Loan investments [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Equity Method Investments, Fair Value Disclosure		$ 66,766
Loan investments [Member] | Miami 1 | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Closing Date		5/14/2015
Equity Method Investments, Fair Value Disclosure	[2],[3]	$ 9,610
Loan investments [Member] | Miami 2 | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Closing Date		5/14/2015
Equity Method Investments, Fair Value Disclosure	[2],[3]	$ 7,321
Loan investments [Member] | Fort Lauderdale | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Closing Date		9/25/2015
Equity Method Investments, Fair Value Disclosure	[3]	$ 5,419
Loan investments [Member] | Washington DC | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Closing Date		4/15/2016
Equity Method Investments, Fair Value Disclosure	[2]	$ 12,600
Loan investments [Member] | Atlanta 1 | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Closing Date		4/29/2016
Equity Method Investments, Fair Value Disclosure	[2]	$ 3,641
Loan investments [Member] | Jacksonville | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Closing Date		7/19/2016
Equity Method Investments, Fair Value Disclosure	[2]	$ 7,398
Loan investments [Member] | New Jersey | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Closing Date		7/21/2016
Equity Method Investments, Fair Value Disclosure		$ 1,090
Loan investments [Member] | Atlanta 2 | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Closing Date		8/15/2016
Equity Method Investments, Fair Value Disclosure	[2]	$ 5,474
Loan investments [Member] | Denver | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Closing Date		8/25/2016
Equity Method Investments, Fair Value Disclosure	[2]	$ 6,811
Loan investments [Member] | Columbia | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Closing Date		9/28/2016
Equity Method Investments, Fair Value Disclosure	[2]	$ 5,819
Loan investments [Member] | Raleigh | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Closing Date		12/22/2016
Equity Method Investments, Fair Value Disclosure		$ 1,583
Loan investments [Member] | Loans and Finance Receivables [Member]
Real Estate Properties [Line Items]
Investment Commitment		337,521	101,840
Loan investments [Member] | Loans and Finance Receivables [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment		123,273
Loan investments [Member] | Loans and Finance Receivables [Member] | Miami 1 | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment	[2],[3]	13,867
Loan investments [Member] | Loans and Finance Receivables [Member] | Miami 2 | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment	[2],[3]	14,849
Loan investments [Member] | Loans and Finance Receivables [Member] | Fort Lauderdale | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment	[3]	13,230
Loan investments [Member] | Loans and Finance Receivables [Member] | Washington DC | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment	[2]	17,269
Loan investments [Member] | Loans and Finance Receivables [Member] | Atlanta 1 | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment	[2]	10,223
Loan investments [Member] | Loans and Finance Receivables [Member] | Jacksonville | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment	[2]	8,127
Loan investments [Member] | Loans and Finance Receivables [Member] | New Jersey | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment		7,828
Loan investments [Member] | Loans and Finance Receivables [Member] | Atlanta 2 | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment	[2]	8,772
Loan investments [Member] | Loans and Finance Receivables [Member] | Denver | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment	[2]	11,032
Loan investments [Member] | Loans and Finance Receivables [Member] | Columbia | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment	[2]	9,199
Loan investments [Member] | Loans and Finance Receivables [Member] | Raleigh | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment		8,877
Loan investments [Member] | Loan Origination Commitments [Member]
Real Estate Properties [Line Items]
Funded Investment	[1]	139,454	60,201
Loan investments [Member] | Loan Origination Commitments [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Funded Investment	[1]	61,525
Loan investments [Member] | Loan Origination Commitments [Member] | Miami 1 | SL1 Venture [Member]
Real Estate Properties [Line Items]
Funded Investment	[1],[2],[3]	8,631
Loan investments [Member] | Loan Origination Commitments [Member] | Miami 2 | SL1 Venture [Member]
Real Estate Properties [Line Items]
Funded Investment	[1],[2],[3]	7,299
Loan investments [Member] | Loan Origination Commitments [Member] | Fort Lauderdale | SL1 Venture [Member]
Real Estate Properties [Line Items]
Funded Investment	[1],[3]	5,531
Loan investments [Member] | Loan Origination Commitments [Member] | Washington DC | SL1 Venture [Member]
Real Estate Properties [Line Items]
Funded Investment	[1],[2]	11,628
Loan investments [Member] | Loan Origination Commitments [Member] | Atlanta 1 | SL1 Venture [Member]
Real Estate Properties [Line Items]
Funded Investment	[1],[2]	3,475
Loan investments [Member] | Loan Origination Commitments [Member] | Jacksonville | SL1 Venture [Member]
Real Estate Properties [Line Items]
Funded Investment	[1],[2]	5,697
Loan investments [Member] | Loan Origination Commitments [Member] | New Jersey | SL1 Venture [Member]
Real Estate Properties [Line Items]
Funded Investment	[1]	1,161
Loan investments [Member] | Loan Origination Commitments [Member] | Atlanta 2 | SL1 Venture [Member]
Real Estate Properties [Line Items]
Funded Investment	[1],[2]	4,900
Loan investments [Member] | Loan Origination Commitments [Member] | Denver | SL1 Venture [Member]
Real Estate Properties [Line Items]
Funded Investment	[1],[2]	6,100
Loan investments [Member] | Loan Origination Commitments [Member] | Columbia | SL1 Venture [Member]
Real Estate Properties [Line Items]
Funded Investment	[1],[2]	5,462
Loan investments [Member] | Loan Origination Commitments [Member] | Raleigh | SL1 Venture [Member]
Real Estate Properties [Line Items]
Funded Investment	[1]	1,641
Loan investments [Member] | Unfunded Loan Commitment [Member]
Real Estate Properties [Line Items]
Investment Commitment		198,067	$ 41,639
Loan investments [Member] | Unfunded Loan Commitment [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment		61,748
Loan investments [Member] | Unfunded Loan Commitment [Member] | Miami 1 | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment	[2],[3]	5,236
Loan investments [Member] | Unfunded Loan Commitment [Member] | Miami 2 | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment	[2],[3]	7,550
Loan investments [Member] | Unfunded Loan Commitment [Member] | Fort Lauderdale | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment	[3]	7,699
Loan investments [Member] | Unfunded Loan Commitment [Member] | Washington DC | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment	[2]	5,641
Loan investments [Member] | Unfunded Loan Commitment [Member] | Atlanta 1 | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment	[2]	6,748
Loan investments [Member] | Unfunded Loan Commitment [Member] | Jacksonville | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment	[2]	2,430
Loan investments [Member] | Unfunded Loan Commitment [Member] | New Jersey | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment		6,667
Loan investments [Member] | Unfunded Loan Commitment [Member] | Atlanta 2 | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment	[2]	3,872
Loan investments [Member] | Unfunded Loan Commitment [Member] | Denver | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment	[2]	4,932
Loan investments [Member] | Unfunded Loan Commitment [Member] | Columbia | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment	[2]	3,737
Loan investments [Member] | Unfunded Loan Commitment [Member] | Raleigh | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment		$ 7,236
[1]	Represents principal balance of loan gross of origination fees.
[2]	Facility had achieved at least 40% construction completion but had not received certificate of occupancy as of June 30, 2017. See Note 4, Fair Value of Financial Instruments, for information regarding recognition of entrepreneurial profit.
[3]	These development property investments (having approximately $8.1 million of outstanding principal at contribution) were contributed to the SL1 Venture on March 31, 2016 by the Company.

INVESTMENT IN REAL ESTATE VEN43

INVESTMENT IN REAL ESTATE VENTURE (Details Textual) - USD ($) $ in Thousands	Mar. 07, 2016	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016	Mar. 31, 2016
Investments Real Estate Properties [Line Items]
Real Estate Investments, Joint Ventures		$ 14,314		$ 14,314		$ 5,373
Other Nonrecurring (Income) Expense			$ 200		$ 2,100
Investments in Joint Venture, Distribution Terms				1% of the committed principal amount of loans made by the SL1 Venture, exclusive of the loans contributed to the SL1 Venture by the Company. Operating cash flow of the SL1 Venture (after debt service, reserves and the foregoing priority distributions) is distributed in accordance with capital commitments. Residual cash flow from capital and other events (after debt service, reserves and priority distributions) will be distributed (i) pro rata in accordance with capital commitments (its Percentage Interest) until each member has received a return of all capital contributed; (ii) pro rata in accordance with each members Percentage Interest until Heitman has achieved a 14% internal rate of return; (iii) to Heitman in an amount equal to its Percentage Interest less 10% and to the Company in an amount equal to the Companys Percentage Interest plus 10% until Heitman has achieved a 17% internal rate of return; (iv) to Heitman in an amount equal to its Percentage Interest less 20% and to the Company in an amount equal to the Companys Percentage Interest plus 20% until Heitman has achieved a 20% internal rate of return; and (v) any excess to Heitman in an amount equal to its Percentage Interest less 30% and to the Company in an amount equal to the Companys Percentage Interest plus 30%. However, the Company will not be entitled to any such promoted interest prior to the earlier to occur of the third anniversary of the JV Agreement and Heitman receiving distributions to the extent necessary to provide Heitman with a 1.48 multiple on its contributed capital.
Loans Receivable, Net		157,466		$ 157,466		86,905
Parent Company [Member]
Investments Real Estate Properties [Line Items]
Equity Method Investment, Summarized Financial Information, Net Income (Loss)		600		1,000
SL1 Venture [Member]
Investments Real Estate Properties [Line Items]
Real Estate Investments, Joint Ventures		81,400		81,400
Investment Owned, Balance, Principal Amount		123,300		123,300
Equity Method Investment, Summarized Financial Information, Assets, Total		69,500		69,500
Other Nonrecurring (Income) Expense				200
Equity Method Investment, Summarized Financial Information, Liabilities, Total		7,500		7,500
Equity Method Investment, Summarized Financial Information, Net Income (Loss)		5,200		$ 7,500
Investment Yield Percentage On Purchase Price				4.50%
Loans Receivable, Net							$ 8,100
Proceeds from Real Estate and Real Estate Joint Ventures						7,300
SL1 Venture [Member] | Parent Company [Member]
Investments Real Estate Properties [Line Items]
Real Estate Investments, Joint Ventures		12,300		$ 12,300
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest	10.00%			10.00%
Investment Owned, Balance, Principal Amount							41,900
Investments in Affiliates, Subsidiaries, Associates, and Joint Ventures, Fair Value Disclosure							7,700
Loans Receivable, Net	$ 12,200						$ 8,100
Heitman And Large Institutional Co-Investor [Member] | SL1 Venture [Member]
Investments Real Estate Properties [Line Items]
Real Estate Investments, Joint Ventures	$ 110,000
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest	90.00%
Other Nonrecurring (Income) Expense				$ 7,400		2,300
Payments to Acquire Interest in Joint Venture						$ 7,300
HVP III Storage Lenders Investor, LLC [Member]
Investments Real Estate Properties [Line Items]
Equity Method Investment, Summarized Financial Information, Net Income (Loss)		4,600		6,500
HVP III Storage Lenders Investor, LLC [Member] | SL1 Venture [Member]
Investments Real Estate Properties [Line Items]
Real Estate Investments, Joint Ventures		$ 111,000		$ 111,000
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest				90.00%

VARIABLE INTEREST ENTITIES (Det

VARIABLE INTEREST ENTITIES (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Variable Interest Entity [Line Items]
Assets recorded related to VIEs	$ 163,979	$ 95,102
Unfunded loan commitments to VIEs	206,568	54,950
Maximum exposure to loss	$ 370,547	$ 150,052

VARIABLE INTEREST ENTITIES (D45

VARIABLE INTEREST ENTITIES (Details Textual) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Variable Interest Entity [Line Items]
Equity Method Investments, Fair Value Disclosure	$ 163,979	$ 95,102
Investment in Real Estate Venture [Member]
Variable Interest Entity [Line Items]
Other Commitment	12,300
Investment in Real Estate Venture [Member] | Unfunded Loan Commitment [Member]
Variable Interest Entity [Line Items]
Other Commitment	$ 6,100	$ 9,400

SELF-STORAGE REAL ESTATE OWNE46

SELF-STORAGE REAL ESTATE OWNED (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Self-storage real estate owned	$ 7,283	$ 0
Real Estate Investment [Member]
Cash	5
Land	1,507
Building and improvements	5,890
Accumulated depreciation	(114)
Self-storage real estate owned	7,283
Accrued liabilities	$ 15

SELF-STORAGE REAL ESTATE OWNE47

SELF-STORAGE REAL ESTATE OWNED (Details 1) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Rental revenues	$ 105	$ 0	$ 168	$ 0
Real Estate Investment [Member]
Rental revenues	105		168
General property operating expenses	(43)		(74)
Depreciation expense	(38)		(62)
Property operating expenses of real estate owned	$ (81)		$ (136)

SELF-STORAGE REAL ESTATE OWNE48

SELF-STORAGE REAL ESTATE OWNED (Details Textual) - USD ($) $ in Thousands	Feb. 03, 2017	Jun. 30, 2017	Jun. 30, 2016
Payments To Self Storage Real Estate Owned		$ 1,270	$ 0
Development Property Investment [Member]
Equity Method Investment, Ownership Percentage		49.90%
Class A ship Units [Member] | Development Property Investment [Member]
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest	50.00%
Payments To Self Storage Real Estate Owned	$ 1,300
Class A ship Units [Member] | Development Property Investment [Member] | Minimum [Member]
Equity Method Investment, Ownership Percentage	49.90%
Class A ship Units [Member] | Development Property Investment [Member] | Maximum [Member]
Equity Method Investment, Ownership Percentage	74.90%

OTHER LOANS, AT COST (Details T

OTHER LOANS, AT COST (Details Textual) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Proceeds from Other Debt	$ 1,500
Line of Credit [Member]
Other Investments and Securities, at Cost	1,200	$ 1,700
Line of Credit Facility, Maximum Borrowing Capacity	3,600
Proceeds from Lines of Credit	12,100
Debt Instrument, Face Amount	$ 7,300
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	$ 5,300	$ 10,100
Debt Instrument, Interest Rate, Stated Percentage	6.90%
Agreement Three [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 250
Agreement Four [Member]
Line of Credit Facility, Maximum Borrowing Capacity	700
Agreement One [Member]
Line of Credit Facility, Maximum Borrowing Capacity	500
Agreement Two [Member]
Line of Credit Facility, Maximum Borrowing Capacity	100
Agreement Five [Member]
Line of Credit Facility, Maximum Borrowing Capacity	1,000
Loan Agreement [Member] | Line of Credit [Member]
Proceeds from Lines of Credit	$ 2,000

SENIOR PARTICIPATIONS (Details)

SENIOR PARTICIPATIONS (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2017		Dec. 31, 2016
Senior Notes	$ 20,147		$ 18,582
Unamortized fees	(125)		(33)
Senior Participations [Member]
Other Commitment	30,411		30,411
Senior Notes	20,272		18,615
Senior Participations [Member] | Ramaining Funds [Member]
Other Commitment	10,139		11,796
Operating Property A Notes [Member] | Senior Participations [Member]
Other Commitment	1,820	[1]	1,820
Senior Notes	$ 1,820	[1]	$ 1,820
Debt Instrument, Description of Variable Rate Basis	30-day LIBOR + 3.85%	[1]	30-day LIBOR + 3.85%
Debt Instrument, Interest Rate, Stated Percentage	5.07%	[1]	4.47%
Debt Instrument, Maturity Date	Apr. 1, 2019	[1]	Apr. 1, 2019
Operating Property A Notes [Member] | Senior Participations [Member] | Ramaining Funds [Member]
Other Commitment	$ 0	[1]	$ 0
Miami A Note [Member] | Senior Participations [Member]
Other Commitment	10,001		10,001
Senior Notes	$ 732		$ 0
Debt Instrument, Description of Variable Rate Basis	30-day LIBOR + 3.10%		30-day LIBOR + 3.10%
Debt Instrument, Interest Rate, Stated Percentage	4.32%		3.72%
Debt Instrument, Maturity Date	Jan. 31, 2018		Jul. 1, 2017
Miami A Note [Member] | Senior Participations [Member] | Ramaining Funds [Member]
Other Commitment	$ 9,269		$ 10,001
July 2016 A Notes [Member] | Senior Participations [Member]
Other Commitment	14,185	[2]	14,185
Senior Notes	$ 13,679	[2]	$ 13,420
Debt Instrument, Description of Variable Rate Basis	30-day LIBOR + 3.50%	[2]	30-day LIBOR + 3.50%
Debt Instrument, Interest Rate, Stated Percentage	4.72%	[2]	4.12%
Debt Instrument, Maturity Date	Aug. 1, 2019	[2]	Aug. 1, 2019
July 2016 A Notes [Member] | Senior Participations [Member] | Ramaining Funds [Member]
Other Commitment	$ 506	[2]	$ 765
October 2016 A Note [Member] | Senior Participations [Member]
Other Commitment	4,405	[2]	4,405
Senior Notes	$ 4,041	[2]	$ 3,375
Debt Instrument, Description of Variable Rate Basis	30-day LIBOR + 3.50%	[2]	30-day LIBOR + 3.50%
Debt Instrument, Interest Rate, Stated Percentage	4.72%	[2]	4.12%
Debt Instrument, Maturity Date	Sep. 1, 2021	[2]	Sep. 1, 2021
October 2016 A Note [Member] | Senior Participations [Member] | Ramaining Funds [Member]
Other Commitment	$ 364	[2]	$ 1,030
[1]	On July 20, 2017, the Company received proceeds of $2.8 million for an early payoff on the remaining Operating Property A Note in the New Orleans, Louisiana MSA, and the Company repurchased the senior participation on this loan. The Company paid the regional commercial bank a total of $1.8 million in conjunction with the repurchase, which included an $18,000 prepayment penalty.
[2]	On July 25, 2017, the Company entered into a senior secured revolving credit facility of up to $100 million (the “Credit Facility”) and subsequently repurchased the July 2016 A Notes and October 2016 A Note. See Note 13, Subsequent Events, for further information on the Credit Facility.

SENIOR PARTICIPATIONS (Details

SENIOR PARTICIPATIONS (Details Textual) - USD ($) $ in Thousands	Dec. 14, 2016	Oct. 18, 2016	Jul. 25, 2017	Jul. 20, 2017	Jul. 26, 2016	May 27, 2016	Apr. 29, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Schedule Of Senior Participations [Line Items]
Proceeds from Notes Payable								$ 1,658	$ 5,049
Senior Notes								20,147		$ 18,582
Loans Receivable, Net								157,466		86,905
Proceeds from Sale of Property, Plant, and Equipment				$ 2,800
Subsequent Event [Member]
Schedule Of Senior Participations [Line Items]
Debt Instrument, Description of Variable Rate Basis			a base rate plus a margin of either 1.75% or 2.75% or LIBOR plus a margin of either 2.75% or 3.75%, in each case depending on the borrowing base available for such loan.
Other Commitment				8,096
Senior Participations [Member]
Schedule Of Senior Participations [Line Items]
Senior Notes								20,272		18,615
Other Commitment								30,411		$ 30,411
Construction Loans [Member]
Schedule Of Senior Participations [Line Items]
Other Commitment								$ 17,700
Senior Notes [Member] | Construction Loans [Member]
Schedule Of Senior Participations [Line Items]
Proceeds from Notes Payable		$ 3,400
Operating Property A Notes [Member]
Schedule Of Senior Participations [Line Items]
Proceeds from Notes Payable	$ 5,200						$ 5,000
Debt Instrument, Description of Variable Rate Basis								30-day LIBOR plus 3.85%, or 5.07%
Debt Instrument, Collateral Amount							$ 500
Senior Notes								$ 1,800
Debt Instrument, Maturity Date							Apr. 1, 2019
Loans Receivable, Net							$ 7,800
Debt Instrument Prepayment Penalty	100			18,000
Repayments of Notes Payable	$ 3,400			$ 1,800
Miami A Note [Member]
Schedule Of Senior Participations [Line Items]
Proceeds from Notes Payable						$ 10,000
Debt Instrument, Description of Variable Rate Basis								30-day LIBOR plus 3.10%, or 4.32%
Debt Instrument, Collateral Amount						7,700
Debt Instrument, Fee Amount						$ 100
Debt Instrument, Fee						loan fee of 100 basis points, or $0.1 million upon closing of the loan
Debt Instrument, Maturity Date						Jul. 1, 2017
Long-term Debt								$ 700
Other Commitment						$ 17,700
July Two Thousand Sixteen A Notes [Member]
Schedule Of Senior Participations [Line Items]
Debt Instrument, Description of Variable Rate Basis								30-day LIBOR plus 3.50%, or 4.72%
Debt Instrument, Collateral Amount					$ 500
July Two Thousand Sixteen A Notes [Member] | Senior Participations [Member] | Subsequent Event [Member]
Schedule Of Senior Participations [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity			$ 100,000
July Two Thousand Sixteen A Notes [Member] | Senior Notes [Member]
Schedule Of Senior Participations [Line Items]
Proceeds from Notes Payable					$ 14,200
Debt Instrument, Interest Rate, Stated Percentage					6.90%
Debt Instrument, Maturity Date					Aug. 1, 2019
Long-term Debt								$ 13,700
Other Commitment					$ 21,800
July Two Thousand Sixteen A Notes [Member] | Senior Notes [Member] | Construction Loans [Member]
Schedule Of Senior Participations [Line Items]
Senior Notes					12,500
Line of Credit Facility, Maximum Borrowing Capacity					$ 14,200
October 2016 A Note [Member]
Schedule Of Senior Participations [Line Items]
Debt Instrument, Face Amount		6,800
Proceeds from Notes Payable		$ 4,400
Debt Instrument, Description of Variable Rate Basis								30-day LIBOR plus 3.50%, or 4.72%
Debt Instrument, Interest Rate, Stated Percentage		6.90%
Debt Instrument, Maturity Date								Sep. 1, 2021
Long-term Debt, Gross								$ 4,000
October 2016 A Note [Member] | Construction Loans [Member]
Schedule Of Senior Participations [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity		$ 4,400

STOCKHOLDERS' EQUITY (Details)

STOCKHOLDERS' EQUITY (Details) - Restricted Stock [Member] - $ / shares	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Class of Stock [Line Items]
Shares, Nonvested shares at beginning of period	120,001	162,500	120,001	162,500	162,500
Shares, Granted	111,414	14,340	111,414	14,340
Shares, Vested	(28,913)	(55,172)	(28,913)	(37,672)	(3,585)
Shares, Forfeited	0	0	0	0	(1,667)
Shares, Nonvested shares at end of period	202,502	139,168	202,502	139,168	120,001
Weighted average grant date fair value, Nonvested at beginning of period	$ 20.1	$ 20.08	$ 20.1	$ 20.08	$ 20.08
Weighted average grant date fair value, Granted	22.59	13.95	22.59	13.95
Weighted average grant date fair value, Vested	21.26	18.09	21.26	18.09
Weighted average grant date fair value, Forfeited	0	0	0	0
Weighted average grant date fair value, Nonvested at end of period	$ 21.33	$ 19.91	$ 21.33	$ 19.91	$ 20.1

STOCKHOLDERS' EQUITY (Details T

STOCKHOLDERS' EQUITY (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	May 03, 2017	Apr. 05, 2017	Dec. 13, 2016	Jun. 27, 2017	Jul. 31, 2016	Jul. 27, 2016	May 20, 2016	Jun. 15, 2015	Apr. 30, 2015	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016	Dec. 31, 2015	Mar. 31, 2017	Mar. 07, 2017	Mar. 31, 2016
Class of Stock [Line Items]
Common Stock, Shares, Issued										14,238,350		14,238,350		8,956,354
Common Stock, Shares, Outstanding										14,238,350		14,238,350		8,956,354
Preferred Stock, Shares Authorized						100,000,000
Stock Issued During Period, Shares, New Issues			2,996,311	4,025,000
Proceeds from Issuance of Common Stock			$ 53,500	$ 83,900								$ 108,235	$ 0
Restricted Stock or Unit Expense										$ 400	$ 300	$ 700	500
Share Price										$ 22		$ 22		$ 21.05
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition												2 years 8 months 12 days
Stock Repurchase Program, Authorized Amount							$ 10,000
Stock Repurchased and Retired During Period, Value												$ 3,200
Stock Repurchase Program, Remaining Authorized Repurchase Amount										$ 6,800		6,800
Preferred Stock Value Reserved For Future Issuance						$ 35,000
Preferred Stock, Par or Stated Value Per Share						$ 0.01
Preferred Stock, Liquidation Preference Per Share						$ 1,000
Proceeds from Issuance of Preferred Stock and Preference Stock												(3)	$ 0
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Value of Shares to Be issued Prior to Commitment Period						$ 50,000						$ 50,000
Preferred Stock Value Reserved For Future Issuance						125,000
Percentage of Increase in Book Value					25.00%
Internal Rate Of Return For Preferred Shareholders					14.00%
Preferred Stock, Par or Stated Value Per Share										$ 0.01		$ 0.01
Preferred Stock, Redemption Terms					The Series A Preferred Stock may be redeemed at the Companys option (i) after five years from the Effective Date at a price equal to 105% of the Liquidation Value per share plus the value of all accumulated and unpaid Cash Distributions and Stock Dividends, and (ii) after six years from the Effective Date at a price equal to 100% of the Liquidation Value per share plus the value of all accumulated and unpaid Cash Distributions and Stock Dividends. In the event of certain change of control events affecting the Company prior to the third anniversary of the Effective Date, the Company must redeem all shares of Series A Preferred Stock for a price equal to (a) the Liquidation Value, plus (b) accumulated and unpaid Cash Distributions and Stock Dividends, plus (c) a make-whole premium designed to provide the holders of the Series A Preferred Stock with a return on the redeemed shares equal to a 14.0% internal rate of return through the third anniversary of the Effective Date.
Stock Issued During Period, Shares, Restricted Stock Award, Gross												10,000
Proceeds from Issuance of Preferred Stock and Preference Stock												$ 10,000
Preferred Stock, Shares Issued										10,000		10,000
Preferred Stock, Shares Outstanding										10,000		10,000
Dividends Payable, Amount Per Share																	$ 17.50
Series A Preferred Stock [Member] | Until Sixth Anniversary [Member]
Class of Stock [Line Items]
Preferred Stock, Dividend Rate, Percentage					7.00%
Series A Preferred Stock [Member] | After Sixth Anniversary [Member]
Class of Stock [Line Items]
Preferred Stock, Dividend Rate, Percentage					8.50%
Series A Preferred Stock [Member] | Occurrence of certain triggering events [Member]
Class of Stock [Line Items]
Preferred Stock, Dividend Rate, Percentage					5.00%
Maximum [Member]
Class of Stock [Line Items]
Preferred Stock Value Reserved For Future Issuance						15,000
Minimum [Member]
Class of Stock [Line Items]
Preferred Stock Value Reserved For Future Issuance						5,000
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										111,414	14,340	111,414	14,340
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period										28,913	55,172	28,913	37,672	3,585
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options										$ 3,900		$ 3,900		$ 2,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period										0	0	0	0	1,667
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Beginning Balance										202,502	139,168	202,502	139,168	120,001	162,500	120,001		162,500
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
Non Employee 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	2,138						14,340
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period							3,585
Manager [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	105,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
2015 Equity Incentive Plan [Member]
Class of Stock [Line Items]
Common Stock, Capital Shares Reserved for Future Issuance	6.8								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	6,414							100,000	10,000			288,254		176,840
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												17,500
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												75,003
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												55,001
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												54,998
Stock Repurchase Plan [Member]
Class of Stock [Line Items]
Stock Repurchased and Retired During Period, Shares												213,078
Stock Incentive Plan 2017 [Member]
Class of Stock [Line Items]
Common Stock, Capital Shares Reserved for Future Issuance	200,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	370,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized	170,000
ATM Program [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues		1,093,202
Proceeds from Issuance of Common Stock		$ 24,200
Equity Offering Program, Maximum Amount Authorized		$ 50,000
Shares Issued, Price Per Share		$ 22.69
Series A Preferred Stock Private Placement [Member]
Class of Stock [Line Items]
Preferred Stock, Dividends Per Share, Declared	$ 17.69
Series A Preferred Stock Private Placement [Member] | Minimum [Member]
Class of Stock [Line Items]
Value of Shares to Be issued Prior to Commitment Period						$ 50,000
Common Stock [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues												4,025,000
Stock Issued During Period, Shares, Restricted Stock Award, Gross												111,414	14,340
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

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Shares outstanding
Weighted average common shares - basic		9,850,967	5,948,555	9,356,744	5,974,277
Effect of dilutive securities		182,062	155,652	151,203	159,076
Weighted average common shares, all classes		10,033,029	6,104,207	9,507,947	6,133,353
Calculation of Earnings per Share - basic
Net income		$ 5,194	$ 5,412	$ 6,977	$ 6,534
Net income allocated to preferred stockholders		177	0	723	0
Net income allocated to unvested restricted shares	[1]	91	138	99	170
Net income attributable to common shareholders - two-class method		$ 4,926	$ 5,274	$ 6,155	$ 6,364
Weighted average common shares - basic		9,850,967	5,948,555	9,356,744	5,974,277
Earnings per share - basic		$ 0.5	$ 0.89	$ 0.66	$ 1.07
Calculation of Earnings per Share - diluted
Net income		$ 5,194	$ 5,412	$ 6,977	$ 6,534
Net income allocated to preferred stockholders		177	0	723	0
Net income attributable to common shareholders - two-class method		$ 5,017	$ 5,412	$ 6,254	$ 6,534
Weighted average common shares - diluted		10,033,029	6,104,207	9,507,947	6,133,353
Earnings per share - diluted		$ 0.5	$ 0.89	$ 0.66	$ 1.07
[1]	Unvested restricted shares participate in dividends with common shares on a 1:1 basis and thus are considered participating securities under the two-class method for the three and six months ended June 30, 2017 and 2016.

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
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%		0.375%
Expenses Reimbursed To Manager	$ 600	$ 700	$ 1,500	$ 1,600
Base Management Fee	700	400	1,300	800
Equity Method Investments, Fair Value Disclosure	163,979		163,979		$ 95,102
Severance Costs		100		200
Due to Officers or Stockholders	1,000		1,000		1,000
Carrying Amount	14,314		14,314		5,373
SL1 Venture [Member]
Related Party Transaction [Line Items]
Revenue from Related Parties	600	400	1,000	400
Carrying Amount	14,300		14,300		5,400
Equity Method Investments [Member]
Related Party Transaction [Line Items]
Change in Fair value from equity investment	6,100	$ 6,000	8,700	$ 10,000
Equity Method Investments, Fair Value Disclosure	$ 153,600		$ 153,600		$ 78,700

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent Event [Member] $ in Thousands	1 Months Ended
	Jul. 20, 2017USD ($)
Other Commitment	$ 8,096
Jacksonville, Florida MSA [Member]
Investment Closing Date	7/27/2017
Other Commitment	$ 8,096

SUBSEQUENT EVENTS (Details Text

SUBSEQUENT EVENTS (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended			3 Months Ended		6 Months Ended
	Aug. 01, 2017	Jul. 25, 2017	Jul. 20, 2017	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Subsequent Event [Line Items]
Common Stock, Dividends, Per Share, Declared				$ 0.35	$ 0.35	$ 0.7	$ 0.7
Proceeds from Notes Payable						$ 1,658	$ 5,049
Subsequent Event [Member]
Subsequent Event [Line Items]
Debt Instrument, Description of Variable Rate Basis		a base rate plus a margin of either 1.75% or 2.75% or LIBOR plus a margin of either 2.75% or 3.75%, in each case depending on the borrowing base available for such loan.
Common Stock, Dividends, Per Share, Declared	$ 0.35
Debt Instrument, Covenant Description		total consolidated indebtedness not exceeding 50% of gross asset value; a minimum fixed charge coverage ratio (defined as the ratio of consolidated adjusted earnings before interest, taxes, depreciation and amortization to consolidated fixed charges) of 0.75 to 1.00 during the period between July 25, 2017 and June 30, 2018, 0.90 to 1 during the period between July 1, 2018 and December 31, 2018 and 1.20 to 1 during the period between January 1, 2019 through the maturity of the Credit Facility; a minimum consolidated tangible net worth (defined as gross asset value less total consolidated indebtedness) of $183.3 million plus 75% of the sum of any additional net offering proceeds; when aggregate loan commitments under the Credit Facility exceed $50 million, unhedged variable rate debt cannot exceed 25% of consolidated total indebtedness; liquidity of no less than $50 million for the period between July 25, 2017 and December 31, 2018 or on and after December 31, 2018, liquidity of no less than the sum of (i) total unfunded loan commitments of the Company and its subsidiaries plus (ii) $25 million; and a debt service coverage ratio (defined as the ratio of consolidated adjusted earnings before interest, taxes, depreciation and amortization to the Companys consolidated interest expense and debt principal payments for any given period) of 2 to 1.
Subsequent Event [Member] | Maximum [Member] | Base Rate [Member]
Subsequent Event [Line Items]
Debt Instrument, Basis Spread on Variable Rate		2.75%
Subsequent Event [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member]
Subsequent Event [Line Items]
Debt Instrument, Basis Spread on Variable Rate		3.75%
Subsequent Event [Member] | Minimum [Member] | Base Rate [Member]
Subsequent Event [Line Items]
Debt Instrument, Basis Spread on Variable Rate		1.75%
Subsequent Event [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member]
Subsequent Event [Line Items]
Debt Instrument, Basis Spread on Variable Rate		2.75%
Subsequent Event [Member] | Revolving Credit Facility [Member]
Subsequent Event [Line Items]
Line of Credit Facility, Commitment Fee Percentage		0.35%
Line of Credit Facility, Expiration Date		Jul. 25, 2020
Line of Credit Facility, Borrowing Capacity, Description		The amount available to borrow under the Credit Facility is limited according to a borrowing base valuation of the assets available as collateral. For loans secured by Company mortgage loans, the borrowing base availability is the lesser of (i) 60% of the value of the Company mortgage loans, (ii) the maximum principal amount which would not cause the outstanding loans under the Credit Facility secured by the Company mortgage loans to be greater than 50% of the underlying real estate assetfair valuesecuring the Company mortgage loans and (iii) for any Company mortgage loan that has been included in the borrowing base for greater than 18 months, the maximum principal amount which would not cause the ratio of (a) adjusted net operating income for the underlying real estate asset securing such Company mortgage loan divided by (b) an implied debt service amount to be less than 1.30 to 1.00. For loans secured by self-storage properties, the borrowing base availability is the lesser of (i) the maximum principal amount that would not cause the outstanding loans under the Credit Facility secured by self-storage properties to be greater than 65% of the value of such self-storage properties and (ii) the maximum principal amount that would not cause the ratio of (i) aggregate adjusted net operating income from all self-storage properties included in the borrowing base divided by (ii) an implied debt service coverage amount to be less than 1.30 to 1.00.
Subsequent Event [Member] | Jernigan Capital Inc [Member] | Revolving Credit Facility [Member]
Subsequent Event [Line Items]
Line of Credit Facility, Current Borrowing Capacity		$ 20,000
Line of Credit Facility, Remaining Borrowing Capacity		33,300
Repayments of Secured Debt		$ 20,000
Line of Credit Facility, Covenant Terms		Pursuant to an accordion feature, the Operating Company may from time to time increase the commitments up to an aggregate amount of $200 million, subject to, among other things, an absence of default under the Credit Facility, as well as receiving commitments from lenders for the additional amounts.
Subsequent Event [Member] | Operating Propertys Notes [Member]
Subsequent Event [Line Items]
Proceeds from Notes Payable			$ 2,800
Debt Instrument Prepayment Penalty			18,000
Repayments of Notes Payable			1,800
Subsequent Event [Member] | Senior Participation [Member]
Subsequent Event [Line Items]
Debt Instrument Prepayment Penalty			$ 28,000