Jernigan Capital (JCAP) 10-Q 7 Nov 17 2017 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Nov. 06, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
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		14,271,967

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Assets:
Cash and cash equivalents	$ 54,999	$ 67,373
Development property investments at fair value, of which $11.0 million and $33.3 million of funded principal is pledged as collateral against certain of the Company’s senior loan participations as of September 30, 2017 and December 31, 2016, respectively	188,540	95,102
Operating property loans at fair value, of which none and $2.8 million of funded principal is pledged as collateral against certain of the Company's senior loan participations as of September 30, 2017 and December 31, 2016, respectively	5,990	9,905
Investment in and advances to real estate venture	12,573	5,373
Self-storage real estate owned, net	15,594
Other loans, at cost	1,754	11,752
Deferred costs	3,813	2,207
Prepaid expenses and other assets	734	868
Fixed assets, net	196	199
Total assets	284,193	192,779
Liabilities:
Senior loan participations	668	18,582
Secured revolving credit facility
Due to Manager	1,438	1,008
Accounts payable, accrued expenses and other liabilities	1,035	697
Dividends payable	5,293	4,130
Total liabilities	8,434	24,417
Jernigan Capital, Inc. stockholders’ equity:
Cumulative preferred stock, $0.01 par value, 100,000,000 shares authorized, 10,000 issued and outstanding at September 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 September 30, 2017 and December 31, 2016; 14,235,848 and 8,956,354 issued and outstanding at September 30, 2017 and December 31, 2016, respectively	142	90
Additional paid-in capital	272,726	162,664
Accumulated deficit	(6,554)	(3,840)
Total equity	275,759	168,362
Total liabilities and equity	$ 284,193	$ 192,779

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Securities Held as Collateral, at Fair Value	$ 11,000,000	$ 33,300,000
Loans Pledged as Collateral	$ 0	$ 2,800,000
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
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	14,235,848	8,956,354
Common stock, shares outstanding	14,235,848	8,956,354
Cumulative Preferred Stock [Member]
Preferred Stock, Liquidation Preference, Value	$ 10,000,000	$ 10,000,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Revenues:
Interest income from investments	$ 3,173	$ 1,698	$ 7,759	$ 4,374
Rental and other property-related income from real estate owned	160		328
Other revenues	28		174
Total revenues	3,361	1,698	8,261	4,374
Costs and expenses:
General and administrative expenses	1,386	1,463	4,336	4,102
Management fees to Manager	1,036	402	2,373	1,218
Property operating expenses of real estate owned	114		188
Depreciation and amortization of real estate owned	172		233
Transaction and other expenses		2		2,129
Restructuring costs				54
Deferred termination fee to Manager				239
Total costs and expenses	2,708	1,867	7,130	7,742
Operating income (loss)	653	(169)	1,131	(3,368)
Other income (expense):
Equity in earnings from unconsolidated real estate venture	730	436	1,747	854
Change in fair value of investments	3,384	4,867	9,066	14,185
Interest expense	(323)	(148)	(757)	(186)
Loss on modifications of debt	(232)		(232)
Other interest income	245	8	479	43
Total other income	3,804	5,163	10,303	14,896
Net income	4,457	4,994	11,434	11,528
Net income attributable to preferred stockholders	(310)		(1,033)
Net income attributable to common stockholders	$ 4,147	$ 4,994	$ 10,401	$ 11,528
Basic earnings per share attributable to common stockholders	$ 0.29	$ 0.84	$ 0.94	$ 1.90
Diluted earnings per share attributable to common stockholders	0.29	0.84	0.94	1.90
Dividends declared per share of common stock	$ 0.35	$ 0.35	$ 1.05	$ 1.05

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total Stockholders' Equity [Member]	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Non-Controlling Interests [Member]	Total
Balance at Dec. 31, 2015	$ 101,300		$ 62	$ 110,634	$ (9,396)	$ 464	$ 101,764
Balance (in shares) at Dec. 31, 2015			6,162,500
Repurchase and retirement of shares related to vested restricted stock	(33)			(33)			(33)
Repurchase and retirement of shares related to vested restricted stock (in shares)			(2,052)
Repurchase of 213,078 shares of common stock	(3,152)		$ (2)	(3,150)			(3,152)
Repurchase of 213,078 shares of common stock (in shares)			(213,078)
Issuances of stock-based awards (in shares)			14,340
Stock-based compensation	828			828			828
Deferred termination fee to Manager						239	239
Effect of Management Agreement Amendment	703			703		$ (703)
Dividends declared on common stock	(6,331)				(6,331)		(6,331)
Net income	11,528				11,528		11,528
Balance at Sep. 30, 2016	104,843		$ 60	108,982	(4,199)		104,843
Balance (in shares) at Sep. 30, 2016			5,961,710
Balance at Dec. 31, 2016	168,362	$ 9,448	$ 90	162,664	(3,840)		168,362
Balance (in shares) at Dec. 31, 2016		10,000	8,956,354
Equity offering costs related to issuance of preferred stock	(3)	$ (3)					(3)
Stock dividend paid on preferred stock	1,194		$ 1	1,193			1,194
Stock dividend paid on preferred stock (in Shares)			57,850
Proceeds from issuance of common stock, net of offering costs	83,927		$ 40	83,887			83,927
Issuance of shares, net of offering costs (in shares)			4,025,000
At-the-market issuance of common stock, net of offering costs	24,156		$ 10	24,146			24,156
At-the-market issuance of common stock, net of offering costs (in shares)			1,093,202
Repurchase and retirement of shares related to vested restricted stock	(177)			(177)			(177)
Repurchase and retirement of shares related to vested restricted stock (in shares)			(7,972)
Issuances of stock-based awards	(9)		$ 1	(10)			(9)
Issuances of stock-based awards (in shares)			111,414
Stock-based compensation	1,023			1,023			1,023
Dividends declared on preferred stock	(1,033)				(1,033)		(1,033)
Dividends declared on common stock	(13,115)				(13,115)		(13,115)
Net income	11,434				11,434		11,434
Balance at Sep. 30, 2017	$ 275,759	$ 9,445	$ 142	$ 272,726	$ (6,554)		$ 275,759
Balance (in shares) at Sep. 30, 2017		10,000	14,235,848

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Cash flows from operating activities
Net income	$ 11,434	$ 11,528
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Interest capitalized on outstanding loans	(5,522)	(2,635)
Change in fair market value of investments	(9,066)	(14,185)
Stock-based compensation	1,023	828
Equity in earnings from unconsolidated real estate venture	(1,739)	(824)
Return on investment from unconsolidated joint venture	512
Deferred termination fee to Manager		239
Depreciation	278	74
Amortization of deferred financing costs	175	3
Loss on modification of debt	232
Accretion of origination fees	(462)	(468)
Origination fees received in cash	3,097	205
Changes in operating assets and liabilities:
Prepaid expenses and other assets	41	(268)
Due to Manager	430	(151)
Accounts payable, accrued expenses, and other liabilities	126	(12)
Net cash provided by (used in) operating activities	559	(5,666)
Cash flows from investing activities
Purchase of fixed assets	(43)	(11)
Purchase of self-storage real estate owned	(2,856)
Capital contributions to real estate venture	(4,766)	(1,348)
Return of capital from real estate venture		7,291
Advances to real estate venture	(40,825)	(11,761)
Repayment of advances to real estate venture	39,618	11,761
Capitalized real estate venture costs		(226)
Funding of investment portfolio: Development property investments	(111,609)	(36,257)
Funding of investment portfolio: Operating property loans		(246)
Funding of other loans	(10,147)	(9,197)
Repayments of investment portfolio investments	22,746	5,500
Repayments of other loans	18,673	4,135
Net cash used in investing activities	(89,209)	(30,359)
Cash flows from financing activities
Senior loan participations	1,755	17,550
Repurchase of senior loan participation	(1,854)
Cash received upon closing of the credit facility	403
Paydown of the credit facility	(20,000)
Deferred financing costs	(118)
Deferred costs	(13)	(2,822)
Stock repurchase	(177)	(3,152)
Net proceeds from issuance of common stock	108,074
Costs related to the future issuance of preferred stock	(3)
Dividends paid on preferred stock	(525)
Dividends paid on common stock	(11,266)	(6,401)
Net cash provided by financing activities	76,276	5,175
Net change in cash and cash equivalents	(12,374)	(30,850)
Cash and cash equivalents at the beginning of the period	67,373	43,859
Cash and cash equivalents at the end of the period	$ 54,999	$ 13,009

ORGANIZATION AND FORMATION OF T

ORGANIZATION AND FORMATION OF THE COMPANY	9 Months Ended
	Sep. 30, 2017
ORGANIZATION AND FORMATION OF THE COMPANY [Abstract]
ORGANIZATION AND FORMATION OF THE COMPANY	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	9 Months Ended
	Sep. 30, 2017
SIGNIFICANT ACCOUNTING POLICIES [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	2. SIGNIFICANT ACCOUNTING POLICIES 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 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. 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 Investments 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 (“ASC 825-10”), issued by the Financial Accounting Standards Board (“FASB”), the Company has elected the fair value option of accounting for its development property investments, which would otherwise be required to be accounted for under the equity method. The Company also holds an investment in a real estate venture that is accounted for under the equity method of accounting. 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 September 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 September 30, 2017 and December 31, 2016 . For investments carried at fair value, fees and costs are expensed as incurred. 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% profits interest in the development project), operating property loans (loans secured by operating properties), the investment in real estate venture, other loans, receivables, the secured revolving credit facility, senior loan participations, and payables. The following table presents the financial instruments measured at fair value on a recurring basis at September 30, 2017 :     Fair Value Measurements Using  Total Level 1 Level 2 Level 3  Development property investments $ 188,540 $ - $ - $ 188,540  Operating property loans 5,990 - - 5,990  Total investments $ 194,530 $ - $ - $ 194,530 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 , for additional disclosure on the valuation methodology and significant assumptions, as well as the election of the fair value option for certain financial instruments.  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 primarily reflects the funded principal balance of the loan to the Company, net of unamortized origination fees, unrealized appreciation recognized as of the acquisition date, and the cash consideration paid to the developer to acquire his portion of profits interest. Ordinary repairs and maintenance are expensed as incurred; major replacements and betterments, whic h improve or extend the life of the asset, are capitalized and depreciated over their estimated useful lives. The costs of building and improvements are generally depreciated using the straight-line method based on a useful life of 40 years.  The Company expects that the majority of future self-storage facility acquisitions will be considered asset acquisitions , however the Company will evaluate each acquisition using Accounting Standards Update (“ASU”) 2017-01 - Business Combinations (Topic 80 5 ): Clarifying the Definition of a Business to determine whether accounting for a business combination or asset acquisition applies.  When facilities are acquired, the cost is allocated to the tangible and intangible assets acquired and liabilities assumed based on relative fair values. Allocations to the individual assets and liabilities are based upon their relative fair values as estimated by management. In allocating the purchase price for an acquisition, the Company determines whether the acquisition includes intangible assets or liabilities. The Company allocates a portion of the cost to an intangible asset attributable to the value of in-place leases. This intangible asset is amortized to expense over the expected remaining term of the respective leases, which is generally one year. Substantially all of the leases in place at acquired facilitie s are at market rates, as the majority of the leases are month-to-month contracts. Accordingly, to date , no portion of the basis for an acquired property has been allocated to above- or below-market lease intangibles. To date, no intangible asset has been recorded for the value of customer relationships, because the Company does not have any concentrations of significant customers and the average customer turnover is fairly frequent.  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 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 t hree financial institutions, and the balance at each financial institution exceeds the Federal Deposit Insurance Corporation insurance limit of $250,000 per institution. 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. 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 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 Costs related to the issuance of a de bt instrument are deferred and amortized as interest expense over the estimated life of the related debt instrument using the straight-line method, which approximates the effective interest method. If a debt instrument is repurchased prior to its original maturity date, the Company evaluates both the unamortized balance of debt issuance costs as well as any new debt issuance costs, including third party fees, to determine if the costs should be written off to interest expense or, if significant, included in “loss on modification or extinguishment of debt” in the Consolidated Statements of Operations . Debt issuance costs related to the sale of senior participations are presented in the Consolidated Balance Sheets as a deduction from the carrying amount of the principal balance. Debt issuance costs related to the revolving credit facility are presented in the Consolidated Balance Sheets as Deferred Costs.  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 nine months ended September 30, 2017 . During the three and nine months ended September 30, 2016 , the Company incurred $2 ,000 and $2.1 million , respectively, in transaction and other expenses. 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, t he Company entered into a Purchase Agreement (as defined below) (see Note 10, Stockholders’ Equity ) which requires the Company to issue and sell a minimum of $50.0 million of Series A Preferred Stock by July 27, 2018. The Company incurred $2.8 million of preferred stock offering costs in connection with the execution of the Purchase Agreement. Such costs are presented as deferred costs on the Consolidated Balance Sheets until such time as Series A Preferred Stock is issued. A pro rata portion of such deferred costs, based upon the ratio of the amount issued to the $50.0 million minimum issuance of Series A Preferred Stock, is reclassified to cumulative preferred stock upon each issuance of the Series A Preferred Stock. Of the $2.8 million of offering costs incurred, $2.2 million is in deferred costs on the Consolidated Balance Sheet at September 30, 2017 , and $0.6 million has reduced the cumulative preferred stock balance on the Consolidated Balance Sheet at September 30, 2017 . 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 (“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 For the three and nine months ended September 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 The Company does not evaluate performance on a relationship specific or transactional basis and does not distinguish its principal business or group its operations on a geographical basis for purposes of measuring performance. Accordingly, the Company believes it has a single operating segment for reporting purposes in accordance with GAAP. Recent Accounting Pronouncements In January 2017, the FASB issued ASU 2017-01 which provides guidance on whether transactions should be accounted for as acquisitions or disposals of assets or businesses. Specifically, when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or group of similar identifiable assets, the set of assets is not a business. Additionally, ASU 2017-01 also provides other guidance providing a more robust framework to use in determining whether a set of assets and activities is a business. Upon adoption of the new guidance, the Company expects that the majority of future self-storage facility acquisitions will now be considered asset acquisitions . This guidance is effective for annual periods beginning after December 15, 2017. Early adoption is permitted. The Company adopted ASU 2017-01 for new acquisitions beginning on July 1, 2017. The costs related to the acquisitions of self-storage facilities that qualify as asset acquisitions will be capitalized as part of the purchase.  In August 2016, the FASB issued ASU 2016-15 , Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments . This ASU provides guidance on the classification of certain cash receipts and payments in the statement of cash flows, including distributions received from equity method investees. This guidance is effective for public business entities for fiscal years and for interim periods within those fiscal years, beginning after December 15, 2017, with early adoption being allowed. The Company is currently assessing the impact this new accounting guidance will have on its consolidated financial statements; however, the Company does not expect the new accounting guidance to have a material impact on its consolidated financial statements as the Company is currently presenting distributions received from equity method investees consistent with the presentation required under ASU 2016-05.  In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . This ASU significantly changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. This guidance is effective for public business entities for fiscal years and for interim periods within those fiscal years, beginning after December 15, 2019, with early adoption being allowed as of the fiscal years beginning after December 15, 2018. The Company is currently assessing the impact this new accounting guidance will have on its consolidated financial statements; however, the Company does not expect the new accounting guidance to have a material impact on its consolidated financial statements.  In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) , which is the final standard on accounting for leases. The most significant change for lessees is the requirement under the new guidance to recognize right-of-use assets and lease liabilities for all leases not considered short-term leases. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. The amendments in ASU 2016-02 are effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. Early adoption is permitted. The Company is currently assessing the impact this new accounting guidance will have on its consolidated financial statements.  In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), which is effective for fiscal years, and interim periods within those years, beginning on or after December 15, 2017. This ASU outlines a new, single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry specific guidance. Several ASUs expanding and clarifying the initial guidance issued in ASU 2014-09 have been released since May 2014. The Company will adopt the ASU effective January 1, 2018 and does not expect the adoption to have a material effect on its consolidated financial statements as the new guidance does not apply to revenue associated with loans or derived from lease contracts; however, the Company is still in the process of evaluating the impact these standards will have on its consolidated financial statements. Consolidated Statements of Cash Flows - Supplemental Disclosures The following table provides supplemental disclosures related to the Consolidated Statements of Cash Flows:         Nine months ended September 30,  2017 2016  Supplemental disclosure of cash flow information:  Interest paid $ 705 $ 141   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 310 -  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 12,919 -  Other loans paid off with issuance of development property investments 1,587 -  Upon the closing of the credit facility, the Company received cash of $0.4 million as presented within “Cash received upon closing of the credit facility” in the Consolidated Statement of Cash Flows for the nine months ended September 30, 2017. The amount received was comprised of a $20.0 million draw on the credit facility offset by $17.8 million from the repurchase of senior loan participations and $1.8 million of costs incurred upon closing of the credit facility.

INVESTMENTS

INVESTMENTS	9 Months Ended
	Sep. 30, 2017
INVESTMENTS [Abstract]
INVESTMENTS	 3. INVESTMENTS In addition to the self-storage real estate owned as described in Note 7, Self-Storage Real Estate Owned , the Company’s self-storage investments at September 30, 2017 consisted of the following:    Development Property Investments - The Company had 36 investments totaling an aggregate committed principal amount of approximately $397.5 million to finance the ground-up construction of or conversion of existing buildings into self-storage facilities. Each development property investment is funded as the developer constructs the project, is secured by a first mortgage on the development project and generally includes a 49.9% interest in the positive cash flows (including the sale and refinancing proceeds after debt repayment) of the project. Loans comprising development property investments are non-recourse with customary carve-outs and subject to completion guaranties, are interest-only with a fixed interest rate of typically 6.9% per annum and typically have a term of 72 months.    The Company also had one construction loan investment with a committed principal amount of approximately $17.7 million, which had an initial term of 18 months that was extended during the first quarter of 2017. This construction loan is interest-only at a fixed interest rate of 6.9% per annum, has no equity participation and is secured by a first priority mortgage on the project. It is also subject to a purchase and sale agreement between the developer and a third-party purchaser pursuant to which the financed project is anticipated to be sold and the loan repaid on or about the time a certificate of occupancy is issued for the financed self-storage facility.      Operating property loans - The Company had two term loans totaling $6.0 million of aggregate committed principal amount, the proceeds of which were used by borrowers to finance the acquisition of, refinance existing indebtedness on, or recapitalize operating self-storage facilities. These loans are secured by first mortgages on the projects financed, are interest-only with fixed interest rates ranging from 5.85% to 6.9% per annum, and generally have a term of 72 months.  The Company’s development property investments and operating property loans are collectively referred to herein as the Company’s investment portfolio. As of September 30, 2017 , the aggregate committed principal amount of the Company’s investment portfolio was approximately $421.2 million and outstanding principal was $1 73.7 million, as described in more detail in the table below:     Metropolitan Remaining  Statistical Area Total Investment Funded Unfunded  Closing Date ("MSA") Commitment Investment (1) Commitment Fair Value  Development property investments:  Loan investments with a profits interest:  6/10/2015 Atlanta 1 (2) $ 8,132 $ 8,010 $ 122 $ 10,507  6/19/2015 Tampa 1 (2) 5,369 5,285 84 6,058  6/26/2015 Atlanta 2 (2) 6,050 5,754 296 8,519  6/29/2015 Charlotte 1 (2) 7,624 7,126 498 10,551  7/2/2015 Milwaukee (2) 7,650 7,377 273 8,762  7/31/2015 New Haven (2) 6,930 6,412 518 8,399  8/10/2015 Pittsburgh (2) 5,266 4,574 692 6,591  8/14/2015 Raleigh (3) 8,792 4,277 4,515 4,260  9/30/2015 Jacksonville 1 (2) 6,445 5,988 457 8,830  10/27/2015 Austin (2) 8,658 7,000 1,658 8,779  9/20/2016 Charlotte 2 (3) 12,888 4,517 8,371 4,360  11/17/2016 Jacksonville 2 (3) 7,530 3,899 3,631 4,453  1/4/2017 New York City 1 (2) 16,117 13,165 2,952 16,712  1/18/2017 Atlanta 3 14,115 3,471 10,644 3,314  1/31/2017 Atlanta 4 13,678 5,698 7,980 5,667  2/24/2017 Orlando 3 8,056 1,468 6,588 1,409  2/24/2017 New Orleans 12,549 - 12,549 -  2/27/2017 Atlanta 5 17,492 3,910 13,582 3,790  3/1/2017 Fort Lauderdale 9,952 1,945 8,007 1,875  3/1/2017 Houston 13,630 3,382 10,248 3,283  4/14/2017 Louisville 1 8,523 1,471 7,052 1,394  4/20/2017 Denver 1 9,806 1,906 7,900 1,822  4/20/2017 Denver 2 11,164 2,877 8,287 2,790  5/2/2017 Atlanta 6 12,543 3,117 9,426 3,017  5/2/2017 Tampa 2 8,091 890 7,201 813  5/19/2017 Tampa 3 9,224 729 8,495 639  6/12/2017 Tampa 4 10,266 1,364 8,902 1,266  6/19/2017 Baltimore (4) 10,775 2,672 8,103 2,484  6/28/2017 Knoxville 9,115 1,656 7,459 1,573  6/29/2017 Boston 14,103 2,031 12,072 1,898  6/30/2017 New York City 2 (4) 26,482 16,712 9,770 16,333  7/27/2017 Jacksonville 3 8,096 888 7,208 810  8/30/2017 Orlando 4 9,037 1,790 7,247 1,698  9/14/2017 Los Angeles 28,750 7,382 21,368 7,284  9/14/2017 Miami 14,657 5,761 8,896 5,644  9/28/2017 Louisville 2 9,940 2,230 7,710 2,139  $ 397,495 $ 156,734 $ 240,761 $ 177,723   Construction loans:  12/23/2015 Miami 17,733 10,999 6,734 10,817  $ 17,733 $ 10,999 $ 6,734 $ 10,817  Subtotal $ 415,228 $ 167,733 $ 247,495 $ 188,540   Operating property loans:  7/7/2015 Newark 3,480 3,480 - 3,477  12/22/2015 Chicago 2,502 2,500 2 2,513  Subtotal $ 5,982 $ 5,980 $ 2 $ 5,990   Total investments $ 421,210 $ 173,713 $ 247,497 $ 194,530   (1) Represents principal balance of loan gross of origination fees. (2) Facility had received certificate of occupancy as of September 30, 2017. See Note 4, Fair Value of Financial Instruments , for information regarding recognition of entrepreneurial profit. (3) Facility had achieved at least 40% construction completion but had not received certificate of occupancy as of September 30, 2017 . See Note 4, Fair Value of Financial Instruments , for information regarding recognition of entrepreneurial profit. (4) 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.  The following table provides a reconciliation of the funded principal to the fair market value of investments at September 30, 2017 :     Funded principal $ 173,713  Adjustments:  Unamortized origination fees (3,627)  Change in fair value of investments 24,528  Other (84)  Fair value of investments $ 194,530  As of December 31, 2016 , the aggregate committed principal amount of the Company’s investment portfolio was approximately $141.9 million and outstanding principal was $86.9 million, as described in more detail in the table below:     Metropolitan Remaining  Statistical Area Total Investment Funded Unfunded  Closing Date ("MSA") Commitment Investment (1) Commitment Fair Value  Development property investments:  Loan investments with a profits interest:  4/21/2015 Orlando 1 (2) (5) $ 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) 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 (4) 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) Represents principal balance of loan gross of origination fees. (2) 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. (3) 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. (4) These investments were fully repaid during the nine months ended September 30, 2017. (5) In the nine months ended September 30, 2017, the Company purchased the economic rights of the Class A membership units of the limited liability companies which own these development property investments. As such, these investments are presented as self-storage real estate owned in the September 30, 2017 Consolidated Balance Sheet. See Note 7, Self-Storage Real Estate Owned , for additional discussion.  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  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 , for additional disclosure on the valuation methodology and significant assumptions. No loans were in non-accrual status as of September 30, 2017 and December 31, 2016 . All of the Company’s development property investments with a profits interest would have been accounted for under the equity method had the Company not elected the fair value option. For these development property investments with a profits interest, the assets and liabilities of the equity method investees totaled approximately $188.2 million and $156.7 million, respectively, at September 30, 2017 and totaled approximately $71.0 million and $60.2 million, respectively, at December 31, 2016 . These investees had revenues of approximately $2.2 million and a net operating income, excluding depreciation and interest expense, of approximately $0.2 for the nine months ended September 30, 2017 . These investees had revenues of approximately $0.3 million and a net operating loss, excluding dep reciation and interest expense, of approximately $0.6 million for the nine months ended September 30, 2016. For the nine months ended September 30, 2017 , the total income (interest income and change in fair value) from one development property investment with a profits interest exceeded 20% of the Company’s net income. The Company recorded total income for the nine months ended September 30, 2017 of $4.1 million from the New York City 1 MSA development property investment with a profits interest. For 11 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. The Company concluded that the likelihood of loss is remote and assigned no value to these put provisions as of September 30, 2017 .

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 30, 2017
FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	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 (“ASC 820”), which defines fair value, establishes a framework for measuring fair value in accordance with GAAP and expands disclosure of fair value measurements. ASC 820 defines fair value as the price that would be received for an investment in a current sale, which assumes an orderly transaction between market participants on the measurement date. ASC 820 requires the Company to assume that the investment is sold in its principal market to market participants or, in the absence of a principal market, the most advantageous market, which may be a hypothetical market. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable, and willing and able to transact. In accordance with ASC 820, the Company considers its principal market as the market for the purchase and sale of self-storage properties, which the Company believes would be the most likely market for the Company’s loan investments given the nature of the collateral securing such loans and the types of borrowers. ASC 820 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. In accordance with ASC 820, these inputs are summarized in the three broad levels listed below: 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) Certain of the Company's development property investments include profits interests.  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% complete and ending when construction is 100% complete, and approximately two-thirds of the entrepreneurial profit is earned from construction completion through stabilization. For the three properties between 40% and 100% complete at September 30, 2017 , the Company has estimated the entrepreneurial profit adjustment to the enterprise value input used in the option pricing model to be equal to one-third of the estimated entrepreneurial profit, allocated on a straight-line basis. Ten properties had reached construction completion at September 30, 2017 . For the Company’s development property investments at or around completion of construction, a discounted cash flow model, based on periodically updated estimates of rental rates, occupancy and operating expenses, is the primary method for projecting value of a project. The Company also will consider inputs such as appraisals that differ from the developer’s equity investment, bona fide third-party offers to purchase development projects, sales of development projects, or sales of comparable properties in its markets. 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 September 30, 2017 and December 31, 2016 . 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 September 30, 2017  Unobservable Inputs  Primary Valuation Weighted  Asset Category Techniques Input Estimated Range Average   Development property investments (a) Income approach analysis Market yields/discount rate 7.72 - 10.37% 8.72%  Exit date 0.33 - 6.96 years 2.87 years   Development property investments with a profits interest (b) Option pricing model Volatility 63.82 - 93.54% 73.85%  Exit date 0.67 - 6.96 years 3.02 years  Capitalization rate (c) 5.35 - 6.00% 5.50%  Discount rate 8.35 - 9.00% 8.50%   Operating property loans Income approach analysis Market yields/discount rate 5.86 - 6.76% 6.24%  Exit date (d) 4.23 - 4.91 years 4.62 years   (a) The valuation technique for the development property investments with a profits interest does not differ from the development property investments without a profits interest. Therefore, this line item focuses on all development property investments, including those with a profits interest. (b) 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. (c) 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. (d) The exit dates for the operating property loans are the contractual maturity dates.      As of December 31, 2016  Unobservable Inputs  Primary Valuation Weighted  Asset Category Techniques Input Estimated Range Average   Development property investments (a) Income approach analysis Market yields/discount rate 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) 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. (b) 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. (c) 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. (d) The exit dates for the operating property loans are the contractual maturity dates. The fair value measurements are sensitive to changes in unobservable inputs. A change in those inputs to a different amount might result in a significantly higher or lower fair value measurement. The following provides a discussion of the impact of changes in each of the unobservable inputs on the fair value measurement. Market yields - changes in market yields 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. 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) September 30, 2017 December 31, 2016  Up 25 basis points $ (0.9) $ (0.3)  Down 25 basis points, subject to a minimum yield/rate of 10 basis points 1.0 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. 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) September 30, 2017 December 31, 2016  Up 25 basis points $ (2.5) $ (2.1)  Down 25 basis points 2.7 2.3   Up 50 basis points (4.8) (3.8)  Down 50 basis points 5.8 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 nine months ended September 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.  The following table presents changes in investments that use Level 3 inputs for the nine month period ended September 30, 2017 :     Balance at December 31, 2016 $ 105,007  Net realized gains -  Net unrealized gains 9,066  Fundings of principal and change in unamortized origination fees 110,600  Repayments of loans (22,746)  Payment-in-kind interest 5,522  Reclassification of self-storage real estate owned (12,919)  Net transfers in or out of Level 3 -  Balance at September 30, 2017 $ 194,530 As of September 30, 2017 and December 31, 2016 , the total net unrealized appreciation on the investments that use Level 3 inputs was $24.5 million and $19.2 million, respectively. For the three and nine months ended September 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	9 Months Ended
	Sep. 30, 2017
INVESTMENT IN REAL ESTATE VENTURE [Abstract]
INVESTMENT IN REAL ESTATE VENTURE	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 million for a 90% interest in the SL1 Venture, and the Company committed $12.2 million for a 10% interest. 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 million and an aggregate drawn balance of $8.1 million. In exchange, the Company’s initial funding commitment of $12.2 million was reduced by $8.1 million, representing the Company’s initial “Net Invested Capital” balance as defined in the JV Agreement. The Company accounted for this contribution in accordance with ASC 845, Nonmonetary Transactions , and recorded an investment in the SL1 Venture based on the fair value of the contributed development property investments, which is the same as carryover basis. The fair value of the contributed development property investments as of March 31, 2016 was $7.7 million. Pursuant to the JV Agreement, Heitman, in fulfilling its initial $110.0 million commitment, provides capital to the SL1 Venture as cash is required, including funding draws on the three contributed development property investments. During the year ended December 31, 2016, HVP III and the Company agreed to true up the balances in the respective members’ capital accounts to be in accordance with the 90% commitment and 10% commitment made by HVP III and the Company, respectively. Accordingly, during the year ended December 31, 2016, HVP III contributed cash of $7.3 million to the SL1 Venture, and the Company received a $7.3 million cash distribution as a return of its capital. As of September 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 million, bringing the total aggregate commitment of the SL1 Venture’s investments to $123.3 million as of September 30, 2017 . Accordingly, HVP III’s total commitment for a 90% interest in the SL1 Venture is $111.0 million, and the Company’s total commitment for a 10% interest in the SL1 Venture is $12.3 million. 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 the 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.  The 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 the SL1 Venture. The assumptions used to value the SL1 Venture’s investments are materially consistent with those used to value the Company’s investments. As of September 30, 2017 , the SL1 Venture had eleven development property investments with a profits interest as described in more detail in the table below:     Metropolitan Remaining  Statistical Area Total Investment Funded Unfunded  Closing Date ("MSA") Commitment Investment (1) Commitment Fair Value  5/14/2015 Miami 1 (2) (3) $ 13,867 $ 9,455 $ 4,412 $ 10,929  5/14/2015 Miami 2 (2) (3) 14,849 8,486 6,363 8,947  9/25/2015 Fort Lauderdale (2) (3) 13,230 7,298 5,932 7,796  4/15/2016 Washington DC (4) 17,269 14,346 2,923 15,937  4/29/2016 Atlanta 1 (3) 10,223 5,140 5,083 5,459  7/19/2016 Jacksonville (4) 8,127 6,989 1,138 10,541  7/21/2016 New Jersey 7,828 1,621 6,207 1,561  8/15/2016 Atlanta 2 (4) 8,772 6,535 2,237 7,423  8/25/2016 Denver (3) 11,032 7,605 3,427 8,678  9/28/2016 Columbia (4) 9,199 7,651 1,548 8,525  12/22/2016 Raleigh 8,877 2,431 6,446 2,398  Total $ 123,273 $ 77,557 $ 45,716 $ 88,194   (1) Represents principal balance of loan gross of origination fees. (2) 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. (3) Facility had achieved at least 40% construction completion but had not received certificate of occupancy as of September 30, 2017 . See Note 4, Fair Value of Financial Instruments , for information regarding recognition of entrepreneurial profit. (4) Facility had received certificate of occupancy as of September 30, 2017. See Note 4, Fair Value of Financial Instruments , for information regarding recognition of entrepreneurial profit.  As of September 30, 2017 , the SL1 Venture had total assets of $88.8 million and total liabilities of $3.6 million. During the three and nine months ended September 30, 2017 , the SL1 Venture had net income of $6.6 million and $14.1 million, of which $0.7 million and $1.7 million was allocated to the Company and $5.8 million and $12.4 million was allocated to HVP III, respectively, under the HLBV method. At September 30, 2017 , $0.2 million of transaction expenses were included in the carrying amount of the Company’s investment in the SL1 Venture. Additionally, the Company may from time to time make advances to the SL1 Venture. At September 30, 2017 and December 31, 2016 , the Company had $3.5 million and $2.3 million, respectively, in advances to the SL1 Venture, and the related interest on these advances are classified in equity in earnings from unconsolidated real estate venture in the Consolidated Statements of Operations. 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 September 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 September 30, 2017 . The Company is the managing mem ber of the SL1 Venture and manage s and administer s (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 und erlying property loans. The put options , if exercised, require the Company to purchase the member’s interest at the original purchase price plus a yield of 4.5% on such purchase price. The Company concluded that the likelihood of loss is remote and assigned no value to these put options at September 30, 2017 .

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	9 Months Ended
	Sep. 30, 2017
VARIABLE INTEREST ENTITIES [Abstract]
VARIABLE INTEREST ENTITIES	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 development property VIEs, the Company identified the activities that most significantly impact the development property 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 development property VIEs’ economic performance and is not the primary beneficiary; therefore, the Company does not consolidate the development property VIEs. The Company has recorded assets of $188.5 million and $95.1 million at September 30, 2017 and December 31, 2016 , respectively, for its variable interest in the development property VIEs which is included in the development property investments at fair value line item in the Consolidated Balance Sheets. The Company’s maximum exposure to loss as a result of its involvement with the development property VIEs is as follows:     September 30, 2017 December 31, 2016  Assets recorded related to VIEs $ 188,540 $ 95,102  Unfunded loan commitments to VIEs 247,495 54,950  Maximum exposure to loss $ 436,035 $ 150,052 The Company has a construction completion guaranty from the managing members of the development property 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 million, and as of September 30, 2017 and December 31, 2016 , the Company’s remaining unfunded commitment to the SL1 Venture is $4.5 million and $9.4 million, respectively.

SELF-STORAGE REAL ESTATE OWNED

SELF-STORAGE REAL ESTATE OWNED	9 Months Ended
	Sep. 30, 2017
INVESTMENT IN REAL ESTATE VENTURE [Abstract]
SELF-STORAGE REAL ESTATE OWNED	7. SELF-STORAGE REAL ESTATE OWNED On February 3, 2017, the Company purchased 50% of the economic rights of the Class A membership units of a limited liability company that owns the Orlando 1 development property investment with a profits interest for $1.3 million and increased its profits interest on this development property investment from 49.9% to 74.9% . The Class A member retained all management and voting rights in the limited liability company. Previously, the Company accounted for this investment as an equity method investment. Because the Company was entitled to greater than 50% of the residual profits from the investment, the Company accounted for this investment as a real estate investment in its consolidated financial statements in accordance with ASC 310.  On August 9, 2017, the Company purchased the remaining 50% of the economic rights of the Class A membership units of a limited liability company that owns the Orlando 1 development property investment with a profits interest and 100% of the economic rights of the Class A membership units of a limited liability company that owns the Orlando 2 development property investment with a profits interest for $1.6 million and increased its profits interest on these development property investment from 74.9% to 100% and 49.9% to 100% , respectively . The Orlando 2 investment is an additional phase to the Orlando 1 investment that is being operated as one self-storage facility. The Company now owns all management and voting rights in the limited liability companies. Previously, the Company accounted for the Orlando 1 investment as a real estate investment and the Orlando 2 investment as an equity method investment. Because the Company is now entitled to greater than 50% of the residual profits from the Orlando 2 investment, the Company will account for this investment as a real estate investment in its consolidated financial statements. The Company will continue to account for the Orlando 1 investment as a real estate investment. Accordingly, as of August 9, 2017, the Company wh olly owns and fully consolidates these investments in the accompanying consolidated financial statements .  The Company evaluated this purchase under ASU 2017-01 and concluded that the transaction consisted of a single identifiable asset that represents substantially all of the fair value of the gross assets acquired. Therefore, this transaction does not constitute the purchase of a business and has been treated as an asset acquisition.  In accordance with ASU 2017-01 , as of August 9, 2017, the Company’s basis in the self-storage real estate owned is recorded at cost (equal to the cash consideration paid and the funded loan balance , net of unamortized origination fees) , plus unrealized gains recorded at the date of acquisition , which was February 3, 2017 for the Orlando 1 development property investment and August 9, 2017 for the Orlando 2 development property investment . The allocation to the basis of the assets acquired is based on their relative fair values .  Th e following table shows the Company’s basis in this facility as of August 9, 2017:     Funded principal balance, net of unamortized origination fees $ 9,139  Unrealized appreciation on investments 3,780  Cash consideration paid 2,856  Net property working capital acquired 52  Total cost basis $ 15,827 The following table shows the impact of this real estate investment on the Company’s Consolidated Balance Sheet as of September 30, 2017 :     September 30, 2017  Cash and cash equivalents $ 60  Prepaid expenses and other assets 2   Land 1,505  Building and improvements 13,720  In-place leases 602  Accumulated depreciation and amortization (233)  Self-storage real estate owned $ 15,594   Accounts payable, accrued expenses and other liabilities $ 125 The following table shows the impact of this real estate investment on the Company’s Consolidated Statement of Operations for the three and nine months ended September 30, 2017 :       Three months ended Nine months ended  September 30, 2017 September 30, 2017   Rental revenues $ 160 $ 328   Property operating expenses of real estate owned (114) (188)  Depreciation and amortization expense (172) (233)  Total expenses of real estate owned $ (286) $ (421) 

OTHER LOANS, AT COST

OTHER LOANS, AT COST	9 Months Ended
	Sep. 30, 2017
OTHER LOANS, AT COST [Abstract]
OTHER LOANS, AT COST	8. OTHER LOANS, AT COST As of September 30, 2017 , the Company had no outstanding bridge loans. During the nine months ended September 30, 2017 , the Company received repayments of $17.4 million related to seven bridge loans and entered into two new bridge loans with an aggregate commitment and funded amount of $7.3 million , which are included in the seven bridge loans repaid during the year . At December 31, 2016 , the Company had executed five bridge loans with a balance of $10.1 million extended to four limited liability companies that are under common control with borrowers in certain of the Company’s development property investments. These bridge loans were accounted for under the cost method, and fair value approximates cost at December 31, 2016 . None of these bridge loans were in non-accrual status as of December 31, 2016 . The Company determined that no allowance for loan loss was necessary at December 31, 2016 .  The Company also had executed eight revolving loan agreements with an aggregate outstanding principal amount of $1.4 million at September 30, 2017. Seven 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. Seven of these borrowers are either directly or indirectly owners of certain of the Company’s development property investments and one is a prospective developer. Four of the agreements provide for borrowings of up to $0.5 million, one provides for borrowings of up to $0.1 million, one provides for borrowings of up to $0. 4 million, one provides for borrowings of up to $0.7 million, and one agreement provides for borrowings of up to $1.0 million (total of $4.2 million) to fund expenses for pursuit costs to contract for and perform diligence on additional self-storage sites. The revolving loans are typically unsecured but cross-defaulted against development loans. One of the revolving loans is guaranteed by a part owner of one of the Company’s development loan investments, and this guaranty is secured by a pledge of the owner’s membership interest in one of the Company’s development loan investments. The loans bear interest at 6.9 - 7.0% per annum and are due in full in three years. During the nine months ended September 30, 2017 , the Company received repayments on these revolving loan agreements of $2.9 million and draws of $2.6 million. At December 31, 2016 , the Company had executed six revolving loan agreements with an aggregate outstanding principal amount of $1.7 million. These loans are accounted for under the cost method, and fair value approximates cost at September 30, 2017 and December 31, 2016 . None of these loans are in non-accrual status as of September 30, 2017 and December 31, 2016 . The Company determined that no allowance for loan loss was necessary at September 30, 2017 and December 31, 2016 .

DEBT

DEBT	9 Months Ended
	Sep. 30, 2017
DEBT [Abstract]
DEBT	9. DEBT  Credit Facility On July 25, 2017, the Operating Company entered into a $100 million senior secured revolving credit facility with KeyBank National Association, as ad ministrative agent , KeyBanc Capital Markets Inc., as lead arranger, and the other lenders party thereto (the “Credit Facility”) . 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. At closing, the Operating Company borrowed $20.0 million of the $33.3 million then available under the Credit Facility. The Company used the proceeds to repurchase senior participation interests outstanding on five of the Company’s development investments from the commercial banks who held such senior participation interests, each of whom agreed to participate as lenders in the Credit Facility, and to pay fees and expenses of procuring the Credit Facility. On July 26, 2017, the Operating Company used proceeds from the Company’s recently completed offering of its common stock to fully repay the $20.0 million borrowed at closing, leaving $33.3 million available under the credit facility for future draws. The Operating Company intends to use future borrowings under the Credit Facility to fund its investments, to make secured or unsecured loans to borrowers in connection with its investments and for general corporate purposes. On July 25, 2017, the Company and certain wholly-owned subsidiaries of the Operating Company entered into an Unconditional Guaranty of Payment and Performance 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 the Company’s 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 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 asset fair value securing 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.  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% 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. In addition, the Operating Company is required to pay a fee of a per diem rate of 0.35% per annum, times the excess of the sum of the commitments of the lenders, as in effect from time to time, over the outstanding principal amount of revolving credit loans under the Credit Facility. 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.  As of September 30, 2017, no borrowings were outstanding under the Credit Facility and $33.3 million was available for borrowing under the Credit Facility.  As of September 30, 2017, the Company was in compliance with all of its financial covenants and it anticipates being in compliance with all of its financial covenants throughout the term of the Credit Facility.  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 million, to a regional commercial bank in exchange for cash consideration of $5.0 million. The sale of Operating Property A Notes was effected pursuant to participation agreements between the bank and the Company (the “Participation Agreements”). On December 14, 2016, the Company received proceeds of $5.2 million for an early payoff on the operating property loan in the Nashville, Tennessee MSA, and the Company repurchased the senior participation on this loan that was included in Operating Property A Notes. The Company paid the regional commercial bank a total of $3.4 million in connection with the repurchase, which included a $0.1 million prepayment penalty that is recorded in interest expense in the Consolidated Statements of Operations. The Company paid to the bank interest on the outstanding balance of the Operating Property A Note at the rate of 30-day LIBOR plus 3.85% for the three and nine months ended September 30, 2017 . 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. As such, t here was no outstanding balance for the Operating Property A Note at September 30, 2017 .  O n 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 million, to the same commercial bank that purchased the Operating Property A Notes in exchange for a commitment by the bank to provide net proceeds of $10.0 million to fund construction draws under the construction loan (the “Miami A Note Sale”) once the total outstanding principal balance exceeds $7.7 million. The Miami A Note Sale was effected pursuant to a participation agreement between the bank and the Company (the “Miami Participation Agreement”). Under the Miami Participation Agreement, the Company will continue to service the underlying loan as long as it is not in default under the Miami Participation Agreement. The bank has the option to “put” the senior participation to the Company in the event the underlying borrower defaults on the underlying loan or if the Company defaults under the Miami Participation Agreement. As part of the Participation Agreement, the Company will maintain a minimum aggregate balance of $0.5 million in depository or money market accounts at the bank, and if such balance is not maintained, the interest rate will increase. The Company will pay to the bank interest on the outstanding balance of the Miami A Note at the rate of 30-day LIBOR plus 3.10% , or 4.33% at September 30, 2017 . The Company also paid a loan fee of 100 basis points, or $0.1 million upon closing of the loan. The Miami A Note initially had a maturity date of July 1, 2017 . During the nine months ended September 30, 2017 , the maturity date was extended to January 31, 2018 , at which time the Company is obligated to repurchase the Miami A Note at the then outstanding principal balance thereof. The outstanding balance for the Miami A Note as of September 30, 2017 was $0.7 million. 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 million and earning interest at a rate of 6.9% per annum, in exchange for a commitment by the bank to provide net proceeds of $14.2 million (the “July 2016 A Note Sales”). Construction has been completed and certificates of occupancy have been issued for these properties. At closing, the bank paid to the Company approximately $12.5 million for senior participations in the construction loans and will fund up to a total of $14.2 million as future draws are made on the construction loans. The Company paid interest to the bank on its senior participations at the annual rate of 30-day LIBOR plus 3.50% , for the three and nine months ended September 30, 2017 . On July 25, 2017, the Company entered into the Credit Facility and subsequently repurchased the July 2016 A Notes. As such, there is no outstanding balance as of September 30, 2017.  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 million and earning interest at a rate of 6.9% per annum, in exchange for a commitment by the bank to provide net proceeds of $4.4 million (the “October 2016 A Note Sale”). Construction has been completed and a certificate of occupancy has been issued for this property. At closing, the bank paid to the Company approximately $3.4 million for the senior participation in the construction loan and will fund up to a total of $4.4 million as future draws are made on the construction loans. The Company paid interest to the bank on the senior participation at the annual rate of 30-day LIBOR plus 3.50% , for the three and nine months ended September 30, 2017 . On July 25, 2017, the Company entered into the Credit Facility and subsequently repurchased the October 2016 A Note. As such, there is no outstanding balance as of September 30, 2017.  In connection with the repurchase of the July 2016 A Notes and the October 2016 A Notes and entering into the Credit Facility, the Company recorded a loss on modification of debt of $0.2 million for the three and nine months ended September 30, 2017.  The table below details the bank commitment and outstanding balance of our senior participation at September 30, 2017 :      Commitment by Bank Amount Borrowed Remaining Funds Interest Rate Effective Interest Rate at September 30, 2017 Maturity Date  Miami A Note $ 10,001 $ 732 $ 9,269 30-day LIBOR + 3.10% 4.33 % January 31, 2018  Unamortized fees (64)  Net balance $ 668  The table below details the bank commitments and outstanding balances of our senior participations at December 31, 2016 :      Commitment by Bank Amount Borrowed Remaining Funds Interest Rate Effective Interest Rate at December 31, 2016 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	9 Months Ended
	Sep. 30, 2017
Stockholders' Equity [Abstract]
Stockholders' Equity	10. STOCKHOLDERS’ EQUITY The Company had 14,235,848 and 8,956,354 shares of common stock issued and outstanding , which included 185,002 and 120,001 of nonvested restricted stock, as of September 30, 2017 and December 31, 2016 , respectively. The Company had 10,000 shares of Series A Preferred Stock issued and outstanding as of September 30, 2017 and December 31, 2016 . Common Stock Offerings On December 13, 2016, the Company received $53.5 million in proceeds, net of underwriter’s discount and offering costs, related to the issuance of 2,996,311 shares of common stock. 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 million. As of September 30, 2017, the Company has issued and sold an aggregate of 1,093,202 shares of common stock at a weighted average price of $22.69 per share under the ATM Program, receiving net proceeds after commissions of $24.2 million. On June 27, 2017, the Company received $83.9 million in proceeds, net of underwriter’s discount and offering costs, related to the public offering of 4,025,000 shares of common stock.  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 million of the outstanding shares of common stock of the Company. As of September 30, 2017 , the Company had repurchased and retired a total of 213,078 shares of its common stock at an aggregate cost of approximately $3.2 million. As of September 30, 2017 , the Company has $6.8 million remaining under the Board’s authorization to repurchase shares of its common stock.  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 shares of common stock were reserved for issuance pursuant to the 2015 Equity Incentive Plan, subject to certain adjustments set forth in the plan. On April 1, 2015, each non-employee director of the Company received an award of 2,500 shares of restricted common stock (total of 10,000 shares) which vest ratably over a three -year period. On June 15, 2015, in connection with the appointment of the Company’s President and Chief Operating Officer (an employee of the Manager), 100,000 shares of restricted common stock were granted, which shares vest ratably over a five -year period. During the year ended December 31, 2015, the Company granted 52,500 shares of restricted common stock to an executive officer (an employee of the Manager) and key employees of the Manager, which shares vest ratably over a three -year period. The Manager provides services to the Company. On May 20, 2016, each non-employee director of the Company received an award of 3,585 shares of common stock (total of 14,340 shares) which immediately vested on the grant date. On May 3, 2017, the Company’s stockholders approved, and the Company adopted, the Amended and Restated 2015 Stock Incentive Plan increasing the number of shares of common stock reserved for issuance under the Plan by 170,000 shares from 200,000 shares to 370,000 shares and extending the term of the Plan until May 2, 2027. On May 3, 2017, three non-employee directors of the Company were each granted an award of 2,138 shares of common stock (total of 6,414 shares), which immediately vested on the grant date. In addition, certain of the Company’s officers and certain employees of the Manager were granted a cumulative total of 105,000 shares of restricted common stock, which vest ratably over a three -year period. Restricted Stock Awards The Amended and Restated 2015 Equity Incentive Plan permits the issuance of restricted shares of the Company’s common stock to employees of the Manager (as the Company has no employees) and the Company’s non-employee directors. As of September 30, 2017 and December 31, 2016 , 288,254 and 176,840 shares of restricted stock , respectively, had been granted, of which 55,172 vested in 2016 , 46,413 vested during the nine months ended September 30, 2017 , 75,003 will vest in 2018, 55,001 will vest in 2019 and 54,998 will vest in 2020. Additionally, 1,667 were forfeited during the year ended December 31, 2016 . Non-vested shares are earned over the respective vesting period based on a service condition only. Expenses related to restricted stock awards are charged to compensation expense and are recognized over the respective vesting period (primarily three to five years) of the awards. For restricted stock issued to non-employee directors of the Company, compensation expense is based on the market value of the shares at the grant date. For restricted stock awards issued to employees of the Manager, compensation expense is re-measured at each reporting date until service is complete and the restricted shares become vested based on the then current value of the Company’s common stock.  The Company recognized approximately $0.3 million of stock-based compensation expense for the three months ended September 30, 2017 and 2016 , and $1.0 million and $0.8 million of stock-based compensation expense for the nine months ended September 30, 2017 and 2016 , respectively. As of September 30, 2017 and December 31, 2016 , the total unrecognized compensation cost related to the Company’s restricted shares was approximately $3.3 million and $2.0 million, respectively, based on the grant date market value for awards issued to non-employee directors of the Company and based on the measurement of awards using the Company’s stock price of $20.55 and $21.05 as of September 30, 2017 and December 31, 2016 , respectively, for awards issued to employees of the Manager. This cost is expected to be recognized over the remaining weighted average period of 2.5 years. The Company presents stock-based compensation expense in general and administrative expenses in the Consolidated Statements of Operations.  A summary of changes in the Company’s restricted shares of common stock for the three and nine months ended September 30, 2017 and 2016 is as follows:     Three months ended Three months ended  September 30, 2017 September 30, 2016  Weighted Weighted  average grant average grant  Shares date fair value Shares date fair value   Nonvested at June 30, 202,502 $ 21.33 139,168 $ 19.91  Granted - - - -  Vested (17,500) 18.64 (17,500) 18.64  Forfeited - - - -  Nonvested at September 30, 185,002 $ 21.58 121,668 $ 20.10      Nine months ended Nine months ended  September 30, 2017 September 30, 2016  Weighted Weighted  average grant average grant  Shares date fair value Shares date fair value   Nonvested at December 31, 120,001 $ 20.10 162,500 $ 20.08  Granted 111,414 22.59 14,340 13.95  Vested (46,413) 20.28 (55,172) 18.27  Forfeited - - - -  Nonvested at September 30, 185,002 $ 21.58 121,668 $ 20.10 Nonvested restricted shares of common stock 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 million in shares of the Company’s Series A Preferred Stock, par value $0.01 per share (the “Series A Preferred Stock”), at a price of $1,000 per share (the “Liquidation Value”) (subject to a minimum amount of $50 million of Series A Preferred Stock to be issued and sold by the Company on or prior to the expiration of the Commitment Period), which may be increased at the request of the Company up to $125 million. The sale of shares of Series A Preferred Stock pursuant to the Purchase Agreement may occur from time to time, in minimum monthly increments of $5 million, maximum monthly increments of $15 million and maximum increments of $35 million over any rolling three month period, all to be completed during the Commitment Period. The Series A Preferred Stock ranks senior to the shares of the Company’s common stock, par value $0.01 per share (the “Common Stock”), with respect to distribution rights and rights upon liquidation, winding up and dissolution of the Company, on parity with any class or series of capital stock of the Company expressly designated as ranking on parity with the Series A Preferred Stock with respect to distribution rights and rights upon liquidation, winding up and dissolution of the Company, junior to any class or series of capital stock of the Company expressly designated as ranking senior to the Series A Preferred Stock with respect to distribution rights and rights upon liquidation, winding up and dissolution of the Company and junior in right of payment to the Company’s existing and future indebtedness.  Holders of Series A Preferred Stock are entitled to a cumulative cash distribution (“Cash Distribution”) equal to (A) 7.0% per annum on the Liquidation Value for the period beginning on the respective date of issuance until the sixth anniversary of the Effective Date, payable quarterly in arrears, (B) 8.5% per annum on the Liquidation Value for the period beginning the day after the sixth anniversary of the Effective Date and for each year thereafter as long as the Series A Preferred Stock remains issued and outstanding, payable quarterly in arrears, and (C) an amount in addition to the amounts in (A) and (B) equal to 5.0% per annum on the Liquidation Value upon the occurrence of certain triggering events (a “Cash Premium”). In addition, the holders of the Series A Preferred Stock will be entitled to a cumulative dividend payable in-kind in shares of Common Stock or additional shares of Series A Preferred Stock, at the election of the holders (the “Stock Dividend”), equal in the aggregate to the lesser of (Y) 25% of the incremental increase in the Company’s book value (as adjusted for equity capital issuances, share repurchases and certain non-cash expenses) plus, to the extent the Company owns equity interests in income-producing real property, the incremental increase in net asset value (provided, however, that no interest in the same real estate asset will be double counted) and (Z) an amount that would, together with the Cash Distribution, result in a 14.0% internal rate of return for the holders of the Series A Preferred Stock from the date of issuance of the Series A Preferred Stock, as set forth in the Articles Supplementary classifying the Series A Preferred Stock (the “Articles Supplementary”). Triggering events that will trigger the payment of a Cash Premium with respect to a Cash Distribution include: (i) the occurrence of certain change of control events affecting the Company after the third anniversary of the Effective Date, (ii) the Company’s ceasing to be subject to the reporting requirements of Section 13 or Section 15(d) of the Exchange Act, (iii) the Company’s failure to remain qualified as a real estate investment trust, (iv) an event of default under the Purchase Agreement, (v) the failure by the Company to register for resale shares of Common Stock pursuant to the Registration Rights Agreement (a “Registration Default”), (vi) the Company’s failure to redeem the Series A Preferred Stock as required by the Purchase Agreement, or (vii) the filing of a complaint, a settlement with, or a judgment entered by the Securities and Exchange Commission against the Company or any of its subsidiaries or a director or executive officer of the Company relating to the violation of the securities laws, rules or regulations with respect to the business of the Company. Accrued but unpaid Cash Distributions and Stock Dividends on the Series A Preferred Stock will accumulate and will earn additional Cash Distributions and Stock Dividends as calculated above, compounded quarterly.  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 September 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 (the “1940 Act”) . 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 million of shares of Series A Preferred Stock on or prior to the tenth business day after the expiration of the Commitment Period, (vi) an event of default under any secured indebtedness of the Company, or (vii) certain bankruptcy proceedings. 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 Purchase Agreement. As of September 30, 2017 , the Company had issued 10,000 restricted shares of the Series A Preferred Stock to the Buyers and received $10.0 million in proceeds pursuant to the terms of the Purchase Agreement. On October 26, 2017, the Company issued an additional 10,000 restricted shares of the Series A Preferred Stock and received an additional $10.0 million in proceeds pursuant to the terms of the Purchase Agreement. On March 7, 2017 , the Company declared a (i) cash distribution of $17.50 per share of Series A Preferred S tock, payable on April 14, 2017 , to holders of Series A Preferred Stock of record on the close of business on April 1, 2017 , and (ii) distributions payable in kind in a number of shares of common stock as determined in accordance with the terms of the designation of the Series A Preferred S tock, payable on April 17, 2017 , to holders of Series A Preferred Stock of record on the close of business on April 1, 2017 . On May 3, 2017 , the Company declared a cash distribution of $17.69 per share of Series A Preferred S tock, payable on July 14, 2017 , to holders of Series A Preferred Stock of record on the close of business on July 1, 2017 . No distributions in kind were payable in connection with the July distribution.  On August 1 , 2017 , the Company declared a cash distribution of $17.89 per share of Series A Preferred S tock, payable on October 13, 2017 , to holders of Series A Preferred Stock of record on the close of business on October 1, 2017 , and (ii) distributions payable in kind in a number of shares of common stock as determined in accordance with the terms of the designation of the Series A Preferred S tock, payable on October 13, 2017, to holders of Series A Preferred Stock of record on the close of business on October 2, 2017.

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Sep. 30, 2017
EARNINGS PER SHARE [Abstract]
EARNINGS PER SHARE	 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. For the three and nine months ended September 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 September 30, Nine months ended September 30,  2017 2016 2017 2016  Shares outstanding  Weighted average common shares - basic 14,042,350 5,831,135 10,935,776 5,926,215  Effect of dilutive securities 201,995 131,958 172,764 149,971  Weighted average common shares, all classes 14,244,345 5,963,093 11,108,540 6,076,186   Calculation of Earnings per Share - basic  Net income $ 4,457 $ 4,994 $ 11,434 $ 11,528  Less:  Net income allocated to preferred stockholders 310 n/a 1,033 n/a  Net income allocated to unvested restricted shares 57 111 156 285  Net income attributable to common shareholders - two-class method $ 4,090 $ 4,883 $ 10,245 $ 11,243   Weighted average common shares - basic 14,042,350 5,831,135 10,935,776 5,926,215  Earnings per share - basic $ 0.29 $ 0.84 $ 0.94 $ 1.90   Calculation of Earnings per Share - diluted  Net income $ 4,457 $ 4,994 $ 11,434 $ 11,528  Less:  Net income allocated to preferred stockholders 310 n/a 1,033 n/a  Net income attributable to common shareholders - two-class method $ 4,147 $ 4,994 $ 10,401 $ 11,528   Weighted average common shares - diluted 14,244,345 5,963,093 11,108,540 6,076,186  Earnings per share - diluted $ 0.29 $ 0.84 $ 0.94 $ 1.90    (1) Unvested restricted shares of common stock participate in dividends with unrestricted shares of common stock on a 1:1 basis and thus are considered participating securities under the two-class method for the three and nine months ended September 30, 2017 and 2016 .  

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2017
Related Party Transactions [Abstract]
Related Party Transactions	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 as of September 30, 2017 and December 31, 2016 w as $177.7 million and $78.7 million, respectively. The interest income realized and the change in fair value from these equity method investments was $4.8 million and $5.7 million for the three months ended September 30, 2017 and 2016 , respectively, and $13.0 million and $15.7 million for the nine months ended September 30, 2017 and 2016 , respectively. The Company’s investment in the real estate venture, the SL1 Venture, has a carrying amount of $12.6 million and $5.4 million at September 30, 2017 and December 31, 2016 , respectively, and the earnings from this venture were $0.7 million and $1.7 million for the three and nine months ended September 30, 2017 . The earnings from this venture were $0.4 million and $0.9 million for the three and nine months ended September 30, 2016 . Management Agreement On April 1, 2015, the Company entered into a management agreement with its Manager ( as subsequently amended, the “Management Agreement”). Pursuant to the terms of the Management Agreement, the Manager is 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 Restat ed Management Agreement modified 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, since the number of OC Units to be issued was dependent upon different possible outcomes, the Company recognized the lowest aggregate amount within the range of outcomes. Accordingly, the Company estimated the deferred termination fee payable and accrued the expense over the term of the Management Agreement. Upon entry into the Amended and Restated Management Agreement, the Company ceased recognizing the deferred termination fee expense and reclassified the Non-Controlling Interests to Additional Paid-In-Capital since the Termination Fee is no longer certain of being paid other than in exchange for either the assets or equity of the Manager. Accordingly, the Company recorded no expense for the deferred termination fee in the three and nine months ended September 30, 2017 , and it recorded no expense and $0.2 million of expense for the three and nine months ended September 30, 2016 , respectively. On April 1, 2017, the Company, the Operating Company and the Ma nager entered into a Second Amended and 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 expire on March 31, 2020 , with up to a maximum of three, one-year extensions that end on March 31, 2023 . The Comp any’s independent directors 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 is required to 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 (as defined below) , voluntary non-renewal by the Manager or the Company being required to register as an investment company under the 1940 Act , 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 Management Agreement at any time, including during the initial term, without the payment of any Termination Fee, with 30 days’ prior written notice from the Board of Directors, for cause. “Cause” is defined as: (i) the Manager’s continued breach of any material provision of the Management Agreement following a prescribed period; (ii) the occurrence of certain events with respect to the bankruptcy or insolvency of the Manager; (iii) a change of control of the Manager that a majority of the Company’s independent directors determines is materially detrimental to the Company; (iv) the Manager committing fraud against the Company, misappropriating or embezzling the Company’s funds, or acting grossly negligent in the performance of its duties under the Management Agreement; (v) the dissolution of the Manager; (vi) the Manager fails to provide adequate or appropriate personnel that are reasonably necessary for the Manager to identify investment opportunities for the Company and to manage and develop the Company’s investment portfolio if such default continues uncured for a period of 60 days after written notice thereof, which notice must contain a request that the same be remedied; (vii) the Manager is convicted (including a plea of nolo contendere) of a felony; or (viii) 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 Management Agreement other than by reason of death or disability. The Manager may terminate the Management Agreement if the Company becomes required to register as an investment company under the 1940 Act, with such termination deemed to occur immediately before such event, in which case the Company would not be required to pay the Manager a Termination Fee. The Manager may also decline to renew the Management Agreement by providing the Company with 180 days’ written notice, in which case the Company would not be required to pay a Termination Fee. The Management Agreement provides for the Manager to earn a base management fee and an incentive fee , both of which are described further below . 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 Management Agreement. Certain prepaid expenses and fixed assets are also purchased through the Manager and reimbursed by the Company. In the event that the Company terminates the Management Agreement p ursuant to its terms, other than for C ause or the Company being required to register as an investment company under the 1940 Act , 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 $0.8 million for both the three months ended September 30, 2017 and 2016 and $2.3 million and $2.4 million for the nine months ended September 30, 2017 and 2016 , respectively.  On November 1, 2017, the Company, the Operating Company and the Manager entered into a Third Amended and Restated Management Agreement, which is described below in Note 13, Subsequent Events .  Management Fees As of September 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. Pursuant to the Management Agreement, t he Company pays the Manager a base management fee in an amount equal to 0.375% of the Company’s stockholders’ equity (a 1.5% annual rate) calculated and payable quarterly in arrears in cash. For purposes of calculating the base management fee, the Company’s stockholder’s equity means: (a) the sum of (i) the net proceeds from all issuances of the Company’s equity securities since inception (allocated on a pro rata daily basis for such issuances during the fiscal quarter of any such issuance), plus (ii) the Company’s retained earnings at the end of the most recently completed fiscal quarter (without taking into account any non-cash equity compensation expense incurred in current or prior periods); less (b) any amount that the Company pays to repurchase the Company’s common stock since inception, provided that if the Company’s retained earnings are in a net deficit position (following any required adjustments set forth below), then retained earnings shall not be included in stockholders’ equity. It also excludes (x) any unrealized gains and losses and other non-cash items that have impacted stockholders’ equity as reported in the Company’s financial statements prepared in accordance with accounting principles generally accepted in the United States, or GAAP, and (y) one-time events pursuant to changes in GAAP (such as a cumulative change to the Company’s operating results as a result of a codification change pursuant to GAAP), and certain non-cash items not otherwise described above (such as depreciation and amortization), in each case after discussions between the Company’s Manager and the Company’s independent directors and approval by a majority of the Company’s independent directors. As a result, the Company’s stockholders’ equity, for purposes of calculating the base management fee, could be greater or less than the amount of stockholders’ equity shown on the Company’s financial statements. The base management fee is payable independent of the performance of the Company’s portfolio. The Manager computes the base management fee within 30 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 base management fee was $1.0 million and $0.4 million for the three months ended September 30, 2017 and 2016 , respectively, and $2.4 million and $1.2 million for the nine months ended September 30, 2017 and 2016 , respectively. At September 30, 2017 and December 31, 2016 , the Company had outstanding fees due to Manager of $1.4 million and $1.0 million consisting of the management fees payable and certain general and administrative reimbursements payable. Incentive Fee The Manager is entitled to an incentive fee with respect to each fiscal quarter (or part thereof that the Management Agreement is in effect) in arrears in cash. The incentive fee is an amount, not less than zero, determined pursuant to the following formula: IF = .20 times (A minus (B times .08)) minus C In the foregoing formula:  A equals the Company’s Core Earnings (as defined below) for the previous 12-month period;  B equals (i) the weighted average of the issue price per share of the Company’s common stock of all of its public offerings of common stock, multiplied by (ii) the weighted average number of all shares of common stock outstanding (including (i) any restricted stock units and any restricted shares of common stock in the previous 12-month period and (ii) shares of common stock issuable upon conversion of outstanding OC Units); and  C equals the sum of any incentive fees earned by the Manager with respect to the first three fiscal quarters of such previous 12-month period. Notwithstanding application of the incentive fee formula, no incentive fee shall be paid with respect to any fiscal quarter unless cumulative annual stockholder total return for the four most recently completed fiscal quarters is greater than 8%. Any computed incentive fee earned but not paid because of the foregoing hurdle will accrue until such 8% cumulative annual stockholder total return is achieved. The total return is calculated by adding stock price appreciation (based on the volume-weighted average of the closing price of the Company’s common stock on the New York Stock Exchange (or other applicable trading market) for the last ten consecutive trading days of the applicable computation period minus the volume-weighted average of the closing market price of the Company’s common stock for the last ten consecutive trading days of the period immediately preceding the applicable computation period) plus dividends per share paid during such computation period, divided by the volume-weighted average of the closing market price of the Company’s common stock for the last ten consecutive trading days of the period immediately preceding the applicable computation period. For purposes of computing the Incentive Fee, “Core Earnings” is defined as net income (loss) determined under GAAP, plus non-cash equity compensation expense, the incentive fee, depreciation and amortization (to the extent that the Company forecloses on any facilities underlying the Company’s target investments), any unrealized losses or other non-cash expense items reflected in GAAP net income (loss), less any unrealized gains reflected in GAAP net income. The amount will be adjusted to exclude one-time events pursuant to changes in GAAP and certain other non-cash charges after discussions between the Manager and the Company’s independent directors and after approval by a majority of the independent directors. Going forward, “Core Earnings” will be calculated based on the new formulation set forth in the Third Amended and Restated Management Agreement, which the Company, the Operating Company and the Manager entered into on November 1, 2017 and is described further below in Note 13, Subsequent Events .  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 nine months ended September 30, 2017 and 2016 .

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2017
SUBSEQUENT EVENTS [Abstract]
SUBSEQUENT EVENTS	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 Subsequent to September 30, 2017, the Company closed on the following development property investment with a profits interest:     Total Investment  Closing Date MSA Commitment  10/12/2017 Miami 2 $ 9,459  10/30/2017 New Jersey 14,701  Total $ 24,160  At-the- M arket Offering Program  On October 6, 2017, the Company issued and sold 29,416 shares of common stock at a weighted average price of $20.50 per share under the ATM Program, receiving net proceeds after commissions of $0.6 million.  Series A Preferred Stock  On October 26, 2017, the Company issued 10,000 restricted shares of the Series A Preferred Stock to the Buyers and received $10.0 million in proceeds pursuant to the terms of the Purchase Agreement.  Dividend Declarations On November 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 December 31, 2017. The dividends are payable on January 15, 2018 (or if not a business day, on the next business day) to holders of Series A Preferred Stock of record on January 1, 2018. On November 1, 2017 , the Company’s Board of Directors also declared a cash dividend of $0.35 per share of common stock for the quarter ending December 31, 2017. The dividend is payable on January 12, 2018 to stockholders of record on January 2, 2018 .  Third Amended and Restated Management Agreement On November 1, 2017, the Company, the Operating Company and the Manager entered into the Third Amended and Restated Management Agreement in order to clarify the original intent of the parties with respect to the definition of Core Earnings and to make other minor changes necessary to reflect the current and anticipated business model from and after this time. The Third Amended and Restated Management Agreement is otherwise substantially consistent with the Second Amended and Restated Management Agreement.  Under the Third Amended and Restated Management Agreement, “Core Earnings” is defined as (1) net income (loss) determined under GAAP, plus (2) non-cash equity compensation expense, the incentive fee, depreciation and amortization, plus (3) any unrealized losses or other non-cash expense items reflected in GAAP net income (loss), less (4) any unrealized gains reflected in GAAP net income (including any unrealized appreciation with respect to self-storage facilities that the Company has not yet acquired). The Third Amended and Restated Management Agreement clarifies that in addition to certain previously agreed upon adjustments, with respect to any self-storage facility acquired by the Company with respect to which the Company had an outstanding loan as of the time of such acquisition, the amount of Core Earnings determined pursuant to the formula above in the period of such acquisition shall also be increased by the difference between (A) the appraised value, as determined by a nationally recognized, independent third-party appraiser mutually agreed to by the Company and the Manager who has significant expertise in valuing self-storage properties, and (B) (i) the outstanding principal amount of any Company loan secured by such acquired self-storage facility at the time of such acquisition plus (ii) any other consideration given to the former owner upon such acquisition. This addition is intended to include in Core Earnings the amount of the Company’s unrealized gain on account of the Company’s acquisition of a self-storage facility without such facility being sold to a third party buyer in the open market.

SIGNIFICANT ACCOUNTING POLICI20

SIGNIFICANT ACCOUNTING POLICIES (Policy)	9 Months Ended
	Sep. 30, 2017
SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Basis of Presentation	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	Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Actual results could differ from those estimates.
Variable Interest Entities	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 Investments	Equity Investments 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 (“ASC 825-10”), issued by the Financial Accounting Standards Board (“FASB”), the Company has elected the fair value option of accounting for its development property investments, which would otherwise be required to be accounted for under the equity method. The Company also holds an investment in a real estate venture that is accounted for under the equity method of accounting.
Loan Investments and Election of Fair Value Option of Accounting for Certain Loan Investments	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 September 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 September 30, 2017 and December 31, 2016 . For investments carried at fair value, fees and costs are expensed as incurred.
Fair Value Measurement	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% profits interest in the development project), operating property loans (loans secured by operating properties), the investment in real estate venture, other loans, receivables, the secured revolving credit facility, senior loan participations, and payables. The following table presents the financial instruments measured at fair value on a recurring basis at September 30, 2017 :     Fair Value Measurements Using  Total Level 1 Level 2 Level 3  Development property investments $ 188,540 $ - $ - $ 188,540  Operating property loans 5,990 - - 5,990  Total investments $ 194,530 $ - $ - $ 194,530 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 , for additional disclosure on the valuation methodology and significant assumptions, as well as the election of the fair value option for certain financial instruments.
Self-Storage Real Estate Owned	 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 primarily reflects the funded principal balance of the loan to the Company, net of unamortized origination fees, unrealized appreciation recognized as of the acquisition date, and the cash consideration paid to the developer to acquire his portion of profits interest. Ordinary repairs and maintenance are expensed as incurred; major replacements and betterments, whic h improve or extend the life of the asset, are capitalized and depreciated over their estimated useful lives. The costs of building and improvements are generally depreciated using the straight-line method based on a useful life of 40 years.  The Company expects that the majority of future self-storage facility acquisitions will be considered asset acquisitions , however the Company will evaluate each acquisition using Accounting Standards Update (“ASU”) 2017-01 - Business Combinations (Topic 80 5 ): Clarifying the Definition of a Business to determine whether accounting for a business combination or asset acquisition applies.  When facilities are acquired, the cost is allocated to the tangible and intangible assets acquired and liabilities assumed based on relative fair values. Allocations to the individual assets and liabilities are based upon their relative fair values as estimated by management. In allocating the purchase price for an acquisition, the Company determines whether the acquisition includes intangible assets or liabilities. The Company allocates a portion of the cost to an intangible asset attributable to the value of in-place leases. This intangible asset is amortized to expense over the expected remaining term of the respective leases, which is generally one year. Substantially all of the leases in place at acquired facilitie s are at market rates, as the majority of the leases are month-to-month contracts. Accordingly, to date , no portion of the basis for an acquired property has been allocated to above- or below-market lease intangibles. To date, no intangible asset has been recorded for the value of customer relationships, because the Company does not have any concentrations of significant customers and the average customer turnover is fairly frequent.  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	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 t hree financial institutions, and the balance at each financial institution exceeds the Federal Deposit Insurance Corporation insurance limit of $250,000 per institution.
Other Loans	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.
Fixed Assets	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	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	Debt Issuance Costs Costs related to the issuance of a de bt instrument are deferred and amortized as interest expense over the estimated life of the related debt instrument using the straight-line method, which approximates the effective interest method. If a debt instrument is repurchased prior to its original maturity date, the Company evaluates both the unamortized balance of debt issuance costs as well as any new debt issuance costs, including third party fees, to determine if the costs should be written off to interest expense or, if significant, included in “loss on modification or extinguishment of debt” in the Consolidated Statements of Operations . Debt issuance costs related to the sale of senior participations are presented in the Consolidated Balance Sheets as a deduction from the carrying amount of the principal balance. Debt issuance costs related to the revolving credit facility are presented in the Consolidated Balance Sheets as Deferred Costs. 
Transaction and Other Expenses	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 nine months ended September 30, 2017 . During the three and nine months ended September 30, 2016 , the Company incurred $2 ,000 and $2.1 million , respectively, in transaction and other expenses.
Offering and Registration Costs	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, t he Company entered into a Purchase Agreement (as defined below) (see Note 10, Stockholders’ Equity ) which requires the Company to issue and sell a minimum of $50.0 million of Series A Preferred Stock by July 27, 2018. The Company incurred $2.8 million of preferred stock offering costs in connection with the execution of the Purchase Agreement. Such costs are presented as deferred costs on the Consolidated Balance Sheets until such time as Series A Preferred Stock is issued. A pro rata portion of such deferred costs, based upon the ratio of the amount issued to the $50.0 million minimum issuance of Series A Preferred Stock, is reclassified to cumulative preferred stock upon each issuance of the Series A Preferred Stock. Of the $2.8 million of offering costs incurred, $2.2 million is in deferred costs on the Consolidated Balance Sheet at September 30, 2017 , and $0.6 million has reduced the cumulative preferred stock balance on the Consolidated Balance Sheet at September 30, 2017 .
Income Taxes	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 (“EPS”)	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	Comprehensive Income For the three and nine months ended September 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	Segment Reporting The Company does not evaluate performance on a relationship specific or transactional basis and does not distinguish its principal business or group its operations on a geographical basis for purposes of measuring performance. Accordingly, the Company believes it has a single operating segment for reporting purposes in accordance with GAAP.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In January 2017, the FASB issued ASU 2017-01 which provides guidance on whether transactions should be accounted for as acquisitions or disposals of assets or businesses. Specifically, when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or group of similar identifiable assets, the set of assets is not a business. Additionally, ASU 2017-01 also provides other guidance providing a more robust framework to use in determining whether a set of assets and activities is a business. Upon adoption of the new guidance, the Company expects that the majority of future self-storage facility acquisitions will now be considered asset acquisitions . This guidance is effective for annual periods beginning after December 15, 2017. Early adoption is permitted. The Company adopted ASU 2017-01 for new acquisitions beginning on July 1, 2017. The costs related to the acquisitions of self-storage facilities that qualify as asset acquisitions will be capitalized as part of the purchase.  In August 2016, the FASB issued ASU 2016-15 , Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments . This ASU provides guidance on the classification of certain cash receipts and payments in the statement of cash flows, including distributions received from equity method investees. This guidance is effective for public business entities for fiscal years and for interim periods within those fiscal years, beginning after December 15, 2017, with early adoption being allowed. The Company is currently assessing the impact this new accounting guidance will have on its consolidated financial statements; however, the Company does not expect the new accounting guidance to have a material impact on its consolidated financial statements as the Company is currently presenting distributions received from equity method investees consistent with the presentation required under ASU 2016-05.  In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . This ASU significantly changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. This guidance is effective for public business entities for fiscal years and for interim periods within those fiscal years, beginning after December 15, 2019, with early adoption being allowed as of the fiscal years beginning after December 15, 2018. The Company is currently assessing the impact this new accounting guidance will have on its consolidated financial statements; however, the Company does not expect the new accounting guidance to have a material impact on its consolidated financial statements.  In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) , which is the final standard on accounting for leases. The most significant change for lessees is the requirement under the new guidance to recognize right-of-use assets and lease liabilities for all leases not considered short-term leases. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. The amendments in ASU 2016-02 are effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. Early adoption is permitted. The Company is currently assessing the impact this new accounting guidance will have on its consolidated financial statements.  In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), which is effective for fiscal years, and interim periods within those years, beginning on or after December 15, 2017. This ASU outlines a new, single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry specific guidance. Several ASUs expanding and clarifying the initial guidance issued in ASU 2014-09 have been released since May 2014. The Company will adopt the ASU effective January 1, 2018 and does not expect the adoption to have a material effect on its consolidated financial statements as the new guidance does not apply to revenue associated with loans or derived from lease contracts; however, the Company is still in the process of evaluating the impact these standards will have on its consolidated financial statements.

SIGNIFICANT ACCOUNTING POLICI21

SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Sep. 30, 2017
SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Financial Instruments Measured at Fair Value on a Recurring Basis	The following table presents the financial instruments measured at fair value on a recurring basis at September 30, 2017 :     Fair Value Measurements Using  Total Level 1 Level 2 Level 3  Development property investments $ 188,540 $ - $ - $ 188,540  Operating property loans 5,990 - - 5,990  Total investments $ 194,530 $ - $ - $ 194,530 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 

INVESTMENTS (Tables)

INVESTMENTS (Tables)	9 Months Ended
	Sep. 30, 2017
INVESTMENTS [Abstract]
Schedule of Investments	 As of September 30, 2017, the aggregate committed principal amount of the Company’s investment portfolio was approximately $421.2 million and outstanding principal was $173.7 million, as described in more detail in the table below:      Metropolitan Remaining  Statistical Area Total Investment Funded Unfunded Closing Date ("MSA") Commitment Investment (1) Commitment Fair Value Development property investments: Loan investments with a profits interest: 6/10/2015 Atlanta 1 (2) $ 8,132 $ 8,010 $ 122 $ 10,507 6/19/2015 Tampa 1 (2) 5,369 5,285 84 6,058 6/26/2015 Atlanta 2 (2) 6,050 5,754 296 8,519 6/29/2015 Charlotte 1 (2) 7,624 7,126 498 10,551 7/2/2015 Milwaukee (2) 7,650 7,377 273 8,762 7/31/2015 New Haven (2) 6,930 6,412 518 8,399 8/10/2015 Pittsburgh (2) 5,266 4,574 692 6,591 8/14/2015 Raleigh (3) 8,792 4,277 4,515 4,260 9/30/2015 Jacksonville 1 (2) 6,445 5,988 457 8,830 10/27/2015 Austin (2) 8,658 7,000 1,658 8,779 9/20/2016 Charlotte 2 (3) 12,888 4,517 8,371 4,360 11/17/2016 Jacksonville 2 (3) 7,530 3,899 3,631 4,453 1/4/2017 New York City 1 (2) 16,117 13,165 2,952 16,712 1/18/2017 Atlanta 3 14,115 3,471 10,644 3,314 1/31/2017 Atlanta 4 13,678 5,698 7,980 5,667 2/24/2017 Orlando 3 8,056 1,468 6,588 1,409 2/24/2017 New Orleans 12,549 - 12,549 - 2/27/2017 Atlanta 5 17,492 3,910 13,582 3,790 3/1/2017 Fort Lauderdale 9,952 1,945 8,007 1,875 3/1/2017 Houston 13,630 3,382 10,248 3,283 4/14/2017 Louisville 1 8,523 1,471 7,052 1,394 4/20/2017 Denver 1 9,806 1,906 7,900 1,822 4/20/2017 Denver 2 11,164 2,877 8,287 2,790 5/2/2017 Atlanta 6 12,543 3,117 9,426 3,017 5/2/2017 Tampa 2 8,091 890 7,201 813 5/19/2017 Tampa 3 9,224 729 8,495 639 6/12/2017 Tampa 4 10,266 1,364 8,902 1,266 6/19/2017 Baltimore (4) 10,775 2,672 8,103 2,484 6/28/2017 Knoxville 9,115 1,656 7,459 1,573 6/29/2017 Boston 14,103 2,031 12,072 1,898 6/30/2017 New York City 2 (4) 26,482 16,712 9,770 16,333 7/27/2017 Jacksonville 3 8,096 888 7,208 810 8/30/2017 Orlando 4 9,037 1,790 7,247 1,698 9/14/2017 Los Angeles 28,750 7,382 21,368 7,284 9/14/2017 Miami 14,657 5,761 8,896 5,644 9/28/2017 Louisville 2 9,940 2,230 7,710 2,139  $ 397,495 $ 156,734 $ 240,761 $ 177,723  Construction loans: 12/23/2015 Miami 17,733 10,999 6,734 10,817  $ 17,733 $ 10,999 $ 6,734 $ 10,817  Subtotal $ 415,228 $ 167,733 $ 247,495 $ 188,540  Operating property loans: 7/7/2015 Newark 3,480 3,480 - 3,477 12/22/2015 Chicago 2,502 2,500 2 2,513  Subtotal $ 5,982 $ 5,980 $ 2 $ 5,990   Total investments $ 421,210 $ 173,713 $ 247,497 $ 194,530    (1) Represents principal balance of loan gross of origination fees. (2) Facility had received certificate of occupancy as of September 30, 2017. See Note 4, Fair Value of Financial Instruments , for information regarding recognition of entrepreneurial profit. (3) Facility had achieved at least 40% construction completion but had not received certificate of occupancy as of September 30, 2017. See Note 4, Fair Value of Financial Instruments , for information regarding recognition of entrepreneurial profit. (4) 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.  As of December 31, 2016, the aggregate committed principal amount of the Company’s investment portfolio was approximately $141.9 million and outstanding principal was $86.9 million, as described in more detail in the table below:     Metropolitan Remaining  Statistical Area Total Investment Funded Unfunded Closing Date ("MSA") Commitment Investment (1) Commitment Fair Value Development property investments: Loan investments with a profits interest: 4/21/2015 Orlando 1 (2) (5) $ 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) 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 (4) 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  
Schedule of Changes in Fair Value of Investments	 (1) Represents principal balance of loan gross of origination fees. (2) 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. (3) 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. (4) These investments were fully repaid during the nine months ended September 30, 2017. (5) In the nine months ended September 30, 2017, the Company purchased the economic rights of the Class A membership units of the limited liability companies which own these development property investments. As such, these investments are presented as self-storage real estate owned in the September 30, 2017 Consolidated Balance Sheet. See Note 7, Self- S torage Real Estate Owned , for additional discussion.   The following table provides a reconciliation of the funded principal to the fair market value of investments at September 30, 2017:     Funded principal $ 173,713 Adjustments: Unamortized origination fees (3,627) Change in fair value of investments 24,528 Other (84) Fair value of investments $ 194,530  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    

FAIR VALUE OF FINANCIAL INSTR23

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2017
FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract]
Summary of Valuation Techniques and Inputs Used to Measure the Fair Value	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 
Summary of Significant Unobservable Inputs Used	The following tables summarize the significant unobservable inputs the Company used to value its investments categorized within Level 3 as of September 30, 2017 and December 31, 2016 . 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 September 30, 2017  Unobservable Inputs  Primary Valuation Weighted  Asset Category Techniques Input Estimated Range Average   Development property investments (a) Income approach analysis Market yields/discount rate 7.72 - 10.37% 8.72%  Exit date 0.33 - 6.96 years 2.87 years   Development property investments with a profits interest (b) Option pricing model Volatility 63.82 - 93.54% 73.85%  Exit date 0.67 - 6.96 years 3.02 years  Capitalization rate (c) 5.35 - 6.00% 5.50%  Discount rate 8.35 - 9.00% 8.50%   Operating property loans Income approach analysis Market yields/discount rate 5.86 - 6.76% 6.24%  Exit date (d) 4.23 - 4.91 years 4.62 years   (a) The valuation technique for the development property investments with a profits interest does not differ from the development property investments without a profits interest. Therefore, this line item focuses on all development property investments, including those with a profits interest. (b) 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. (c) 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. (d) The exit dates for the operating property loans are the contractual maturity dates.      As of December 31, 2016  Unobservable Inputs  Primary Valuation Weighted  Asset Category Techniques Input Estimated Range Average   Development property investments (a) Income approach analysis Market yields/discount rate 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 
Schedule of Change in Fair Value of Investments Due to Change in Market Yield Discount Rates	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) September 30, 2017 December 31, 2016  Up 25 basis points $ (0.9) $ (0.3)  Down 25 basis points, subject to a minimum yield/rate of 10 basis points 1.0 0.3 
Schedule of Change in Fair Value of Investments Due to Change in Capitalization Rates	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) September 30, 2017 December 31, 2016  Up 25 basis points $ (2.5) $ (2.1)  Down 25 basis points 2.7 2.3   Up 50 basis points (4.8) (3.8)  Down 50 basis points 5.8 4.6 
Changes in Investments that Use Level 3 Inputs	The following table presents changes in investments that use Level 3 inputs for the nine month period ended September 30, 2017 :     Balance at December 31, 2016 $ 105,007  Net realized gains -  Net unrealized gains 9,066  Fundings of principal and change in unamortized origination fees 110,600  Repayments of loans (22,746)  Payment-in-kind interest 5,522  Reclassification of self-storage real estate owned (12,919)  Net transfers in or out of Level 3 -  Balance at September 30, 2017 $ 194,530 

INVESTMENT IN REAL ESTATE VEN24

INVESTMENT IN REAL ESTATE VENTURE (Tables)	9 Months Ended
	Sep. 30, 2017
INVESTMENT IN REAL ESTATE VENTURE [Abstract]
Equity Method Investments	As of September 30, 2017 , the SL1 Venture had eleven development property investments with a profits interest as described in more detail in the table below:     Metropolitan Remaining  Statistical Area Total Investment Funded Unfunded  Closing Date ("MSA") Commitment Investment (1) Commitment Fair Value  5/14/2015 Miami 1 (2) (3) $ 13,867 $ 9,455 $ 4,412 $ 10,929  5/14/2015 Miami 2 (2) (3) 14,849 8,486 6,363 8,947  9/25/2015 Fort Lauderdale (2) (3) 13,230 7,298 5,932 7,796  4/15/2016 Washington DC (4) 17,269 14,346 2,923 15,937  4/29/2016 Atlanta 1 (3) 10,223 5,140 5,083 5,459  7/19/2016 Jacksonville (4) 8,127 6,989 1,138 10,541  7/21/2016 New Jersey 7,828 1,621 6,207 1,561  8/15/2016 Atlanta 2 (4) 8,772 6,535 2,237 7,423  8/25/2016 Denver (3) 11,032 7,605 3,427 8,678  9/28/2016 Columbia (4) 9,199 7,651 1,548 8,525  12/22/2016 Raleigh 8,877 2,431 6,446 2,398  Total $ 123,273 $ 77,557 $ 45,716 $ 88,194   (1) Represents principal balance of loan gross of origination fees. (2) 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. (3) Facility had achieved at least 40% construction completion but had not received certificate of occupancy as of September 30, 2017 . See Note 4, Fair Value of Financial Instruments , for information regarding recognition of entrepreneurial profit. (4) Facility had received certificate of occupancy as of September 30, 2017. See Note 4, Fair Value of Financial Instruments , for information regarding recognition of entrepreneurial profit. 

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	9 Months Ended
	Sep. 30, 2017
VARIABLE INTEREST ENTITIES [Abstract]
Schedule of Variable Interest Entities	The Company’s maximum exposure to loss as a result of its involvement with the development property VIEs is as follows:     September 30, 2017 December 31, 2016  Assets recorded related to VIEs $ 188,540 $ 95,102  Unfunded loan commitments to VIEs 247,495 54,950  Maximum exposure to loss $ 436,035 $ 150,052 

SELF-STORAGE REAL ESTATE OWNED

SELF-STORAGE REAL ESTATE OWNED (Tables)	9 Months Ended
	Sep. 30, 2017
INVESTMENT IN REAL ESTATE VENTURE [Abstract]
Schedule of Cost Basis of Real Estate Investments	Th e following table shows the Company’s basis in this facility as of August 9, 2017:     Funded principal balance, net of unamortized origination fees $ 9,139  Unrealized appreciation on investments 3,780  Cash consideration paid 2,856  Net property working capital acquired 52  Total cost basis $ 15,827 
Real Estate Investment, Impact in Consolidated Balance Sheet , Disclosure	The following table shows the impact of this real estate investment on the Company’s Consolidated Balance Sheet as of September 30, 2017 :     September 30, 2017  Cash and cash equivalents $ 60  Prepaid expenses and other assets 2   Land 1,505  Building and improvements 13,720  In-place leases 602  Accumulated depreciation and amortization (233)  Self-storage real estate owned $ 15,594   Accounts payable, accrued expenses and other liabilities $ 125 
Real Estate Investment, Impact in Consolidated Statement of Operations, Disclosure	The following table shows the impact of this real estate investment on the Company’s Consolidated Statement of Operations for the three and nine months ended September 30, 2017 :       Three months ended Nine months ended  September 30, 2017 September 30, 2017   Rental revenues $ 160 $ 328   Property operating expenses of real estate owned (114) (188)  Depreciation and amortization expense (172) (233)  Total expenses of real estate owned $ (286) $ (421) 

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Sep. 30, 2017
DEBT [Abstract]
Bank Commitments and Outstanding Balances of Senior Participations	The table below details the bank commitment and outstanding balance of our senior participation at September 30, 2017 :      Commitment by Bank Amount Borrowed Remaining Funds Interest Rate Effective Interest Rate at September 30, 2017 Maturity Date  Miami A Note $ 10,001 $ 732 $ 9,269 30-day LIBOR + 3.10% 4.33 % January 31, 2018  Unamortized fees (64)  Net balance $ 668  The table below details the bank commitments and outstanding balances of our senior participations at December 31, 2016 :      Commitment by Bank Amount Borrowed Remaining Funds Interest Rate Effective Interest Rate at December 31, 2016 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)	9 Months Ended
	Sep. 30, 2017
Stockholders' Equity [Abstract]
Summary of Changes in Restricted Shares	A summary of changes in the Company’s restricted shares of common stock for the three and nine months ended September 30, 2017 and 2016 is as follows:     Three months ended Three months ended  September 30, 2017 September 30, 2016  Weighted Weighted  average grant average grant  Shares date fair value Shares date fair value   Nonvested at June 30, 202,502 $ 21.33 139,168 $ 19.91  Granted - - - -  Vested (17,500) 18.64 (17,500) 18.64  Forfeited - - - -  Nonvested at September 30, 185,002 $ 21.58 121,668 $ 20.10      Nine months ended Nine months ended  September 30, 2017 September 30, 2016  Weighted Weighted  average grant average grant  Shares date fair value Shares date fair value   Nonvested at December 31, 120,001 $ 20.10 162,500 $ 20.08  Granted 111,414 22.59 14,340 13.95  Vested (46,413) 20.28 (55,172) 18.27  Forfeited - - - -  Nonvested at September 30, 185,002 $ 21.58 121,668 $ 20.10 

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2017
EARNINGS PER SHARE [Abstract]
Schedule of Earnings per Share, Basic and Diluted	For the three and nine months ended September 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 September 30, Nine months ended September 30,  2017 2016 2017 2016  Shares outstanding  Weighted average common shares - basic 14,042,350 5,831,135 10,935,776 5,926,215  Effect of dilutive securities 201,995 131,958 172,764 149,971  Weighted average common shares, all classes 14,244,345 5,963,093 11,108,540 6,076,186   Calculation of Earnings per Share - basic  Net income $ 4,457 $ 4,994 $ 11,434 $ 11,528  Less:  Net income allocated to preferred stockholders 310 n/a 1,033 n/a  Net income allocated to unvested restricted shares 57 111 156 285  Net income attributable to common shareholders - two-class method $ 4,090 $ 4,883 $ 10,245 $ 11,243   Weighted average common shares - basic 14,042,350 5,831,135 10,935,776 5,926,215  Earnings per share - basic $ 0.29 $ 0.84 $ 0.94 $ 1.90   Calculation of Earnings per Share - diluted  Net income $ 4,457 $ 4,994 $ 11,434 $ 11,528  Less:  Net income allocated to preferred stockholders 310 n/a 1,033 n/a  Net income attributable to common shareholders - two-class method $ 4,147 $ 4,994 $ 10,401 $ 11,528   Weighted average common shares - diluted 14,244,345 5,963,093 11,108,540 6,076,186  Earnings per share - diluted $ 0.29 $ 0.84 $ 0.94 $ 1.90  

SUBSEQUENT EVENTS (Tables)

SUBSEQUENT EVENTS (Tables)	9 Months Ended
	Sep. 30, 2017
Schedule of Investments	 As of September 30, 2017, the aggregate committed principal amount of the Company’s investment portfolio was approximately $421.2 million and outstanding principal was $173.7 million, as described in more detail in the table below:      Metropolitan Remaining  Statistical Area Total Investment Funded Unfunded Closing Date ("MSA") Commitment Investment (1) Commitment Fair Value Development property investments: Loan investments with a profits interest: 6/10/2015 Atlanta 1 (2) $ 8,132 $ 8,010 $ 122 $ 10,507 6/19/2015 Tampa 1 (2) 5,369 5,285 84 6,058 6/26/2015 Atlanta 2 (2) 6,050 5,754 296 8,519 6/29/2015 Charlotte 1 (2) 7,624 7,126 498 10,551 7/2/2015 Milwaukee (2) 7,650 7,377 273 8,762 7/31/2015 New Haven (2) 6,930 6,412 518 8,399 8/10/2015 Pittsburgh (2) 5,266 4,574 692 6,591 8/14/2015 Raleigh (3) 8,792 4,277 4,515 4,260 9/30/2015 Jacksonville 1 (2) 6,445 5,988 457 8,830 10/27/2015 Austin (2) 8,658 7,000 1,658 8,779 9/20/2016 Charlotte 2 (3) 12,888 4,517 8,371 4,360 11/17/2016 Jacksonville 2 (3) 7,530 3,899 3,631 4,453 1/4/2017 New York City 1 (2) 16,117 13,165 2,952 16,712 1/18/2017 Atlanta 3 14,115 3,471 10,644 3,314 1/31/2017 Atlanta 4 13,678 5,698 7,980 5,667 2/24/2017 Orlando 3 8,056 1,468 6,588 1,409 2/24/2017 New Orleans 12,549 - 12,549 - 2/27/2017 Atlanta 5 17,492 3,910 13,582 3,790 3/1/2017 Fort Lauderdale 9,952 1,945 8,007 1,875 3/1/2017 Houston 13,630 3,382 10,248 3,283 4/14/2017 Louisville 1 8,523 1,471 7,052 1,394 4/20/2017 Denver 1 9,806 1,906 7,900 1,822 4/20/2017 Denver 2 11,164 2,877 8,287 2,790 5/2/2017 Atlanta 6 12,543 3,117 9,426 3,017 5/2/2017 Tampa 2 8,091 890 7,201 813 5/19/2017 Tampa 3 9,224 729 8,495 639 6/12/2017 Tampa 4 10,266 1,364 8,902 1,266 6/19/2017 Baltimore (4) 10,775 2,672 8,103 2,484 6/28/2017 Knoxville 9,115 1,656 7,459 1,573 6/29/2017 Boston 14,103 2,031 12,072 1,898 6/30/2017 New York City 2 (4) 26,482 16,712 9,770 16,333 7/27/2017 Jacksonville 3 8,096 888 7,208 810 8/30/2017 Orlando 4 9,037 1,790 7,247 1,698 9/14/2017 Los Angeles 28,750 7,382 21,368 7,284 9/14/2017 Miami 14,657 5,761 8,896 5,644 9/28/2017 Louisville 2 9,940 2,230 7,710 2,139  $ 397,495 $ 156,734 $ 240,761 $ 177,723  Construction loans: 12/23/2015 Miami 17,733 10,999 6,734 10,817  $ 17,733 $ 10,999 $ 6,734 $ 10,817  Subtotal $ 415,228 $ 167,733 $ 247,495 $ 188,540  Operating property loans: 7/7/2015 Newark 3,480 3,480 - 3,477 12/22/2015 Chicago 2,502 2,500 2 2,513  Subtotal $ 5,982 $ 5,980 $ 2 $ 5,990   Total investments $ 421,210 $ 173,713 $ 247,497 $ 194,530    (1) Represents principal balance of loan gross of origination fees. (2) Facility had received certificate of occupancy as of September 30, 2017. See Note 4, Fair Value of Financial Instruments , for information regarding recognition of entrepreneurial profit. (3) Facility had achieved at least 40% construction completion but had not received certificate of occupancy as of September 30, 2017. See Note 4, Fair Value of Financial Instruments , for information regarding recognition of entrepreneurial profit. (4) 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.  As of December 31, 2016, the aggregate committed principal amount of the Company’s investment portfolio was approximately $141.9 million and outstanding principal was $86.9 million, as described in more detail in the table below:     Metropolitan Remaining  Statistical Area Total Investment Funded Unfunded Closing Date ("MSA") Commitment Investment (1) Commitment Fair Value Development property investments: Loan investments with a profits interest: 4/21/2015 Orlando 1 (2) (5) $ 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) 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 (4) 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  
Development Property Investment [Member]
Schedule of Investments	Subsequent to September 30, 2017, the Company closed on the following development property investment with a profits interest:     Total Investment  Closing Date MSA Commitment  10/12/2017 Miami 2 $ 9,459  10/30/2017 New Jersey 14,701  Total $ 24,160 

SIGNIFICANT ACCOUNTING POLICI31

SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) - USD ($)	Jul. 26, 2017	Jul. 26, 2017	Jul. 25, 2017	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Jul. 27, 2018
Significant Accounting Policies [Line Items]
Deferred Offering Costs				$ 2,200,000		$ 2,200,000
Transaction and other expenses				0	$ 2,000	0	$ 2,100,000
Cash received upon closing of the credit facility						403,000
Paydown of the credit facility						20,000,000
Repurchase of senior loan participation						$ (1,854,000)
Scenario, Plan [Member]
Significant Accounting Policies [Line Items]
Deferred Offering Costs								$ 2,800,000
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		$ 600,000
Development Property Investment [Member]
Significant Accounting Policies [Line Items]
Equity Method Investment, Ownership Percentage				49.90%		49.90%
Jernigan Capital Operating Company LLC [Member]
Significant Accounting Policies [Line Items]
Proceeds from lines of credit		$ 20,000,000	$ 20,000,000
Paydown of the credit facility			$ 17,800,000

SIGNIFICANT ACCOUNTING POLICI32

SIGNIFICANT ACCOUNTING POLICIES (Financial Instruments Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Development property investments	$ 188,540	$ 95,102
Operating property loans	5,990	9,905
Total investments	194,530	105,007
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Development property investments	188,540	95,102
Operating property loans	5,990	9,905
Total investments	$ 194,530	$ 105,007

SIGNIFICANT ACCOUNTING POLICI33

SIGNIFICANT ACCOUNTING POLICIES (Schedule of Consolidated Statements of Cash Flows - Supplemental Disclosures) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Supplemental disclosure of cash flow information:
Interest paid	$ 705	$ 141
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	310
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	12,919
Other loans paid off with issuance of development property investments	$ 1,587

INVESTMENTS (Narrative) (Detail

INVESTMENTS (Narrative) (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)property	Sep. 30, 2016USD ($)	Dec. 31, 2016USD ($)
Schedule of Investments [Line Items]
Investment Commitment	$ 421,210		$ 421,210
Funded Investment, outstanding	173,713		173,713		$ 86,905
Revenues	3,361	$ 1,698	8,261	$ 4,374
Operating Income (Loss), Total	653	$ (169)	1,131	(3,368)
New Orleans MSA Development Property Investment [Member]
Schedule of Investments [Line Items]
Equity Method Investment, Summarized Financial Information, Net Income (Loss)			$ 4,100
Construction Loans [Member]
Schedule of Investments [Line Items]
Mortgage loans on real estate, interest rate			6.90%
Mortgage Loans on Real Estate, Periodic Payment Terms			P18M
Investment Commitment	$ 17,700		$ 17,700
Development Property Investment [Member]
Schedule of Investments [Line Items]
Number of Investments | property			36
Equity Method Investment, Ownership Percentage	49.90%		49.90%
Mortgage loans on real estate, interest rate			6.90%
Mortgage Loans on Real Estate, Periodic Payment Terms			P72M
Equity Method Investment, Assets, Total	$ 188,200		$ 188,200		71,000
Equity Method Investment, Liabilities, Total	156,700		156,700		60,200
Investment Commitment	397,500		397,500
Revenues			$ 2,200	300
Operating Income (Loss), Total	200			$ (600)
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 member's interest at the original purchase price plus a yield of 4.5% on such purchase price.
Operating Property Loans [Member]
Schedule of Investments [Line Items]
Mortgage Loans on Real Estate, Periodic Payment Terms			P72M
Investment Commitment	5,982		$ 5,982
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%
Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment					141,857
Investment Commitment [Member] | Operating Property Loans [Member]
Schedule of Investments [Line Items]
Investment Commitment					9,992
Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment, outstanding	173,713		$ 173,713		86,905
Funded Investment [Member] | Operating Property Loans [Member]
Schedule of Investments [Line Items]
Funded Investment, outstanding	$ 5,980		$ 5,980		$ 9,990

INVESTMENTS (Schedule of Invest

INVESTMENTS (Schedule of Investments) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Schedule of Investments [Line Items]
Investment Commitment	$ 421,210
Funded Investment	173,713	$ 86,905
Development property investments, Fair Value	188,540	95,102
Operating property loans, Fair Value	5,990	9,905
Investments, Fair Value Disclosure	$ 194,530	105,007
Percentage of completion of construction	100.00%
Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 415,228
Development property investments, Fair Value	188,540	95,102
Operating Property Loans [Member]
Schedule of Investments [Line Items]
Investment Commitment	5,982
Operating property loans, Fair Value	5,990	9,905
Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		141,857
Investment Commitment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Commitment		131,865
Investment Commitment [Member] | Operating Property Loans [Member]
Schedule of Investments [Line Items]
Investment Commitment		9,992
Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	173,713	86,905
Funded Investment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Funded Investment	167,733	76,915
Funded Investment [Member] | Operating Property Loans [Member]
Schedule of Investments [Line Items]
Funded Investment	5,980	9,990
Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	247,497	54,952
Unfunded Commitment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Commitment	247,495	54,950
Unfunded Commitment [Member] | Operating Property Loans [Member]
Schedule of Investments [Line Items]
Investment Commitment	2	2
Loan investments [Member]
Schedule of Investments [Line Items]
Development property investments, Fair Value	88,194
Loan investments [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Commitment	397,495
Development property investments, Fair Value	177,723	78,663
Loan investments [Member] | Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	123,273
Loan investments [Member] | Investment Commitment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Commitment		101,840
Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	77,557
Loan investments [Member] | Funded Investment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Funded Investment	156,734	60,201
Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	45,716
Loan investments [Member] | Unfunded Commitment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Commitment	240,761	41,639
Construction Loans [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Commitment	17,733
Development property investments, Fair Value	10,817	16,439
Construction Loans [Member] | Investment Commitment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Commitment		30,025
Construction Loans [Member] | Funded Investment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Funded Investment	10,999	16,714
Construction Loans [Member] | Unfunded Commitment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 6,734	$ 13,311
Atlanta 1 [Member] | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	4/29/2016
Development property investments, Fair Value	$ 5,459
Atlanta 1 [Member] | Loan investments [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	6/10/2015	6/10/2015
Investment Commitment	$ 8,132
Development property investments, Fair Value	10,507	$ 10,404
Atlanta 1 [Member] | Loan investments [Member] | Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	10,223
Atlanta 1 [Member] | Loan investments [Member] | Investment Commitment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Commitment		8,132
Atlanta 1 [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	5,140
Atlanta 1 [Member] | Loan investments [Member] | Funded Investment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Funded Investment	8,010	7,694
Atlanta 1 [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	5,083
Atlanta 1 [Member] | Loan investments [Member] | Unfunded Commitment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 122	$ 438
Tampa 1 [Member] | Loan investments [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	6/19/2015
Investment Commitment	$ 5,369
Development property investments, Fair Value	6,058
Tampa 1 [Member] | Loan investments [Member] | Funded Investment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Funded Investment	5,285
Tampa 1 [Member] | Loan investments [Member] | Unfunded Commitment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 84
Atlanta 2 [Member] | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	8/15/2016
Development property investments, Fair Value	$ 7,423
Atlanta 2 [Member] | Loan investments [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	6/26/2015	6/26/2015
Investment Commitment	$ 6,050
Development property investments, Fair Value	8,519	$ 8,900
Atlanta 2 [Member] | Loan investments [Member] | Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	8,772
Atlanta 2 [Member] | Loan investments [Member] | Investment Commitment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Commitment		6,050
Atlanta 2 [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	6,535
Atlanta 2 [Member] | Loan investments [Member] | Funded Investment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Funded Investment	5,754	5,620
Atlanta 2 [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	2,237
Atlanta 2 [Member] | Loan investments [Member] | Unfunded Commitment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 296	$ 430
Charlotte 1 [Member] | Loan investments [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	6/29/2015	6/29/2015
Investment Commitment	$ 7,624
Development property investments, Fair Value	10,551	$ 9,853
Charlotte 1 [Member] | Loan investments [Member] | Investment Commitment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Commitment		7,624
Charlotte 1 [Member] | Loan investments [Member] | Funded Investment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Funded Investment	7,126	6,842
Charlotte 1 [Member] | Loan investments [Member] | Unfunded Commitment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 498	$ 782
Milwaukee [Member] | Loan investments [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	7/2/2015	7/2/2015
Investment Commitment	$ 7,650
Development property investments, Fair Value	8,762	$ 7,008
Milwaukee [Member] | Loan investments [Member] | Investment Commitment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Commitment		7,650
Milwaukee [Member] | Loan investments [Member] | Funded Investment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Funded Investment	7,377	5,608
Milwaukee [Member] | Loan investments [Member] | Unfunded Commitment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 273	$ 2,042
New Haven [Member] | Loan investments [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	7/31/2015	7/31/2015
Investment Commitment	$ 6,930
Development property investments, Fair Value	8,399	$ 6,730
New Haven [Member] | Loan investments [Member] | Investment Commitment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Commitment		6,930
New Haven [Member] | Loan investments [Member] | Funded Investment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Funded Investment	6,412	5,257
New Haven [Member] | Loan investments [Member] | Unfunded Commitment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 518	$ 1,673
Pittsburgh [Member] | Loan investments [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	8/10/2015	8/10/2015
Investment Commitment	$ 5,266
Development property investments, Fair Value	6,591	$ 4,551
Pittsburgh [Member] | Loan investments [Member] | Investment Commitment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Commitment		5,266
Pittsburgh [Member] | Loan investments [Member] | Funded Investment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Funded Investment	4,574	3,497
Pittsburgh [Member] | Loan investments [Member] | Unfunded Commitment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 692	$ 1,769
Raleigh [Member] | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	12/22/2016
Development property investments, Fair Value	$ 2,398
Raleigh [Member] | Loan investments [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	8/14/2015	8/14/2015
Investment Commitment	$ 8,792
Development property investments, Fair Value	4,260	$ 1,396
Raleigh [Member] | Loan investments [Member] | Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	8,877
Raleigh [Member] | Loan investments [Member] | Investment Commitment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Commitment		8,792
Raleigh [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	2,431
Raleigh [Member] | Loan investments [Member] | Funded Investment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Funded Investment	4,277	1,460
Raleigh [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	6,446
Raleigh [Member] | Loan investments [Member] | Unfunded Commitment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 4,515	$ 7,332
Jacksonville 1 [Member] | Loan investments [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	9/30/2015	9/30/2015
Investment Commitment	$ 6,445
Development property investments, Fair Value	8,830	$ 7,962
Jacksonville 1 [Member] | Loan investments [Member] | Investment Commitment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Commitment		6,445
Jacksonville 1 [Member] | Loan investments [Member] | Funded Investment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Funded Investment	5,988	5,852
Jacksonville 1 [Member] | Loan investments [Member] | Unfunded Commitment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 457	$ 593
Austin [Member] | Loan investments [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	10/27/2015	10/27/2015
Investment Commitment	$ 8,658
Development property investments, Fair Value	8,779	$ 5,192
Austin [Member] | Loan investments [Member] | Investment Commitment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Commitment		8,658
Austin [Member] | Loan investments [Member] | Funded Investment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Funded Investment	7,000	4,366
Austin [Member] | Loan investments [Member] | Unfunded Commitment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 1,658	$ 4,292
Charlotte 2 [Member] | Loan investments [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	9/20/2016	9/20/2016
Investment Commitment	$ 12,888
Development property investments, Fair Value	4,360	$ 1,298
Charlotte 2 [Member] | Loan investments [Member] | Investment Commitment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Commitment		12,888
Charlotte 2 [Member] | Loan investments [Member] | Funded Investment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Funded Investment	4,517	1,446
Charlotte 2 [Member] | Loan investments [Member] | Unfunded Commitment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 8,371	$ 11,442
Jacksonville 2 [Member] | Loan investments [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	11/17/2016	11/17/2016
Investment Commitment	$ 7,530
Development property investments, Fair Value	4,453	$ 551
Jacksonville 2 [Member] | Loan investments [Member] | Investment Commitment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Commitment		7,530
Jacksonville 2 [Member] | Loan investments [Member] | Funded Investment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Funded Investment	3,899	624
Jacksonville 2 [Member] | Loan investments [Member] | Unfunded Commitment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 3,631	$ 6,906
New York City 1 [Member] | Loan investments [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	1/4/2017
Investment Commitment	$ 16,117
Development property investments, Fair Value	16,712
New York City 1 [Member] | Loan investments [Member] | Funded Investment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Funded Investment	13,165
New York City 1 [Member] | Loan investments [Member] | Unfunded Commitment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 2,952
Atlanta 3 [Member] | Loan investments [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	1/18/2017
Investment Commitment	$ 14,115
Development property investments, Fair Value	3,314
Atlanta 3 [Member] | Loan investments [Member] | Funded Investment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Funded Investment	3,471
Atlanta 3 [Member] | Loan investments [Member] | Unfunded Commitment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 10,644
Atlanta 4 [Member] | Loan investments [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	1/31/2017
Investment Commitment	$ 13,678
Development property investments, Fair Value	5,667
Atlanta 4 [Member] | Loan investments [Member] | Funded Investment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Funded Investment	5,698
Atlanta 4 [Member] | Loan investments [Member] | Unfunded Commitment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 7,980
Orlando 3 [Member] | Loan investments [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	2/24/2017
Investment Commitment	$ 8,056
Development property investments, Fair Value	1,409
Orlando 3 [Member] | Loan investments [Member] | Funded Investment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Funded Investment	1,468
Orlando 3 [Member] | Loan investments [Member] | Unfunded Commitment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 6,588
New Orleans [Member] | Operating Property Loans [Member]
Schedule of Investments [Line Items]
Investment Closing Date		6/19/2015
Operating property loans, Fair Value		$ 2,768
New Orleans [Member] | Investment Commitment [Member] | Operating Property Loans [Member]
Schedule of Investments [Line Items]
Investment Commitment		2,800
New Orleans [Member] | Funded Investment [Member] | Operating Property Loans [Member]
Schedule of Investments [Line Items]
Funded Investment		$ 2,800
New Orleans [Member] | Loan investments [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	2/24/2017
Investment Commitment	$ 12,549
New Orleans [Member] | Loan investments [Member] | Unfunded Commitment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 12,549
Atlanta 5 [Member] | Loan investments [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	2/27/2017
Investment Commitment	$ 17,492
Development property investments, Fair Value	3,790
Atlanta 5 [Member] | Loan investments [Member] | Funded Investment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Funded Investment	3,910
Atlanta 5 [Member] | Loan investments [Member] | Unfunded Commitment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 13,582
Fort Lauderdale [Member] | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	9/25/2015
Development property investments, Fair Value	$ 7,796
Fort Lauderdale [Member] | Loan investments [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	3/1/2017
Investment Commitment	$ 9,952
Development property investments, Fair Value	1,875
Fort Lauderdale [Member] | Loan investments [Member] | Investment Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	13,230
Fort Lauderdale [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	7,298
Fort Lauderdale [Member] | Loan investments [Member] | Funded Investment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Funded Investment	1,945
Fort Lauderdale [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	5,932
Fort Lauderdale [Member] | Loan investments [Member] | Unfunded Commitment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 8,007
Houston [Member] | Loan investments [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	3/1/2017
Investment Commitment	$ 13,630
Development property investments, Fair Value	3,283
Houston [Member] | Loan investments [Member] | Funded Investment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Funded Investment	3,382
Houston [Member] | Loan investments [Member] | Unfunded Commitment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 10,248
Louisville 1 [Member] | Loan investments [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	4/14/2017
Investment Commitment	$ 8,523
Development property investments, Fair Value	1,394
Louisville 1 [Member] | Loan investments [Member] | Funded Investment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Funded Investment	1,471
Louisville 1 [Member] | Loan investments [Member] | Unfunded Commitment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 7,052
Denver 1 [Member] | Loan investments [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	4/20/2017
Investment Commitment	$ 9,806
Development property investments, Fair Value	1,822
Denver 1 [Member] | Loan investments [Member] | Funded Investment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Funded Investment	1,906
Denver 1 [Member] | Loan investments [Member] | Unfunded Commitment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 7,900
Denver 2 [Member] | Loan investments [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	4/20/2017
Investment Commitment	$ 11,164
Development property investments, Fair Value	2,790
Denver 2 [Member] | Loan investments [Member] | Funded Investment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Funded Investment	2,877
Denver 2 [Member] | Loan investments [Member] | Unfunded Commitment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 8,287
Atlanta 6 [Member] | Loan investments [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	5/2/2017
Investment Commitment	$ 12,543
Development property investments, Fair Value	3,017
Atlanta 6 [Member] | Loan investments [Member] | Funded Investment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Funded Investment	3,117
Atlanta 6 [Member] | Loan investments [Member] | Unfunded Commitment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 9,426
Tampa 2 [Member] | Loan investments [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	5/2/2017
Investment Commitment	$ 8,091
Development property investments, Fair Value	813
Tampa 2 [Member] | Loan investments [Member] | Funded Investment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Funded Investment	890
Tampa 2 [Member] | Loan investments [Member] | Unfunded Commitment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 7,201
Tampa 3 [Member] | Loan investments [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	5/19/2017
Investment Commitment	$ 9,224
Development property investments, Fair Value	639
Tampa 3 [Member] | Loan investments [Member] | Funded Investment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Funded Investment	729
Tampa 3 [Member] | Loan investments [Member] | Unfunded Commitment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 8,495
Tampa 4 [Member] | Loan investments [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	6/12/2017
Investment Commitment	$ 10,266
Development property investments, Fair Value	1,266
Tampa 4 [Member] | Loan investments [Member] | Funded Investment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Funded Investment	1,364
Tampa 4 [Member] | Loan investments [Member] | Unfunded Commitment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 8,902
West Palm Beach [Member] | Construction Loans [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date		8/5/2015
Development property investments, Fair Value		$ 6,702
West Palm Beach [Member] | Construction Loans [Member] | Investment Commitment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Commitment		7,500
West Palm Beach [Member] | Construction Loans [Member] | Funded Investment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Funded Investment		6,712
West Palm Beach [Member] | Construction Loans [Member] | Unfunded Commitment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 788
Sarasota [Member] | Construction Loans [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date		8/5/2015
Development property investments, Fair Value		$ 3,473
Sarasota [Member] | Construction Loans [Member] | Investment Commitment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Commitment		4,792
Sarasota [Member] | Construction Loans [Member] | Funded Investment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Funded Investment		3,485
Sarasota [Member] | Construction Loans [Member] | Unfunded Commitment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 1,307
Baltimore [Member] | Loan investments [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	6/19/2017
Investment Commitment	$ 10,775
Development property investments, Fair Value	2,484
Baltimore [Member] | Loan investments [Member] | Funded Investment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Funded Investment	2,672
Baltimore [Member] | Loan investments [Member] | Unfunded Commitment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 8,103
Knoxville [Member] | Loan investments [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	6/28/2017
Investment Commitment	$ 9,115
Development property investments, Fair Value	1,573
Knoxville [Member] | Loan investments [Member] | Funded Investment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Funded Investment	1,656
Knoxville [Member] | Loan investments [Member] | Unfunded Commitment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 7,459
Boston [Member] | Loan investments [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	6/29/2017
Investment Commitment	$ 14,103
Development property investments, Fair Value	1,898
Boston [Member] | Loan investments [Member] | Funded Investment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Funded Investment	2,031
Boston [Member] | Loan investments [Member] | Unfunded Commitment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 12,072
New York City 2 [Member] | Loan investments [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	6/30/2017
Investment Commitment	$ 26,482
Development property investments, Fair Value	16,333
New York City 2 [Member] | Loan investments [Member] | Funded Investment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Funded Investment	16,712
New York City 2 [Member] | Loan investments [Member] | Unfunded Commitment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 9,770
Jacksonville 3 [Member] | Loan investments [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	7/27/2017
Investment Commitment	$ 8,096
Development property investments, Fair Value	810
Jacksonville 3 [Member] | Loan investments [Member] | Funded Investment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Funded Investment	888
Jacksonville 3 [Member] | Loan investments [Member] | Unfunded Commitment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 7,208
Orlando 4 [Member] | Loan investments [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	8/30/2017
Investment Commitment	$ 9,037
Development property investments, Fair Value	1,698
Orlando 4 [Member] | Loan investments [Member] | Funded Investment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Funded Investment	1,790
Orlando 4 [Member] | Loan investments [Member] | Unfunded Commitment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 7,247
Los Angeles [Member] | Loan investments [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	9/14/2017
Investment Commitment	$ 28,750
Development property investments, Fair Value	7,284
Los Angeles [Member] | Loan investments [Member] | Funded Investment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Funded Investment	7,382
Los Angeles [Member] | Loan investments [Member] | Unfunded Commitment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 21,368
Miami [Member] | Loan investments [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	9/14/2017
Investment Commitment	$ 14,657
Development property investments, Fair Value	5,644
Miami [Member] | Loan investments [Member] | Funded Investment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Funded Investment	5,761
Miami [Member] | Loan investments [Member] | Unfunded Commitment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 8,896
Miami [Member] | Construction Loans [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	12/23/2015	12/23/2015
Investment Commitment	$ 17,733
Development property investments, Fair Value	10,817	$ 6,264
Miami [Member] | Construction Loans [Member] | Investment Commitment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Commitment		17,733
Miami [Member] | Construction Loans [Member] | Funded Investment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Funded Investment	10,999	6,517
Miami [Member] | Construction Loans [Member] | Unfunded Commitment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 6,734	$ 11,216
Louisville 2 [Member] | Loan investments [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	9/28/2017
Investment Commitment	$ 9,940
Development property investments, Fair Value	2,139
Louisville 2 [Member] | Loan investments [Member] | Funded Investment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Funded Investment	2,230
Louisville 2 [Member] | Loan investments [Member] | Unfunded Commitment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 7,710
Newark [Member] | Operating Property Loans [Member]
Schedule of Investments [Line Items]
Investment Closing Date	7/7/2015	7/7/2015
Investment Commitment	$ 3,480
Operating property loans, Fair Value	3,477	$ 3,441
Newark [Member] | Investment Commitment [Member] | Operating Property Loans [Member]
Schedule of Investments [Line Items]
Investment Commitment		3,480
Newark [Member] | Funded Investment [Member] | Operating Property Loans [Member]
Schedule of Investments [Line Items]
Funded Investment	$ 3,480	$ 3,480
Chicago [Member] | Operating Property Loans [Member]
Schedule of Investments [Line Items]
Investment Closing Date	12/22/2015	12/22/2015
Investment Commitment	$ 2,502
Operating property loans, Fair Value	2,513	$ 2,492
Chicago [Member] | Investment Commitment [Member] | Operating Property Loans [Member]
Schedule of Investments [Line Items]
Investment Commitment		2,502
Chicago [Member] | Funded Investment [Member] | Operating Property Loans [Member]
Schedule of Investments [Line Items]
Funded Investment	2,500	2,500
Chicago [Member] | Unfunded Commitment [Member] | Operating Property Loans [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 2	$ 2
Orlando 1 [Member] | Loan investments [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date		4/21/2015
Development property investments, Fair Value		$ 7,302
Orlando 1 [Member] | Loan investments [Member] | Investment Commitment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Commitment		5,372
Orlando 1 [Member] | Loan investments [Member] | Funded Investment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Funded Investment		5,308
Orlando 1 [Member] | Loan investments [Member] | Unfunded Commitment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 64
Tampa [Member] | Loan investments [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date		6/19/2015
Development property investments, Fair Value		$ 6,279
Tampa [Member] | Loan investments [Member] | Investment Commitment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Commitment		5,369
Tampa [Member] | Loan investments [Member] | Funded Investment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Funded Investment		5,285
Tampa [Member] | Loan investments [Member] | Unfunded Commitment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 84
Orlando 2 [Member] | Loan investments [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date		11/17/2016
Development property investments, Fair Value		$ 1,237
Orlando 2 [Member] | Loan investments [Member] | Investment Commitment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Commitment		5,134
Orlando 2 [Member] | Loan investments [Member] | Funded Investment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Funded Investment		1,342
Orlando 2 [Member] | Loan investments [Member] | Unfunded Commitment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 3,792
Nashville [Member] | Operating Property Loans [Member]
Schedule of Investments [Line Items]
Investment Closing Date		10/30/2015
Operating property loans, Fair Value		$ 1,204
Nashville [Member] | Investment Commitment [Member] | Operating Property Loans [Member]
Schedule of Investments [Line Items]
Investment Commitment		1,210
Nashville [Member] | Funded Investment [Member] | Operating Property Loans [Member]
Schedule of Investments [Line Items]
Funded Investment		$ 1,210
Minimum [Member]
Schedule of Investments [Line Items]
Percentage of completion of construction	40.00%	40.00%

INVESTMENTS (Schedule of Change

INVESTMENTS (Schedule of Changes in Fair Value of Investments) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
INVESTMENTS [Abstract]
Funded principal	$ 173,713	$ 86,905
Adjustments:
Unamortized origination fees	(3,627)	(1,056)
Change in fair value of investments	24,528	19,242
Other	(84)	(84)
Fair value of investments	$ 194,530	$ 105,007

FAIR VALUE OF FINANCIAL INSTR37

FAIR VALUE OF FINANCIAL INSTRUMENTS (Narrative) (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Percentage of completion of construction	100.00%
Percentage of construciton completion threshold percentage when most entrepreneurial profit is earned	40.00%
Investment Owned, Unrecognized Unrealized Appreciation (Depreciation), Net	$ 24.5	$ 19.2
Minimum [Member]
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Percentage of completion of construction	40.00%	40.00%

FAIR VALUE OF FINANCIAL INSTR38

FAIR VALUE OF FINANCIAL INSTRUMENTS (Summary of Significant Unobservable Inputs Used) (Details)		9 Months Ended	12 Months Ended
		Sep. 30, 2017	Dec. 31, 2016
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Percentage of completion of construction		100.00%
Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Percentage of completion of construction		40.00%	40.00%
Development Property Investments [Member] | Minimum [Member] | Income Approach Valuation Technique [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Exit date		3 months 29 days	2 months 1 day
Market yields/ discount rate		7.72%	7.23%
Development Property Investments [Member] | Maximum [Member] | Income Approach Valuation Technique [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Exit date		6 years 11 months 15 days	3 years 10 months 17 days
Market yields/ discount rate		10.37%	9.28%
Development Property Investments [Member] | Weighted Average [Member] | Income Approach Valuation Technique [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Exit date		2 years 10 months 14 days	1 year 9 months 22 days
Market yields/ discount rate		8.72%	8.34%
Development Property Investments [Member] | Loan Investments With Profits Interest [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Market yields/ discount rate		8.35%
Development Property Investments [Member] | Loan Investments With Profits Interest [Member] | Minimum [Member] | Option Pricing Model [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Volatility		63.82%	68.72%
Exit date		8 months 2 days	1 year 5 months 1 day
Capitalization rate	[1]	5.35%	5.25%
Market yields/ discount rate			8.25%
Development Property Investments [Member] | Loan Investments With Profits Interest [Member] | Maximum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Market yields/ discount rate		9.00%
Development Property Investments [Member] | Loan Investments With Profits Interest [Member] | Maximum [Member] | Option Pricing Model [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Volatility		93.54%	73.46%
Exit date		6 years 11 months 15 days	3 years 10 months 17 days
Capitalization rate		6.00%	5.50%
Market yields/ discount rate			8.50%
Development Property Investments [Member] | Loan Investments With Profits Interest [Member] | Weighted Average [Member] | Option Pricing Model [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Volatility		73.85%	73.17%
Exit date		3 years 7 days	2 years 1 month 13 days
Capitalization rate	[1]	5.50%	5.47%
Market yields/ discount rate		8.50%	8.47%
Thirteen Properties [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Percentage of completion of construction		40.00%
Thirteen Properties [Member] | Maximum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Percentage of completion of construction		100.00%
Ten Properties [Member} | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Percentage of completion of construction			40.00%
Ten Properties [Member} | Maximum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Percentage of completion of construction			100.00%
Operating Property Loans [Member] | Minimum [Member] | Income Approach Valuation Technique [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Exit date		4 years 2 months 23 days	4 years 6 months
Market yields/ discount rate		5.86%	6.09%
Operating Property Loans [Member] | Maximum [Member] | Income Approach Valuation Technique [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Exit date		4 years 10 months 28 days	5 years 7 months 28 days
Market yields/ discount rate		6.76%	7.20%
Operating Property Loans [Member] | Weighted Average [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Exit date			5 years 26 days
Market yields/ discount rate			6.73%
Operating Property Loans [Member] | Weighted Average [Member] | Income Approach Valuation Technique [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Exit date		4 years 7 months 13 days
Market yields/ discount rate		6.24%
[1]	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.

FAIR VALUE OF FINANCIAL INSTR39

FAIR VALUE OF FINANCIAL INSTRUMENTS (Schedule of Change in Fair Value of Investments Due to Change in Market Yield Discount Rates) (Details) - Market Yield and Discount Rate [Member] - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 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	$ (0.9)	$ (0.3)
Down 25 Basis Points [Member]
Investments in and Advances to Affiliates [Line Items]
Increase (decrease) in fair value of investments	$ 1	$ 0.3

FAIR VALUE OF FINANCIAL INSTR40

FAIR VALUE OF FINANCIAL INSTRUMENTS (Schedule of Change in Fair Value of Investments Due to Change in Capitalization Rates) (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 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	$ (2.5)	$ (2.1)
Down 25 Basis Points [Member]
Investments in and Advances to Affiliates [Line Items]
Increase (decrease) in fair value of investments	2.7	2.3
Up 50 basis points [Member]
Investments in and Advances to Affiliates [Line Items]
Increase (decrease) in fair value of investments	(4.8)	(3.8)
Down 50 Basis Points [Member]
Investments in and Advances to Affiliates [Line Items]
Increase (decrease) in fair value of investments	$ 5.8	$ 4.6

FAIR VALUE OF FINANCIAL INSTR41

FAIR VALUE OF FINANCIAL INSTRUMENTS (Changes in Investments that Use Level 3 Inputs) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract]
Balance as of December 31, 2016			$ 105,007
Net unrealized gains	$ 3,384	$ 4,867	9,066	$ 14,185
Fundings of principal and change in unamortized origination fees			110,600
Repayments of loans			(22,746)
Payment-in-kind interest			5,522
Reclassification of self-storage real estate owned			(12,919)
Balance at September 30, 2017	$ 194,530		$ 194,530

INVESTMENT IN REAL ESTATE VEN42

INVESTMENT IN REAL ESTATE VENTURE (Narrative) (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016	Mar. 31, 2016
Investments Real Estate Properties [Line Items]
Real Estate Investments, Joint Ventures	$ 12,573,000		$ 12,573,000		$ 5,373,000
Other Nonrecurring (Income) Expense	0	$ 2,000	$ 0	$ 2,100,000
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 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.
Loans Receivable, Net	173,713,000		$ 173,713,000		86,905,000
Proceeds from Real Estate and Real Estate Joint Ventures				$ 7,291,000
SL1 Venture [Member]
Investments Real Estate Properties [Line Items]
Real Estate Investments, Joint Ventures	81,400,000		$ 81,400,000
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest			10.00%
Investment Owned, Balance, Principal Amount	123,300,000		$ 123,300,000
Equity Method Investment, Summarized Financial Information, Assets, Total	88,800,000		88,800,000
Other Nonrecurring (Income) Expense			200,000
Equity Method Investment, Summarized Financial Information, Liabilities, Total	3,600,000		3,600,000
Equity Method Investment, Summarized Financial Information, Net Income (Loss)	6,600,000		$ 14,100,000
Investment Yield Percentage On Purchase Price			4.50%
Joint venture agreement percentage of priority distribution percentage of commited principal amount			1.00%
Loans Receivable, Net	12,200,000		$ 12,200,000
Proceeds from Real Estate and Real Estate Joint Ventures					7,300,000
Agreement Metric, Return Multiple			1.48
SL1 Venture [Member] | Parent Company [Member]
Investments Real Estate Properties [Line Items]
Real Estate Investments, Joint Ventures	12,300,000		$ 12,300,000
Investment Owned, Balance, Principal Amount						$ 41,900,000
Investments in Affiliates, Subsidiaries, Associates, and Joint Ventures, Fair Value Disclosure						7,700,000
Equity Method Investment, Summarized Financial Information, Net Income (Loss)	700,000		$ 1,700,000
Loans Receivable, Net						$ 8,100,000
IRR Threshold One [Member]
Investments Real Estate Properties [Line Items]
Agreement Metric, Internal Rate of Return			14.00%
Agreement Metric, Capital Distribution Percentage to Third Party			10.00%
Agreement Metric, Capital Distribution Percentage			10.00%
IRR Threshold Two [Member]
Investments Real Estate Properties [Line Items]
Agreement Metric, Internal Rate of Return			17.00%
Agreement Metric, Capital Distribution Percentage to Third Party			20.00%
Agreement Metric, Capital Distribution Percentage			20.00%
IRR Threshold Three [Member]
Investments Real Estate Properties [Line Items]
Agreement Metric, Internal Rate of Return			20.00%
Agreement Metric, Capital Distribution Percentage to Third Party			30.00%
Agreement Metric, Capital Distribution Percentage			30.00%
Heitman And Large Institutional Co-Investor [Member] | SL1 Venture [Member]
Investments Real Estate Properties [Line Items]
Real Estate Investments, Joint Ventures	110,000,000		$ 110,000,000
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest			90.00%
Other Nonrecurring (Income) Expense			$ 3,500,000		2,300,000
HVP III Storage Lenders Investor, LLC [Member]
Investments Real Estate Properties [Line Items]
Payments to Acquire Interest in Joint Venture					$ 7,300,000
HVP III Storage Lenders Investor, LLC [Member] | SL1 Venture [Member]
Investments Real Estate Properties [Line Items]
Real Estate Investments, Joint Ventures	111,000,000		111,000,000
Equity Method Investment, Summarized Financial Information, Net Income (Loss)	$ 5,800,000		$ 12,400,000

INVESTMENT IN REAL ESTATE VEN43

INVESTMENT IN REAL ESTATE VENTURE (Equity Method Investments) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Dec. 31, 2016	Mar. 31, 2016
Real Estate Properties [Line Items]
Equity Method Investments, Fair Value Disclosure	$ 188,540	$ 95,102
Investment Commitment	421,210
Funded Investment	$ 173,713	86,905
Percentage of completion of construction	100.00%
Washington DC [Member]
Real Estate Properties [Line Items]
Percentage of completion of construction	40.00%
Investment Commitment [Member]
Real Estate Properties [Line Items]
Investment Commitment		141,857
Funded Investment [Member]
Real Estate Properties [Line Items]
Funded Investment	$ 173,713	86,905
Unfunded Commitment [Member]
Real Estate Properties [Line Items]
Investment Commitment	247,497	$ 54,952
Loan investments [Member]
Real Estate Properties [Line Items]
Equity Method Investments, Fair Value Disclosure	$ 88,194
Loan investments [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Funded Investment			$ 8,100
Loan investments [Member] | Miami 1 [Member]
Real Estate Properties [Line Items]
Investment Closing Date	5/14/2015
Equity Method Investments, Fair Value Disclosure	$ 10,929
Loan investments [Member] | Miami 2 [Member]
Real Estate Properties [Line Items]
Investment Closing Date	5/14/2015
Equity Method Investments, Fair Value Disclosure	$ 8,947
Loan investments [Member] | Fort Lauderdale [Member]
Real Estate Properties [Line Items]
Investment Closing Date	9/25/2015
Equity Method Investments, Fair Value Disclosure	$ 7,796
Loan investments [Member] | Washington DC [Member]
Real Estate Properties [Line Items]
Investment Closing Date	4/15/2016
Equity Method Investments, Fair Value Disclosure	$ 15,937
Loan investments [Member] | Atlanta 1 [Member]
Real Estate Properties [Line Items]
Investment Closing Date	4/29/2016
Equity Method Investments, Fair Value Disclosure	$ 5,459
Loan investments [Member] | Jacksonville [Member]
Real Estate Properties [Line Items]
Investment Closing Date	7/19/2016
Equity Method Investments, Fair Value Disclosure	$ 10,541
Loan investments [Member] | New Jersey [Member]
Real Estate Properties [Line Items]
Investment Closing Date	7/21/2016
Equity Method Investments, Fair Value Disclosure	$ 1,561
Loan investments [Member] | Atlanta 2 [Member]
Real Estate Properties [Line Items]
Investment Closing Date	8/15/2016
Equity Method Investments, Fair Value Disclosure	$ 7,423
Loan investments [Member] | Denver [Member]
Real Estate Properties [Line Items]
Investment Closing Date	8/25/2016
Equity Method Investments, Fair Value Disclosure	$ 8,678
Loan investments [Member] | Columbia [Member]
Real Estate Properties [Line Items]
Investment Closing Date	9/28/2016
Equity Method Investments, Fair Value Disclosure	$ 8,525
Loan investments [Member] | Raleigh [Member]
Real Estate Properties [Line Items]
Investment Closing Date	12/22/2016
Equity Method Investments, Fair Value Disclosure	$ 2,398
Loan investments [Member] | Investment Commitment [Member]
Real Estate Properties [Line Items]
Investment Commitment	123,273
Loan investments [Member] | Investment Commitment [Member] | Miami 1 [Member]
Real Estate Properties [Line Items]
Investment Commitment	13,867
Loan investments [Member] | Investment Commitment [Member] | Miami 2 [Member]
Real Estate Properties [Line Items]
Investment Commitment	14,849
Loan investments [Member] | Investment Commitment [Member] | Fort Lauderdale [Member]
Real Estate Properties [Line Items]
Investment Commitment	13,230
Loan investments [Member] | Investment Commitment [Member] | Washington DC [Member]
Real Estate Properties [Line Items]
Investment Commitment	17,269
Loan investments [Member] | Investment Commitment [Member] | Atlanta 1 [Member]
Real Estate Properties [Line Items]
Investment Commitment	10,223
Loan investments [Member] | Investment Commitment [Member] | Jacksonville [Member]
Real Estate Properties [Line Items]
Investment Commitment	8,127
Loan investments [Member] | Investment Commitment [Member] | New Jersey [Member]
Real Estate Properties [Line Items]
Investment Commitment	7,828
Loan investments [Member] | Investment Commitment [Member] | Atlanta 2 [Member]
Real Estate Properties [Line Items]
Investment Commitment	8,772
Loan investments [Member] | Investment Commitment [Member] | Denver [Member]
Real Estate Properties [Line Items]
Investment Commitment	11,032
Loan investments [Member] | Investment Commitment [Member] | Columbia [Member]
Real Estate Properties [Line Items]
Investment Commitment	9,199
Loan investments [Member] | Investment Commitment [Member] | Raleigh [Member]
Real Estate Properties [Line Items]
Investment Commitment	8,877
Loan investments [Member] | Funded Investment [Member]
Real Estate Properties [Line Items]
Funded Investment	77,557
Loan investments [Member] | Funded Investment [Member] | Miami 1 [Member]
Real Estate Properties [Line Items]
Funded Investment	9,455
Loan investments [Member] | Funded Investment [Member] | Miami 2 [Member]
Real Estate Properties [Line Items]
Funded Investment	8,486
Loan investments [Member] | Funded Investment [Member] | Fort Lauderdale [Member]
Real Estate Properties [Line Items]
Funded Investment	7,298
Loan investments [Member] | Funded Investment [Member] | Washington DC [Member]
Real Estate Properties [Line Items]
Funded Investment	14,346
Loan investments [Member] | Funded Investment [Member] | Atlanta 1 [Member]
Real Estate Properties [Line Items]
Funded Investment	5,140
Loan investments [Member] | Funded Investment [Member] | Jacksonville [Member]
Real Estate Properties [Line Items]
Funded Investment	6,989
Loan investments [Member] | Funded Investment [Member] | New Jersey [Member]
Real Estate Properties [Line Items]
Funded Investment	1,621
Loan investments [Member] | Funded Investment [Member] | Atlanta 2 [Member]
Real Estate Properties [Line Items]
Funded Investment	6,535
Loan investments [Member] | Funded Investment [Member] | Denver [Member]
Real Estate Properties [Line Items]
Funded Investment	7,605
Loan investments [Member] | Funded Investment [Member] | Columbia [Member]
Real Estate Properties [Line Items]
Funded Investment	7,651
Loan investments [Member] | Funded Investment [Member] | Raleigh [Member]
Real Estate Properties [Line Items]
Funded Investment	2,431
Loan investments [Member] | Unfunded Commitment [Member]
Real Estate Properties [Line Items]
Investment Commitment	45,716
Loan investments [Member] | Unfunded Commitment [Member] | Miami 1 [Member]
Real Estate Properties [Line Items]
Investment Commitment	4,412
Loan investments [Member] | Unfunded Commitment [Member] | Miami 2 [Member]
Real Estate Properties [Line Items]
Investment Commitment	6,363
Loan investments [Member] | Unfunded Commitment [Member] | Fort Lauderdale [Member]
Real Estate Properties [Line Items]
Investment Commitment	5,932
Loan investments [Member] | Unfunded Commitment [Member] | Washington DC [Member]
Real Estate Properties [Line Items]
Investment Commitment	2,923
Loan investments [Member] | Unfunded Commitment [Member] | Atlanta 1 [Member]
Real Estate Properties [Line Items]
Investment Commitment	5,083
Loan investments [Member] | Unfunded Commitment [Member] | Jacksonville [Member]
Real Estate Properties [Line Items]
Investment Commitment	1,138
Loan investments [Member] | Unfunded Commitment [Member] | New Jersey [Member]
Real Estate Properties [Line Items]
Investment Commitment	6,207
Loan investments [Member] | Unfunded Commitment [Member] | Atlanta 2 [Member]
Real Estate Properties [Line Items]
Investment Commitment	2,237
Loan investments [Member] | Unfunded Commitment [Member] | Denver [Member]
Real Estate Properties [Line Items]
Investment Commitment	3,427
Loan investments [Member] | Unfunded Commitment [Member] | Columbia [Member]
Real Estate Properties [Line Items]
Investment Commitment	1,548
Loan investments [Member] | Unfunded Commitment [Member] | Raleigh [Member]
Real Estate Properties [Line Items]
Investment Commitment	$ 6,446

VARIABLE INTEREST ENTITIES (Nar

VARIABLE INTEREST ENTITIES (Narrative) (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Variable Interest Entity [Line Items]
Development property investments	$ 188,540	$ 95,102
Investment Commitment	421,210
Investment in Real Estate Venture [Member] | Unfunded Commitment [Member]
Variable Interest Entity [Line Items]
Investment Commitment	4,500	$ 9,400
SL1 Venture [Member]
Variable Interest Entity [Line Items]
Investment Commitment	$ 12,300

VARIABLE INTEREST ENTITIES (Sch

VARIABLE INTEREST ENTITIES (Schedule of Variable Interest Entities) (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Variable Interest Entity, Not Primary Beneficiary, Disclosures [Abstract]
Assets recorded related to VIEs	$ 188,540	$ 95,102
Unfunded loan commitments to VIEs	247,495	54,950
Maximum exposure to loss	$ 436,035	$ 150,052

SELF-STORAGE REAL ESTATE OWNE46

SELF-STORAGE REAL ESTATE OWNED (Narrative) (Details) - USD ($) $ in Thousands	Aug. 09, 2017	Feb. 03, 2017	Sep. 30, 2017
Payments To Self Storage Real Estate Owned			$ 2,856
Orlando 1 [Member]
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest	50.00%	50.00%
Payments To Self Storage Real Estate Owned		$ 1,300
Equity Method Investment, Ownership Percentage	100.00%
Orlando 2 [Member]
Payments To Self Storage Real Estate Owned	$ 1,600
Equity Method Investment, Ownership Percentage	100.00%
Development Property Investment [Member]
Equity Method Investment, Ownership Percentage			49.90%
Class A ship Units [Member] | Development Property Investment [Member] | Minimum [Member] | Orlando 1 [Member]
Equity Method Investment, Ownership Percentage		49.90%
Class A ship Units [Member] | Development Property Investment [Member] | Maximum [Member] | Orlando 1 [Member]
Equity Method Investment, Ownership Percentage		74.90%

SELF-STORAGE REAL ESTATE OWNE47

SELF-STORAGE REAL ESTATE OWNED (Schedule of Cost Basis of Real Estate Investment) (Details) $ in Thousands	Aug. 09, 2017USD ($)
INVESTMENT IN REAL ESTATE VENTURE [Abstract]
Funded principal balance, net of unamortized origination fees	$ 9,139
Unrealized appreciation on investments	3,780
Cash consideration paid	2,856
Net property working capital acquired	52
Total cost basis	$ 15,827

SELF-STORAGE REAL ESTATE OWNE48

SELF-STORAGE REAL ESTATE OWNED (Real Estate Investment, Impact in Consolidated Balance Sheet , Disclosure) (Details) $ in Thousands	Sep. 30, 2017USD ($)
Self-storage real estate owned	$ 15,594
Real Estate Investment [Member]
Cash	60
Accounts Receivable	2
Land	1,505
Building and improvements	13,720
In-place leases	602
Accumulated depreciation	(233)
Self-storage real estate owned	15,594
Accrued liabilities	$ 125

SELF-STORAGE REAL ESTATE OWNE49

SELF-STORAGE REAL ESTATE OWNED (Real Estate Investment, Impact in Consolidated Statement of Operations, Disclosure) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2017
INVESTMENT IN REAL ESTATE VENTURE [Abstract]
Rental revenues	$ 160	$ 328
General property operating expenses	(114)	(188)
Depreciation expense	(172)	(233)
Property operating expenses of real estate owned	$ (286)	$ (421)

OTHER LOANS, AT COST (Narrative

OTHER LOANS, AT COST (Narrative) (Details) - USD ($)	9 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Loans Receivable [Member]
Proceeds from loans	$ 2,900,000
Committed funds for loans maximum borrowing capacity	4,200,000
Payments for loans	2,600,000
Five Bridge Loans [Member]
Allowance for loan losses		$ 0
Six Revolving Loan Agreements [Member]
Loans outstanding		1,700,000
Eight Revolving Loan Agreements [Member]
Loans outstanding	1,400,000
Allowance for loan losses	$ 0	0
Minimum [Member] | Loans Receivable [Member]
Interest rate on committed loans	6.90%
Line of Credit [Member] | Seven Bridge Loans [Member]
Proceeds from loans	$ 17,400,000
Line of Credit [Member] | Two Bridge Loans [Member]
Loans outstanding	$ 7,300,000
Line of Credit [Member] | Maximum [Member] | Loans Receivable [Member]
Interest rate on committed loans	7.00%
Revolving Credit Facility [Member] | Agreement One [Member]
Committed funds for loans maximum borrowing capacity	$ 500,000
Revolving Credit Facility [Member] | Agreement Two [Member]
Committed funds for loans maximum borrowing capacity	500,000
Revolving Credit Facility [Member] | Agreement Three [Member]
Committed funds for loans maximum borrowing capacity	500,000
Revolving Credit Facility [Member] | Agreement Four [Member]
Committed funds for loans maximum borrowing capacity	500,000
Revolving Credit Facility [Member] | Agreement Five [Member]
Committed funds for loans maximum borrowing capacity	100,000
Revolving Credit Facility [Member] | Agreement Six [Member]
Committed funds for loans maximum borrowing capacity	400,000
Revolving Credit Facility [Member] | Agreement Seven [Member]
Committed funds for loans maximum borrowing capacity	700,000
Revolving Credit Facility [Member] | Agreement Eight [Member]
Committed funds for loans maximum borrowing capacity	$ 1,000,000
Secured Debt [Member] | Five Bridge Loans [Member]
Loans outstanding		$ 10,100,000

DEBT (Credit Facility) (Narrati

DEBT (Credit Facility) (Narrative) (Details) - Jernigan Capital Operating Company LLC [Member]	Jul. 26, 2017USD ($)	Jul. 25, 2017USD ($)	Dec. 31, 2018USD ($)	Sep. 30, 2017USD ($)	Jun. 30, 2018	Jul. 24, 2020	Sep. 30, 2020USD ($)
Line of Credit Facility [Line Items]
Proceeds from lines of credit	$ 20,000,000	$ 20,000,000
Line of Credit Facility, Current Borrowing Capacity	33,300,000	33,300,000
Repayments of lines of credit	$ 20,000,000
KeyBank National Association [Member]
Line of Credit Facility [Line Items]
Commitment by Bank		200,000,000
Line of Credit Facility, Current Borrowing Capacity		$ 100,000,000		$ 33,300,000
Debt instrument, maturity date				Jul. 24, 2020
Company loans secured by mortgage loans borrowing base availability maximum percentage				60.00%
Company loans secured by mortgage loans underlying real estate fair value minimum percentage to maximum principal amount borrowed				50.00%
Mortgage loans minimal months inclusion in borrowing base period				18 months
Debt instrument convenant related to debt service amount, ratio				1.30
Company loans secured by self-storage properties underlying real estate fair value minimum percentage to maximum principal amount borrowed				65.00%
Debt instrument convenant related to debt service coverage amount ratio				1.30
Debt instrument per diem fee rate percentage				0.35%
Debt instrument covenant total consoildated indebtness maximum percentage of gross asset value				50
Debt instrument covenants consolidated tanible net worth, minimum				$ 183,300,000
Debt instrument covenants any additional net offering proceeds percentage included in consolidated tangible net worth				75.00%
Debt instrument covenants threshold amount that limits unhedged variable rate				$ 50,000,000
Debt instrument covenants unhedged variable rate maximum percentage				25.00%
Debt instrument covenant debt service coverage ratio				2
Long-term line of credit				$ 0
Line of credit facility, covenant compliance				As of September 30, 2017, the Company was in compliance with all of its financial covenants and it anticipates being in compliance with all of its financial covenants throughout the term of the Credit Facility.
KeyBank National Association [Member] | Scenario, Plan [Member]
Line of Credit Facility [Line Items]
Debt instrument covenants minimum fixed coverage ratio			0.90		0.75	1.20
Debt instrument covenants liquidity minimal amount			$ 50,000,000
Debt instrument covenant additional amount included onto total unfunded loan commitments							$ 25,000,000
Maximum [Member] | KeyBank National Association [Member] | Base Rate [Member]
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate				2.75%
Maximum [Member] | KeyBank National Association [Member] | London Interbank Offered Rate (LIBOR) [Member]
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate				3.75%
Minimum [Member] | KeyBank National Association [Member] | Base Rate [Member]
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate				1.75%
Minimum [Member] | KeyBank National Association [Member] | London Interbank Offered Rate (LIBOR) [Member]
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate				2.75%

DEBT (Senior Participations) (N

DEBT (Senior Participations) (Narrative) (Details) - USD ($)	Jul. 20, 2017	Dec. 14, 2016	Oct. 18, 2016	Jul. 26, 2016	May 27, 2016	Apr. 29, 2016	Sep. 30, 2017	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Debt Instrument [Line Items]
Senior loan participations							$ 668,000	$ 668,000		$ 18,582,000
Proceeds from early payment of operating property loan								1,755,000	$ 17,550,000
Commitment amount							421,210,000	421,210,000
Loss on modifications of debt							(232,000)	$ (232,000)
Construction Loans [Member]
Debt Instrument [Line Items]
Mortgage loans on real estate, interest rate								6.90%
Commitment amount							17,700,000	$ 17,700,000
Senior Notes [Member]
Debt Instrument [Line Items]
Senior loan participations										18,615,000
Cash consideration from senior participations										30,411,000
Senior Notes [Member] | Nashville [Member]
Debt Instrument [Line Items]
Proceeds from early payment of operating property loan	$ 2,800,000	$ 5,200,000
Operating Property A Notes [Member]
Debt Instrument [Line Items]
Senior loan participations							0	0
Operating Property A Notes [Member] | Nashville [Member]
Debt Instrument [Line Items]
Repurchase of senior participation	1,800,000
Prepayment penalty included in the repurchase amount	$ 18,000
Operating Property A Notes [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Senior participants, face amount						$ 7,800,000
Proceeds from issuance of senior long-term debt						$ 5,000,000
Senior loan participations										1,820,000
Cash consideration from senior participations										$ 1,820,000
Repurchase of senior participation		3,400,000
Prepayment penalty included in the repurchase amount		$ 100,000
Debt instrument, effective interest rate										4.47%
Debt maturity date										Apr. 1, 2019
Minimum amount of cash required in depository or money market accounts							$ 500,000	$ 500,000
Operating Property A Notes [Member] | Senior Notes [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate							3.85%	3.85%		3.85%
Miami A Note [Member]
Debt Instrument [Line Items]
Senior loan participations							$ 700,000	$ 700,000
Debt instrument fee, description								The Company also paid a loan fee of 100 basis points, or $0.1 million upon closing of the loan.
Miami A Note [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Senior loan participations							$ 732,000	$ 732,000
Cash consideration from senior participations					$ 10,000,000			$ 10,001,000		$ 10,001,000
Debt instrument, effective interest rate							4.33%	4.33%		3.72%
Debt maturity date					Jul. 1, 2017			Jan. 31, 2018		Jul. 1, 2017
Debt instrument fee					$ 100,000
Debt instrument threshold amount outstanding related to senior notes					7,700,000
Miami A Note [Member] | Senior Notes [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate								3.10%		3.10%
July 2016 A Notes and October 2016 A Notes [Member]
Debt Instrument [Line Items]
Loss on modifications of debt							$ 200,000	$ 200,000
July 2016 A Notes [Member]
Debt Instrument [Line Items]
Senior loan participations							$ 0	$ 0
Cash consideration from senior participations				$ 14,200,000
July 2016 A Notes [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Senior loan participations				$ 12,500,000						$ 13,420,000
Cash consideration from senior participations										$ 14,185,000
Mortgage loans on real estate, interest rate				6.90%
Debt instrument, effective interest rate										4.12%
Debt maturity date										Aug. 1, 2019
Commitment amount				$ 21,800,000
July 2016 A Notes [Member] | Senior Notes [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate							3.50%	3.50%		3.50%
October 2016 A Note [Member]
Debt Instrument [Line Items]
Senior loan participations			$ 3,400,000				$ 0	$ 0
Cash consideration from senior participations			$ 4,400,000
October 2016 A Note [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Senior loan participations										$ 3,375,000
Cash consideration from senior participations										$ 4,405,000
Mortgage loans on real estate, interest rate			6.90%
Debt instrument, basis spread on variable rate							3.50%	3.50%
Debt instrument, effective interest rate										4.12%
Debt maturity date										Sep. 1, 2021
Commitment amount			$ 6,800,000
October 2016 A Note [Member] | Senior Notes [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate										3.50%
Development Property Investments [Member]
Debt Instrument [Line Items]
Commitment amount							$ 415,228,000	$ 415,228,000
Development Property Investments [Member] | Construction Loans [Member] | Miami [Member]
Debt Instrument [Line Items]
Commitment amount					$ 17,700,000
Construction Loans [Member] | Development Property Investments [Member]
Debt Instrument [Line Items]
Commitment amount							17,733,000	17,733,000
Construction Loans [Member] | Development Property Investments [Member] | Miami [Member]
Debt Instrument [Line Items]
Commitment amount							$ 17,733,000	$ 17,733,000

DEBT (Commitments and Outstandi

DEBT (Commitments and Outstanding Balances of Senior Participations) (Details) - USD ($)	Dec. 14, 2016	Oct. 18, 2016	Jul. 26, 2016	May 27, 2016	Sep. 30, 2017	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Debt Instrument [Line Items]
Amount Borrowed					$ 668,000	$ 668,000		$ 18,582,000
Proceeds from early payment of operating property loan						1,755,000	$ 17,550,000
Senior Notes [Member]
Debt Instrument [Line Items]
Commitment by Bank								30,411,000
Amount Borrowed								18,615,000
Remaining Funds								11,796,000
Unamortized fees					(64,000)	(64,000)		(33,000)
Net balance					668,000	668,000		18,582,000
Operating Property A Notes [Member]
Debt Instrument [Line Items]
Amount Borrowed					$ 0	$ 0
Operating Property A Notes [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Commitment by Bank								1,820,000
Amount Borrowed								$ 1,820,000
Effective Interest Rate								4.47%
Maturity Date								Apr. 1, 2019
Repurchase of senior participation	$ 3,400,000
Prepayment penalty included in the repurchase amount	$ 100,000
Operating Property A Notes [Member] | Senior Notes [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Interest Rate in addition to 30-day LIBOR					3.85%	3.85%		3.85%
Miami A Note [Member]
Debt Instrument [Line Items]
Amount Borrowed					$ 700,000	$ 700,000
Miami A Note [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Commitment by Bank				$ 10,000,000		10,001,000		$ 10,001,000
Amount Borrowed					732,000	732,000
Remaining Funds					$ 9,269,000	$ 9,269,000		$ 10,001,000
Effective Interest Rate					4.33%	4.33%		3.72%
Maturity Date				Jul. 1, 2017		Jan. 31, 2018		Jul. 1, 2017
Miami A Note [Member] | Senior Notes [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Interest Rate in addition to 30-day LIBOR						3.10%		3.10%
July 2016 A Notes [Member]
Debt Instrument [Line Items]
Commitment by Bank			$ 14,200,000
Amount Borrowed					$ 0	$ 0
July 2016 A Notes [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Commitment by Bank								$ 14,185,000
Amount Borrowed			$ 12,500,000					13,420,000
Remaining Funds								$ 765,000
Effective Interest Rate								4.12%
Maturity Date								Aug. 1, 2019
July 2016 A Notes [Member] | Senior Notes [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Interest Rate in addition to 30-day LIBOR					3.50%	3.50%		3.50%
October 2016 A Note [Member]
Debt Instrument [Line Items]
Commitment by Bank		$ 4,400,000
Amount Borrowed		$ 3,400,000			$ 0	$ 0
October 2016 A Note [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Commitment by Bank								$ 4,405,000
Amount Borrowed								3,375,000
Remaining Funds								$ 1,030,000
Interest Rate in addition to 30-day LIBOR					3.50%	3.50%
Effective Interest Rate								4.12%
Maturity Date								Sep. 1, 2021
October 2016 A Note [Member] | Senior Notes [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Interest Rate in addition to 30-day LIBOR								3.50%

STOCKHOLDERS' EQUITY (Narrative

STOCKHOLDERS' EQUITY (Narrative) (Details) $ / shares in Units, $ in Thousands

Aug. 01, 2017$ / shares

Jul. 26, 2017USD ($)

Jun. 27, 2017USD ($)shares

May 03, 2017$ / sharesshares

Apr. 05, 2017USD ($)shares

Mar. 07, 2017$ / shares

Dec. 13, 2016USD ($)shares

May 20, 2016USD ($)shares

Jun. 15, 2015shares

Apr. 01, 2015shares

Sep. 30, 2017USD ($)$ / sharesshares

Sep. 30, 2016shares

Sep. 30, 2017USD ($)$ / sharesshares

Sep. 30, 2016USD ($)shares

Dec. 31, 2016USD ($)$ / sharesshares

Dec. 31, 2015shares

Dec. 31, 2020shares

Dec. 31, 2019shares

Dec. 31, 2018shares

Jul. 27, 2017USD ($)$ / shares

Jun. 30, 2017shares

Jun. 30, 2016shares

Apr. 30, 2015shares

Class of Stock [Line Items]

Common stock, shares issued

14,235,848

14,235,848

8,956,354

Common stock, shares outstanding

14,235,848

14,235,848

8,956,354

Preferred stock, shares issued

10,000

10,000

10,000

Nonvested restricted stock

185,002

121,668

185,002

121,668

202,502

139,168

Preferred stock, shares authorized

100,000,000

100,000,000

100,000,000

Issuance of shares, net of offering costs (in shares)

4,025,000

2,996,311

Net proceeds from issuance of common stock | $

$ 83,900

$ 53,500

$ 108,074

Number of shares, vested

17,500

17,500

Stock price per share | $ / shares

$ 20.55

$ 20.55

$ 21.05

Number of shares repurchased and retired

213,078

Retirement of common stock | $

$ 3,200

Stock repurchase program, remaining authorized amount | $

$ 6,800

$ 6,800

Expenses related to restricted stock awards, period for recognition

2 years 6 months

2 years 6 months

Preferred stock, par value (in dollars per share) | $ / shares

$ 0.01

$ 0.01

$ 0.01

Series A Preferred Stock [Member]

Class of Stock [Line Items]

Preferred stock, shares issued

10,000

10,000

Preferred stock, shares outstanding

10,000

Value of shares to be issued prior to expiration of commitment period | $

$ 50,000

$ 50,000

Amount of preferred shares issuable in future | $

$ 100,000

Percentage of increase in book value

25.00%

Internal rate of return to the preferred shareholders

14.00%

Preferred stock, par value (in dollars per share) | $ / shares

$ 0.01

Preferred stock, liquidation preferance per share | $ / shares

$ 1,000

Preferred Stock, Redemption Terms

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.

Debt instrument covenant debt to total intangible asset ratio

0.4

Dividends declared date

Aug. 1, 2017

May 3, 2017

Mar. 7, 2017

Dividend payable, amount per share | $ / shares

$ 17.89

$ 17.69

$ 17.50

Dividends payable date

Oct. 13, 2017

Jul. 14, 2017

Apr. 14, 2017

Dividends payable, date of record

Oct. 1, 2017

Jul. 1, 2017

Apr. 1, 2017

Series A Preferred Stock [Member] | Scenario, Plan [Member]

Class of Stock [Line Items]

Amount of preferred shares issuable in future | $

$ 125,000

Series A Preferred Stock [Member] | Until Sixth Anniversary [Member]

Class of Stock [Line Items]

Preferred stock, dividend rate

7.00%

Series A Preferred Stock [Member] | After Sixth Anniversary [Member]

Class of Stock [Line Items]

Preferred stock, dividend rate

8.50%

Series A Preferred Stock [Member] | Occurrence of certain triggering events [Member]

Class of Stock [Line Items]

Preferred stock, dividend rate

5.00%

Maximum [Member]

Class of Stock [Line Items]

Stock repurchase program, authorized amount | $

$ 10,000

Maximum [Member] | Series A Preferred Stock [Member]

Class of Stock [Line Items]

Amount of preferred shares issuable in future | $

35,000

Maximum [Member] | Series A Preferred Stock [Member] | Monthly Increments [Member]

Class of Stock [Line Items]

Amount of preferred shares issuable in future | $

15,000

Minimum [Member] | Series A Preferred Stock [Member] | Monthly Increments [Member]

Class of Stock [Line Items]

Amount of preferred shares issuable in future | $

$ 5,000

Restricted Stock [Member]

Class of Stock [Line Items]

Nonvested restricted stock

185,002

121,668

185,002

121,668

120,001

162,500

Number of shares granted

111,414

14,340

Number of shares, vested

46,413

55,172

Restricted stock expense, recognized | $

$ 300

$ 1,000

$ 800

Restricted Stock [Member] | Series A Preferred Stock [Member]

Class of Stock [Line Items]

Issuances of stock-based awards (in shares)

10,000

Proceeds from issuance of preferred stock | $

$ 10,000

Non Employee Director [Member] | Restricted Stock [Member]

Class of Stock [Line Items]

Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $

$ 3,300

$ 3,300

$ 2,000

Equity Incentive Plan 2015 [Member]

Class of Stock [Line Items]

Shares reserved for future issuance

200,000

Equity Incentive Plan 2015 [Member] | Restricted Stock [Member]

Class of Stock [Line Items]

Shares reserved for issuance

370,000

Number of shares increased (decreased) related to share base payment plan

170,000

Number of shares granted

6,414

14,340

10,000

Equity Incentive Plan 2015 [Member] | Non Employee Director [Member] | Restricted Stock [Member]

Class of Stock [Line Items]

Number of shares granted

2,138

3,585

2,500

Equity award vesting period

3 years

Equity Incentive Plan 2015 [Member] | Manager [Member] | Restricted Stock [Member]

Class of Stock [Line Items]

Number of shares granted

105,000

100,000

52,500

Equity award vesting period

3 years

5 years

3 years

Amended and Restated 2015 Equity Incentive Plan [Member] | Restricted Stock [Member]

Class of Stock [Line Items]

Number of shares granted

288,254

176,840

Amended and Restated 2015 Equity Incentive Plan [Member] | Restricted Stock [Member] | Maximum [Member]

Class of Stock [Line Items]

Expenses related to restricted stock awards, period for recognition

5 years

Amended and Restated 2015 Equity Incentive Plan [Member] | Restricted Stock [Member] | Minimum [Member]

Class of Stock [Line Items]

Expenses related to restricted stock awards, period for recognition

3 years

Amended and Restated 2015 Equity Incentive Plan [Member] | Non Employee Director [Member] | Restricted Stock [Member]

Class of Stock [Line Items]

Number of shares, vested

55,172

Number of shares forfeited

1,667

Amended and Restated 2015 Equity Incentive Plan [Member] | Non Employee Director [Member] | Restricted Stock [Member] | Share-based Compensation Award, Tranche Two [Member] | Scenario, Forecast [Member]

Class of Stock [Line Items]

Number of vested or expected to vest shares

75,003

Amended and Restated 2015 Equity Incentive Plan [Member] | Non Employee Director [Member] | Restricted Stock [Member] | Share-based Compensation Award, Tranche Three [Member] | Scenario, Forecast [Member]

Class of Stock [Line Items]

Number of vested or expected to vest shares

55,001

Amended and Restated 2015 Equity Incentive Plan [Member] | Non Employee Director [Member] | Restricted Stock [Member] | Share Based Compensation Award Tranche Four [Member] | Scenario, Forecast [Member]

Class of Stock [Line Items]

Number of vested or expected to vest shares

54,998

ATM Program [Member]

Class of Stock [Line Items]

Issuance of shares, net of offering costs (in shares)

1,093,202

Net proceeds from issuance of common stock | $

$ 24,200

Stock repurchase program, authorized amount | $

$ 50,000

Shares issued, price per share | $ / shares

$ 22.69

$ 22.69

Common Stock [Member]

Class of Stock [Line Items]

Issuance of shares, net of offering costs (in shares)

4,025,000

Issuances of stock-based awards (in shares)

111,414

14,340

STOCKHOLDERS' EQUITY (Summary o

STOCKHOLDERS' EQUITY (Summary of Changes in Restricted Shares) (Details) - $ / shares	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Class of Stock [Line Items]
Shares, Nonvested shares at beginning of period	202,502	139,168
Shares, Vested	(17,500)	(17,500)
Shares, Nonvested shares at end of period	185,002	121,668	185,002	121,668
Weighted average grant date fair value, Nonvested at beginning of period	$ 21.33	$ 19.91
Weighted average grant date fair value, Vested	18.64	18.64
Weighted average grant date fair value, Nonvested at end of period	$ 21.58	$ 20.10	$ 21.58	$ 20.10
Restricted Stock [Member]
Class of Stock [Line Items]
Shares, Nonvested shares at beginning of period			120,001	162,500	162,500
Shares, Granted			111,414	14,340
Shares, Vested			(46,413)	(55,172)
Shares, Nonvested shares at end of period	185,002	121,668	185,002	121,668	120,001
Weighted average grant date fair value, Nonvested at beginning of period			$ 20.10	$ 20.08	$ 20.08
Weighted average grant date fair value, Granted			22.59	13.95
Weighted average grant date fair value, Vested			20.28	18.27
Weighted average grant date fair value, Nonvested at end of period	$ 21.58	$ 20.10	$ 21.58	$ 20.10	$ 20.10

EARNINGS PER SHARE (Schedule of

EARNINGS PER SHARE (Schedule of Earnings per Share, Basic and Diluted) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Share Outstanding [Abstract]
Weighted average common shares - basic	14,042,350	5,831,135	10,935,776	5,926,215
Effect of dilutive securities	201,995	131,958	172,764	149,971
Weighted average common shares, all classes	14,244,345	5,963,093	11,108,540	6,076,186
Calculation of Earnings per Share - basic
Net income	$ 4,457	$ 4,994	$ 11,434	$ 11,528
Net income allocated to preferred stockholders	310		1,033
Net income allocated to unvested restricted shares	57	111	156	285
Net income attributable to common shareholders - two-class method	$ 4,090	$ 4,883	$ 10,245	$ 11,243
Weighted average common shares - basic	14,042,350	5,831,135	10,935,776	5,926,215
Earnings per share - basic	$ 0.29	$ 0.84	$ 0.94	$ 1.90
Calculation of Earnings per Share - diluted
Net income	$ 4,457	$ 4,994	$ 11,434	$ 11,528
Net income allocated to preferred stockholders	310		1,033
Net income attributable to common shareholders - two-class method	$ 4,147	$ 4,994	$ 10,401	$ 11,528
Weighted average common shares - diluted	14,244,345	5,963,093	11,108,540	6,076,186
Earnings per share - diluted	$ 0.29	$ 0.84	$ 0.94	$ 1.90

RELATED PARTY TRANSACTIONS (Nar

RELATED PARTY TRANSACTIONS (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Related Party Transaction [Line Items]
Development property investments	$ 188,540		$ 188,540		$ 95,102
Base management fee, annual rate			1.50%
Percentage of base management fee	0.375%		0.375%
Expenses Reimbursed To Manager	$ 800	$ 800	$ 2,300	$ 2,400
Management fee expense	1,036	402	2,373	1,218
Income (Loss) from equity method investments	730	436	1,747	854
Transaction and other expenses		2		2,129
Deferred Termination Fee to Manager				239
Due to Affiliate	1,438		1,438		1,008
Investment in and advances to real estate venture	12,573		12,573		5,373
Interest income from investments	3,173	1,698	7,759	4,374
SL1 Venture [Member]
Related Party Transaction [Line Items]
Income (Loss) from equity method investments	700	400	1,700	900
Investment in and advances to real estate venture	12,600		12,600		5,400
Equity Method Investments [Member]
Related Party Transaction [Line Items]
Development property investments	177,700		177,700		$ 78,700
Accumulated change in fair value from equity method investment and interest income realized	$ 4,800	$ 5,700	$ 13,000	$ 15,700

SUBSEQUENT EVENTS (Narrative) (

SUBSEQUENT EVENTS (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	Nov. 01, 2017	Oct. 26, 2017	Oct. 06, 2017	Aug. 01, 2017	Jun. 27, 2017	May 03, 2017	Apr. 05, 2017	Mar. 07, 2017	Dec. 13, 2016	Sep. 30, 2017
Subsequent Event [Line Items]
Issuance of shares, net of offering costs (in shares)					4,025,000				2,996,311
Net proceeds from issuance of common stock					$ 83,900				$ 53,500	$ 108,074
ATM Program [Member]
Subsequent Event [Line Items]
Issuance of shares, net of offering costs (in shares)							1,093,202
Shares issued, price per share										$ 22.69
Net proceeds from issuance of common stock										$ 24,200
ATM Program [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Issuance of shares, net of offering costs (in shares)			29,416
Shares issued, price per share			$ 20.50
Net proceeds from issuance of common stock			$ 600
Series A Preferred Stock [Member]
Subsequent Event [Line Items]
Dividends declared date				Aug. 1, 2017		May 3, 2017		Mar. 7, 2017
Dividend payable, amount per share				$ 17.89		$ 17.69		$ 17.50
Dividends payable date				Oct. 13, 2017		Jul. 14, 2017		Apr. 14, 2017
Dividends payable, date of record				Oct. 1, 2017		Jul. 1, 2017		Apr. 1, 2017
Series A Preferred Stock [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Issuance of shares, net of offering costs (in shares)		10,000
Proceeds from issuance of preferred stock		$ 10,000
Common Stock [Member]
Subsequent Event [Line Items]
Dividends declared date	Nov. 1, 2017
Common Stock [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Dividend payable, amount per share	$ 0.35
Dividends payable date	Jan. 12, 2018
Dividends payable, date of record	Jan. 2, 2018

SUBSEQUENT EVENTS (Schedule of

SUBSEQUENT EVENTS (Schedule of Investments) (Details) - USD ($) $ in Thousands	Oct. 30, 2017	Oct. 13, 2017	Sep. 30, 2017
Subsequent Event [Line Items]
Investment Commitment			$ 421,210
New Jersey [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Investment Closing Date	10/30/2017
Investment Commitment	$ 14,701
Development Property Investments [Member]
Subsequent Event [Line Items]
Investment Commitment			415,228
Development Property Investments [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Investment Commitment	$ 24,160
Development Property Investments [Member] | Miami 2 [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Investment Closing Date		10/12/2017
Investment Commitment		$ 9,459
Operating Property Loans [Member]
Subsequent Event [Line Items]
Investment Commitment			$ 5,982
Loan investments [Member] | Miami 2 [Member]
Subsequent Event [Line Items]
Investment Closing Date			5/14/2015
Loan investments [Member] | New Jersey [Member]
Subsequent Event [Line Items]
Investment Closing Date			7/21/2016
Loan investments [Member] | Development Property Investments [Member]
Subsequent Event [Line Items]
Investment Commitment			$ 397,495
Construction Loans [Member] | Development Property Investments [Member]
Subsequent Event [Line Items]
Investment Commitment			$ 17,733