Jernigan Capital (JCAP) 10-Q 4 May 18 2018 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2018	May 01, 2018
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Entity Registrant Name	Jernigan Capital, Inc.
Entity Central Index Key	1,622,353
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Trading Symbol	jcap
Entity Common Stock, Shares Outstanding		14,567,071

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Assets:
Cash and cash equivalents	$ 15,238	$ 46,977
Development property investments at fair value, of which $60.6 million and $12.5 million of funded principal is pledged as collateral against the Company’s secured revolving credit facility and senior loan participation as of March 31, 2018 and December 31, 2017, respectively	239,754	228,233
Bridge loan investments at fair value	77,435
Operating property loans at fair value, of which $6.0 million of funded principal is pledged as collateral against the Company's secured revolving credit facility as of March 31, 2018	5,885	5,938
Self-storage real estate owned, net	60,459	15,355
Investment in and advances to real estate venture	14,759	13,856
Other loans, at cost	1,103	1,313
Deferred costs	1,565	2,004
Prepaid expenses and other assets	884	776
Fixed assets, net	170	182
Total assets	417,252	314,634
Liabilities:
Senior loan participations	732	718
Secured revolving credit facility	30,000
Due to Manager	1,405	1,484
Accounts payable, accrued expenses and other liabilities	3,155	1,138
Dividends payable	8,652	5,474
Total liabilities	43,944	8,814
Equity:
Common stock, $0.01 par value, 500,000,000 shares authorized at March 31, 2018 and December 31, 2017; 14,447,043 and 14,429,055 issued and outstanding at March 31, 2018 and December 31, 2017, respectively	144	144
Additional paid-in capital	277,194	276,814
Accumulated deficit	(12,199)	(8,902)
Total equity	373,308	305,820
Total liabilities and equity	417,252	314,634
Series A Preferred Stock [Member]
Equity:
Preferred stock, $0.01 par value	72,181	37,764
Total equity	72,181	$ 37,764
Series B Preferred Stock [Member]
Equity:
Preferred stock, $0.01 par value	35,988
Total equity	$ 35,988

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Securities held as collateral, at fair value	$ 60.6	$ 59.9
Loans pledged as collateral	$ 6
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	14,447,043	14,429,055
Common stock, shares outstanding	14,447,043	14,429,055
Series A Preferred Stock [Member]
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	300,000	300,000
Preferred stock, dividend rate	7.00%	7.00%
Preferred stock, shares issued	75,000	40,000
Preferred stock, shares outstanding	75,000	40,000
Preferred stock, liquidation preference value	$ 75	$ 40
Series B Preferred Stock [Member]
Preferred stock, par value	$ 0.01
Preferred stock, shares authorized	3,750,000
Preferred stock, dividend rate	7.00%
Preferred stock, shares issued	1,500,000	0
Preferred stock, shares outstanding	1,500,000	0
Preferred stock, liquidation preference value	$ 37.5

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenues:
Interest income from investments	$ 4,562	$ 2,119
Rental and other property-related income from real estate owned	623	63
Other revenues	31	119
Total revenues	5,216	2,301
Costs and expenses:
General and administrative expenses	1,818	1,578
Management fees to Manager	1,304	630
Property operating expenses of real estate owned	311	31
Depreciation and amortization of real estate owned	702	24
Transaction and other expenses	290
Total costs and expenses	4,425	2,263
Operating income (loss)	791	38
Other income (expense):
Equity in earnings from unconsolidated real estate venture	550	422
Change in fair value of investments	4,320	1,393
Interest expense	(416)	(204)
Other interest income	109	134
Total other income	4,563	1,745
Net income	5,354	1,783
Net income attributable to preferred stockholders	(3,595)	(546)
Net income attributable to common stockholders	$ 1,759	$ 1,237
Basic earnings per share attributable to common stockholders	$ 0.12	$ 0.14
Diluted earnings per share attributable to common stockholders	0.12	0.14
Dividends declared per share of common stock	$ 0.35	$ 0.35

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Series A Preferred Stock [Member]Total Stockholders' Equity [Member]	Series A Preferred Stock [Member]Accumulated Deficit [Member]	Series A Preferred Stock [Member]	Series B Preferred Stock [Member]Total Stockholders' Equity [Member]	Series B Preferred Stock [Member]Accumulated Deficit [Member]	Series B Preferred Stock [Member]	Total Stockholders' Equity [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Total
Balance at Dec. 31, 2016			$ 9,448				$ 168,362	$ 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			$ (2)				(2)				(2)
Stock dividend paid on preferred stock							823		823		823
Stock dividend paid on preferred stock (in Shares)								41,353
At-the-market issuance of common stock, net of offering costs							(7)		(7)		(7)
Stock-based compensation							292		292		292
Dividends declared on preferred stock							(546)			(546)	(546)
Dividends declared on common stock							(3,149)			(3,149)	(3,149)
Net income							1,783			1,783	1,783
Balance at Mar. 31, 2017			$ 9,446				167,556	$ 90	163,772	(5,752)	167,556
Balance (in shares) at Mar. 31, 2017			10,000					8,997,707
Balance at Dec. 31, 2017			$ 37,764				305,820	$ 144	276,814	(8,902)	305,820
Balance (in shares) at Dec. 31, 2017			40,000					14,429,055
Stock dividend paid on preferred stock							44		44		44
Stock dividend paid on preferred stock (in Shares)								2,222
Issuance of preferred stock, net of offering costs			$ 34,417			$ 35,988	70,405				70,405
Issuance of preferred stock, net of offering costs (in shares)			35,000			1,500,000
Repurchase and retirement of shares related to vested restricted stock							(40)		(40)		(40)
Repurchase and retirement of shares related to vested restricted stock (in shares)								(2,234)
Issuances of stock-based awards (in shares)								18,000
Stock-based compensation							376		376		376
Dividends declared on preferred stock	$ (3,034)	$ (3,034)	$ (3,034)	$ (561)	$ (561)	$ (561)
Dividends declared on common stock							(5,056)			(5,056)	(5,056)
Net income							5,354			5,354	5,354
Balance at Mar. 31, 2018			$ 72,181			$ 35,988	$ 373,308	$ 144	$ 277,194	$ (12,199)	$ 373,308
Balance (in shares) at Mar. 31, 2018			75,000			1,500,000		14,447,043

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities
Net income	$ 5,354	$ 1,783
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Interest capitalized on outstanding loans	(4,013)	(1,476)
Change in fair market value of investments	(4,320)	(1,393)
Stock-based compensation	376	292
Equity in earnings from unconsolidated self-storage real estate venture	(548)	(419)
Return on investment from unconsolidated self-storage joint venture	201	192
Depreciation and amortization	719	38
Amortization of deferred financing costs	177	2
Accretion of origination fees	(160)	(153)
Changes in operating assets and liabilities:
Prepaid expenses and other assets	(81)	70
Due to Manager	(79)	(169)
Accounts payable, accrued expenses, and other liabilities	255	108
Net cash provided by (used in) operating activities	(2,119)	(1,125)
Cash flows from investing activities
Purchase of fixed assets	(6)
Purchase of self-storage real estate owned	(8,785)	(1,270)
Capital contributions to unconsolidated self-storage real estate venture	(831)	(1,324)
Advances to unconsolidated self-storage real estate venture	(6,516)	(11,564)
Repayment of advances to unconsolidated self-storage real estate venture	6,791	7,719
Origination fees received in cash	1,167	1,129
Development property and bridge loan investments	(116,746)	(33,787)
Funding of other loans	(325)	(8,152)
Repayments of investment portfolio investments	3	6,860
Repayments of other loans	418	5,079
Net cash used in investing activities	(124,830)	(35,310)
Cash flows from financing activities
Cash received from Credit Facility, net of issuance costs	29,901
Senior loan participations		717
Deferred costs	(185)	(87)
Stock repurchase	(40)
Costs related to the future issuance of common stock		(7)
Dividends paid on common stock	(5,051)	(3,134)
Net cash provided by financing activities	95,210	(2,686)
Net change in cash and cash equivalents	(31,739)	(39,121)
Cash and cash equivalents at the beginning of the period	46,977	67,373
Cash and cash equivalents at the end of the period	15,238	28,252
Series A Preferred Stock [Member]
Cash flows from financing activities
Proceeds from issuance of preferred stock	34,976	(2)
Dividends paid on preferred stock	(379)	$ (173)
Series B Preferred Stock [Member]
Cash flows from financing activities
Proceeds from issuance of preferred stock	$ 35,988

ORGANIZATION AND FORMATION OF T

ORGANIZATION AND FORMATION OF THE COMPANY	3 Months Ended
	Mar. 31, 2018
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 (the “IPO”) of its common stock, $0.01 par value per share (the “common stock”), 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 (the “Code”) , as amended. 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	3 Months Ended
	Mar. 31, 2018
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; and 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 and bridge loan investments , which would otherwise be required to be accounted for under the equity method. The Company also holds an investment in a self-storage 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 March 31, 2018 and December 31, 2017 , 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 March 31, 2018 and December 31, 2017 . 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 and bridge loan investments (which are generally structured as first mortgages and a 49.9% Profits Interest in the project), operating property loans (loans secured by operating properties), the investment in self-storage real estate venture, other loans, receivables, the secured revolving Credit Facility (as defined below) , senior loan participation, and payables. The following table presents the financial instruments measured at fair value on a recurring basis at March 31, 2018 :     Fair Value Measurements Using  Total Level 1 Level 2 Level 3  Development property investments $ 239,754 $ - $ - $ 239,754  Bridge loan investments (1) 77,435 - - 77,435  Operating property loans 5,885 - - 5,885  Total investments $ 323,074 $ - $ - $ 323,074          The Company closed its first bridge loan investments o n March 2 , 2018.  The following table presents the financial instruments measured at fair value on a recurring basis at December 31, 2017 :     Fair Value Measurements Using  Total Level 1 Level 2 Level 3  Development property investments $ 228,233 $ - $ - $ 228,233  Operating property loans 5,938 - - 5,938  Total investments $ 234,171 $ - $ - $ 234,171  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 and assumed liabilities, if applicable, to acquire the developer’s equity interest and portion of Profits Interest. Ordinary repairs and maintenance are expensed as incurred; major replacements and betterments, which improve or extend the life of the asset, are capitalized and depreciated over their estimated useful lives. The costs of building and improvements are 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 805): 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 facilities 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. There were no impairment losses recognized in accordance with these procedures during the three months ended March 31, 2018 and 2017 . 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 three 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. As of March 31, 2018, t he Company had executed eight revolving loan agreements with an aggregate outstanding principal amount of $ 0 . 8 million. 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 . 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.  At December 31, 2017 , the Company had executed nine revolving loan agreements with an aggregate outstanding principal amount of $1. 0 million. These loans are accounted for under the cost method, and fair value approximates cost at March 31, 2018 and December 31, 2017 . None of these loans are in non-accrual status as of March 31, 2018 and December 31, 2017 . The Company determined that no allowance for loan loss was necessary at March 31, 2018 and December 31, 2017 .  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 debt 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. Offering and Registration Costs Offering and registration costs represent underwriting discounts and commissions, professional fees, fees paid to various regulatory agencies, and other costs incurred in connection with the registration and sale of the Company’s securities. Offering and registration costs incurred in connection with the Company’s common stock offerings are reflected as a reduction of additional paid-in capital. On July 27, 2016, the Company entered into a Purchase Agreement (as defined in Note 8 , 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 conjunction 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, none and $0.6 million is in deferred costs on the Consolidated Balance Sheets at March 31, 2018 and December 31, 2017, respectively, and $2.8 million and $2.2 million has reduced the cumulative preferred stock balance on the Consolidated Balance Sheets at March 31, 2018 and December 31, 2017, respectively. 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 months ended March 31, 2018 and 2017 , comprehensive income equaled net income; therefore, separate Consolidated Statements of Comprehensive Income are not included in the accompanying interim 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 (defined in the ASU as “cash flow issues”), 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 has elected to early adopt effective October 1, 2017 on a retrospective basis as required. The Company has concluded that the new accounting guidance does not impact its current classification of distributions received from equity method investees as an operating activity in its Consolidated Statements of Cash Flows. The Company further considered its components of cash flows under the cash flow issue “Separately Identifiable Cash Flow and Applicable of the Predominance Principle,” which addresses certain cash receipts and cash payments that may have aspects of more than one class of cash flows. In the absence of specific GAAP guidance, the Company evaluated its cash flows from origination fees received in cash, which have been historically presented as operating cash flows, on the basis of the nature of the underlying cash flows. The Company concluded that the origination fees are related to the origination of loans and the funding of our investment portfolio for which the associated cash flows are presented as investing activities. As a result, $1.1 million of origination fees received in cash for the three months ended March 31, 2017, have been retrospectively presented as an investment activity in the Consolidated Statements of Cash Flows.  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 Company does have rental income from month-to-month self-storage leases within the scope of ASU 2016-02. The Company does not have material amounts of rental or lease expense. 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 adopted the ASU effective January 1, 2018. The Company has evaluated all applicable contracts and revenue streams and has concluded that the adoption does not have an effect on its consolidated financial statements, primarily due to the new guidance not applying to revenue associated with loans or derived from lease contracts.  Consolidated Statements of Cash Flows - Supplemental Disclosures The following table provides supplemental disclosures related to the Consolidated Statements of Cash Flows:          Three months ended March 31,  2018 2017  Supplemental disclosure of cash flow information:  Interest paid $ 114 $ 153   Supplemental disclosure of non-cash investing and financing activities:  Stock dividend paid on preferred stock $ 44 $ 823  Dividends declared, but not paid, on preferred stock 3,595 546  Dividends declared, but not paid, on common stock 5,056 3,149  Reclassification of self-storage real estate owned 35,281 6,041  Assumed liabilities with acquisition of self-storage real estate owned 1,306 -  Other loans paid off with issuance of development property investments 117 -  Reclassification of deferred costs to cumulative preferred stock 559 - 

SELF-STORAGE INVESTMENT PORTFOL

SELF-STORAGE INVESTMENT PORTFOLIO	3 Months Ended
	Mar. 31, 2018
SELF-STORAGE INVESTMENT PORTFOLIO [Abstract]
SELF-STORAGE INVESTMENT PORTFOLIO	3. SELF-STORAGE INVESTMENT PORTFOLIO The Company’s self-storage investments at March 3 1 , 201 8 consisted of the following:  Investments reported at fair value    Development Property Investments - The Company had 42 investments totaling an aggregate committed principal amount of approximately $499.1 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 and is typically comprised of a first mortgage and a 49.9% Profits Interest to the Company . The loans are secured by first priority mortgages or deeds of trust on the projects and, in certain cases, first priority security interests in the membership interests of the owners of the projects. 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 .    Also i ncluded in development property investments as of March 31, 201 8 was one construction loan with a committed principal amount of approximately $17.7 million and an initial term of 18 months that was extended during the first quarter of 2017 and in 2018 . 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. The self-storage facility under construction is 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, which is expected in the second quarter of 2018.      Bridge Loan Investments - As of March 31, 201 8, the Company had five bridge loan investments with a n aggregate committed principal amount of approximately $ 83.3 million . Three bridge loans amounting to an aggregate principal amount of  $47.1 million are secured by first priority mortgages on self-storage properties with an aggregate of over 203,000 net rentable square feet that were completed and began lease up in 2016, which loans bear interest at an annual rate of 6.9% , payable monthly. The Company has a 49.9% Profits Interest in these three properties. Two bridge loans aggregating a committed principal amount of $ 36.2 million are secured by first priority mortgages on two newly-completed self-storage properties with an expected aggregate of over 160,000 net rentable square feet , which loans will bear interest at an annual rate of 9.5% , with 6.5% payable monthly and 3.0% accruing and payab le upon maturity of the loan. The Company als o has a 49.9% Profits Interest, after the other members of the borrower receive $1.0 million of preferential payments per loan. All five loans will mature five years from the date of closing, with the borrower having two extension options for one year each .      Operating P roperty L oans - 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 .  As of March 31, 2018 , the aggregate committed principal amount of the Company’s development property investments, bridge loan investments and operating property loans was approximately $606.1 million and outstanding principal was $309.1 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 (includes a profits interest):  6/19/2015 Tampa 1 (2) $ 5,369 $ 5,285 $ 84 $ 5,956  6/29/2015 Charlotte 1 (2) 7,624 7,320 304 10,242  7/2/2015 Milwaukee (2) 7,650 7,641 9 9,283  7/31/2015 New Haven (2) 6,930 6,563 367 8,123  8/14/2015 Raleigh (2) 8,792 7,320 1,472 7,893  10/27/2015 Austin (2) 8,658 7,422 1,236 8,821  9/20/2016 Charlotte 2 (3) 12,888 7,448 5,440 8,196  11/17/2016 Jacksonville 2 (2) 7,530 5,437 2,093 6,689  1/4/2017 New York City 1 (2) 16,117 15,591 526 19,995  1/18/2017 Atlanta 3 14,115 2,886 11,229 2,698  1/31/2017 Atlanta 4 (3) 13,678 8,556 5,122 9,107  2/24/2017 Orlando 3 (3) 8,056 4,565 3,491 5,210  2/24/2017 New Orleans 12,549 2,115 10,434 1,934  2/27/2017 Atlanta 5 17,492 6,146 11,346 5,882  3/1/2017 Fort Lauderdale 9,952 1,948 8,004 1,860  3/1/2017 Houston 13,630 4,529 9,101 4,388  4/14/2017 Louisville 1 (3) 8,523 4,008 4,515 4,471  4/20/2017 Denver 1 9,806 2,500 7,306 2,406  4/20/2017 Denver 2 (3) 11,164 6,947 4,217 7,746  5/2/2017 Atlanta 6 (3) 12,543 6,310 6,233 6,558  5/2/2017 Tampa 2 8,091 1,610 6,481 1,524  5/19/2017 Tampa 3 9,224 2,578 6,646 2,478  6/12/2017 Tampa 4 (3) 10,266 3,697 6,569 3,821  6/19/2017 Baltimore (4) 10,775 4,410 6,365 4,194  6/28/2017 Knoxville 9,115 2,738 6,377 2,642  6/29/2017 Boston 1 (3) 14,103 7,453 6,650 8,109  6/30/2017 New York City 2 (4) 26,482 18,657 7,825 18,093  7/27/2017 Jacksonville 3 (3) 8,096 2,658 5,438 2,640  8/30/2017 Orlando 4 9,037 2,446 6,591 2,335  9/14/2017 Los Angeles 28,750 7,695 21,055 7,472  9/14/2017 Miami 1 14,657 6,429 8,228 6,268  9/28/2017 Louisville 2 9,940 3,241 6,699 3,129  10/12/2017 Miami 2 (4) 9,459 1,038 8,421 837  10/30/2017 New York City 3 (4) 14,701 3,557 11,144 3,237  11/16/2017 Miami 3 (4) 20,168 3,773 16,395 3,332  11/21/2017 Minneapolis 1 12,674 1,202 11,472 1,065  12/1/2017 Boston 2 8,771 1,661 7,110 1,568  12/15/2017 New York City 4 10,591 1,000 9,591 887  12/27/2017 Boston 3 10,174 2,398 7,776 2,295  12/28/2017 New York City 5 16,073 4,765 11,308 4,612  2/8/2018 Minneapolis 2 10,543 4,599 5,944 4,534  3/30/2018 Philadelphia (4) 14,338 2,787 11,551 2,508  $ 499,094 $ 210,929 $ 288,165 $ 225,038  Construction loans:  12/23/2015 Miami 17,733 14,838 2,895 14,716  $ 17,733 $ 14,838 $ 2,895 $ 14,716  Total development property investments $ 516,827 $ 225,767 $ 291,060 $ 239,754   Bridge loan investments (includes a profits interest):  3/2/2018 Miami 4 (2) 20,201 19,293 908 20,461  3/2/2018 Miami 5 (3)(4) 17,738 15,734 2,004 13,637  3/2/2018 Miami 6 (2) 13,370 13,161 209 16,691  3/2/2018 Miami 7 (2)(4) 18,462 16,366 2,096 14,465  3/2/2018 Miami 8 (2) 13,553 12,792 761 12,181  Total bridge loan investments $ 83,324 $ 77,346 $ 5,978 $ 77,435   Operating property loans:  7/7/2015 Newark 3,480 3,480 - 3,415  12/22/2015 Chicago 2,502 2,500 2 2,470  Total operating property loans $ 5,982 $ 5,980 $ 2 $ 5,885   Total investments reported at fair value $ 606,133 $ 309,093 $ 297,040 $ 323,074     (1) Represents principal balance of loan gross of origination fees. (2) Facility had received certificate of occupancy as of March 31, 2018. 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 March 31, 2018. 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 March 31, 2018 :     Funded principal $ 309,093  Adjustments:  Unamortized origination fees (5,994)  Change in fair value of investments 20,059  Other (84)  Fair value of investments $ 323,074  As of December 31, 2017 , the aggregate committed principal amount of the Company’s development property investments and operating property loans was approximately $ 523 . 8 million and outstanding principal was $ 213 . 1 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 (includes a profits interest):  6/10/2015 Atlanta 1 (2)(5) $ 8,132 $ 8,086 $ 46 $ 10,741  6/19/2015 Tampa 1 (2) 5,369 5,285 84 6,012  6/26/2015 Atlanta 2 (2)(5) 6,050 5,769 281 8,631  6/29/2015 Charlotte 1 (2) 7,624 7,251 373 10,363  7/2/2015 Milwaukee (2) 7,650 7,512 138 8,994  7/31/2015 New Haven (2) 6,930 6,524 406 8,231  8/10/2015 Pittsburgh (2)(5) 5,266 4,798 468 6,774  8/14/2015 Raleigh (3) 8,792 5,550 3,242 5,889  9/30/2015 Jacksonville 1 (2)(5) 6,445 5,988 457 8,913  10/27/2015 Austin (2) 8,658 7,297 1,361 8,782  9/20/2016 Charlotte 2 (3) 12,888 5,453 7,435 5,686  11/17/2016 Jacksonville 2 (3) 7,530 4,971 2,559 5,818  1/4/2017 New York City 1 (2) 16,117 14,914 1,203 18,892  1/18/2017 Atlanta 3 14,115 2,393 11,722 2,236  1/31/2017 Atlanta 4 (3) 13,678 7,040 6,638 7,147  2/24/2017 Orlando 3 (3) 8,056 3,144 4,912 3,335  2/24/2017 New Orleans 12,549 677 11,872 553  2/27/2017 Atlanta 5 17,492 4,971 12,521 4,739  3/1/2017 Fort Lauderdale 9,952 1,128 8,824 1,043  3/1/2017 Houston 13,630 3,633 9,997 3,547  4/14/2017 Louisville 1 (3) 8,523 2,932 5,591 3,083  4/20/2017 Denver 1 9,806 1,940 7,866 1,849  4/20/2017 Denver 2 (3) 11,164 5,442 5,722 5,849  5/2/2017 Atlanta 6 12,543 4,344 8,199 4,262  5/2/2017 Tampa 2 8,091 1,086 7,005 1,010  5/19/2017 Tampa 3 9,224 1,422 7,802 1,335  6/12/2017 Tampa 4 10,266 1,847 8,419 1,752  6/19/2017 Baltimore (4) 10,775 3,315 7,460 3,115  6/28/2017 Knoxville 9,115 1,351 7,764 1,265  6/29/2017 Boston 1 (3) 14,103 4,978 9,125 4,914  6/30/2017 New York City 2 (4) 26,482 18,042 8,440 17,576  7/27/2017 Jacksonville 3 8,096 1,134 6,962 1,053  8/30/2017 Orlando 4 9,037 2,059 6,978 1,960  9/14/2017 Los Angeles 28,750 7,533 21,217 7,398  9/14/2017 Miami 1 14,657 5,862 8,795 5,725  9/28/2017 Louisville 2 9,940 1,864 8,076 1,762  10/12/2017 Miami 2 (4) 9,459 1,014 8,445 820  10/30/2017 New York City 3 (4) 14,701 2,595 12,106 2,294  11/16/2017 Miami 3 (4) 20,168 3,508 16,660 3,099  11/21/2017 Minneapolis 1 12,674 1,150 11,524 1,023  12/1/2017 Boston 2 8,771 1,306 7,465 1,220  12/15/2017 New York City 4 10,591 927 9,664 823  12/27/2017 Boston 3 10,174 2,259 7,915 2,169  12/28/2017 New York City 5 16,073 4,303 11,770 4,178  $ 500,106 $ 194,597 $ 305,509 $ 215,860   Construction loans:  12/23/2015 Miami 17,733 12,492 5,241 12,373  $ 17,733 $ 12,492 $ 5,241 $ 12,373  Total development property investments 517,839 $ 207,089 $ 310,750 $ 228,233   Operating property loans:  7/7/2015 Newark 3,480 3,480 - 3,447  12/22/2015 Chicago 2,502 2,500 2 2,491  Total operating property loans $ 5,982 $ 5,980 $ 2 $ 5,938   Total investments reported at fair value $ 523,821 $ 213,069 $ 310,752 $ 234,171   (1) Represents principal balance of loan gross of origination fees. (2) Facility had received certificate of occupancy as of December 31, 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 December 31, 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. (5) During the first quarter of 2018, we purchased our partner’s 50.1% Profits Interest in these investments.  The following table provides a reconciliation of the funded principal to the fair market value of investments at December 31, 2017 :     Funded principal $ 213,069  Adjustments:  Unamortized origination fees (5,081)  Change in fair value of investments 26,267  Other (84)  Fair value of investments $ 234,171  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 March 31, 2018 and December 31, 2017 . All of the Company’s development property investments and bridge loan 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 and bridge loan investments with a Profits Interest, the assets and liabilities of the equity method investees approximated $327.3 million and $288.3 million, respectively, at March 31, 2018 and approximated $234.7 million and $194.4 million, respectively, at December 31, 2017 . The se investees had revenues and net operating income of $0 . 8 million and $0.1 million, respectively, for the three months ended March 31, 2018 and revenues and a net operating loss of $0.4 million and $0.4 million, respectively, for the three months ended March 31, 2017 . For the three months ended March 31, 2018 , the total income (interest income and change in fair value) from two bridge loan investment s with a Profits Interest exceeded 20% of the Company’s net income. The Company recorded total income for the three months ended March 31, 2018 of $1.4 million and $3.8 million from the Miami 4 MSA and Miami 6 MSA bridge loan investment s with a Profits Interest , respectively .  For 14 of the Company’s developme nt property investments with a Profits I nterest, 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 March 31, 2018 and December 31, 2017.  Investments reported at cost  2018 Activity  On January 1 0, 2018, the Company purchased 100% of the Class A membership units of the limited liability company that owned the Jacksonville 1 development property investment with a Profits Interest for $ 2.7 million. Accordingly, as of January 10 , 201 8 , t he Company wholly owns and consolidates th is investment in the accompanying consolidated financial statements.  On February 2 , 2018, the Company purchased 100% of the Class A membership units of the limited liability compan ies that owned the Atlanta 1 and Atlanta 2 development property investment s with a Profits Interest for $ 2.4 million and $3.0 million, respectively . Accordingly, as of February 2 , 201 8 , the Com pany wholly owns and consolidates th ese investment s in the accompanying consolidated financial statements.  On February 20, 2018, the Company purchased 100% of the Class A membership units of the limited liability company that owned the Pittsburgh development property investment with a Profits Interest for $0.9 million and assumed liabilities of $1.3 million . Accordingly, as of February 20 , 201 8 , t he Company wholly owns and consolidates th is investment in the accompanying consolidated financial statements.  2017 Activity  On February 3, 2017, the Company purchased 50% of the economic rights of the Class A membership units of a limited liability company that owned 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, Receivables (“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 owned 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 accounts 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, th e Company wholly owns and consolidates these investments in the accompanying consolidated financial statements.  The Company evaluated th e 2018 and 2017 purchase s under ASU 2017-01 and concluded that the transaction s consisted of a single identifiable asset that represents substantially all of the fair value of the gross assets acquired. Therefore, th ese transaction s do not constitute the purchase of a business and ha ve been treated as asset acquisition s . In accordance with ASU 2017-01, as of the respective acquisition dates , the Company’s basis in the self-storage real estate owned is recorded at cost (equal to the cash consideration paid , assumed liabilities, if applicable, and the funded loan balance, net of unamortized origination fees), plus unrealized gains recorded at the date of acquisition . The allocation to the basis of the assets acquired is based on their relative fair values.  The following table shows the Company’s basis as of the date of acquisition for the facilities acquired during the three months ended March 31, 2018:     Jacksonville 1 Atlanta 1 Atlanta 2 Pittsburgh Totals  Funded principal balance, net of unamortized origination fees $ 5,966 $ 8,084 $ 5,766 $ 4,938 $ 24,754  Unrealized appreciation on investments 2,947 2,704 2,900 1,976 10,527  Cash consideration, inclusive of transaction costs (1) 2,625 2,342 2,960 1,076 9,003  Assumed liabilities - - - 1,306 1,306  Net property working capital acquired 95 41 40 40 216  Total cost basis $ 11,633 $ 13,171 $ 11,666 $ 9,336 $ 45,806     (1) Includes $218 thousand of transaction costs incurred but not yet paid as of March 31, 2018.    The following table shows the Company’s basis as of the date of acquisition for the facility acquired during the year ended December 31, 2017:       Funded principal balance, net of unamortized origination fees $ 9,139  Unrealized appreciation on investments 3,780  Cash consideration, inclusive of transaction costs 2,856  Net property working capital acquired 52  Total cost basis $ 15,827  The following table shows the impact of these real estate investments on the Company’s accompanying Consolidated Balance Sheets as of March 31, 2018 and December 31, 2017:      March 31, 2018 December 31, 2017  Cash and cash equivalents $ 617 $ 121  Prepaid expenses and other assets 136 2   Land 8,181 1,505  Building and improvements 51,229 13,720  In-place leases 2,223 602  Accumulated depreciation and amortization (1,174) (472)  Self-storage real estate owned $ 60,459 $ 15,355   Accounts payable, accrued expenses and other liabilities $ 1,601 $ 67  The following table shows the impact of these real estate investments on the Company’s accompanying Consolidated Statement of Operations for the three months ended March 31, 2018 and 2017:      Three months ended Three months ended  March 31, 2018 March 31, 2017   Rental and other property-related income from real estate owned $ 623 $ 63   Property operating expenses of real estate owned (311) (31)  Depreciation and amortization expense (702) (24)  Total expenses of real estate owned $ (1,013) $ (55)    

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2018
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 , bridge loan 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 Measurement (“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 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 and equity 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, the secured revolving credit facility, 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 , the secured revolving credit facility 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 following table summarizes the instruments categorized in Level 3 of the fair value hierarchy and the valuation techniques and inputs used to measure their fair value.      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 and bridge loan investments (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. Typically, the calibration is done on an investment level basis. In certain instances, we may acquire a portfolio of investments in which case the calibration is done on an aggregate basis to the aggregate net drawn amount as of the date of issuance. Level 3   An option-pricing method (OPM) framework is utilized to calculate the value of the Profits Interests. At certain stages in the investments life cycle (as described subsequently), the OPM requires an enterprise value derived from fair value of the underlying real estate project. The fair value of the underlying real estate project is determined using either a discounted cash flows model or direct capitalization approach.   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, bridge loan 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 (“OPM”) 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. Typically the calibration is done on an investment level basis. To the extent investments are entered into on a portfolio basis, the valuation models are calibrated on an aggregate basis to the aggregate net investment proceeds using the overall implied internal rate of return using a discounted cash flow for each investment. For development property investments with a Profits Interest , at a certain stage of construction, the OPM 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 nine properties between 40% and 100% complete at March 3 1 , 201 8 , 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, allo cated on a straight-line basis. Eight properties , not includ ing the properties reported as self-storage real estate owned, had reached construction completion at March 3 1 , 201 8 . For the Company’s development property investments at 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 which 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 March 31, 2018 and December 31, 2017 . 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 March 31, 2018  Unobservable Inputs  Primary Valuation Weighted  Asset Category Techniques Input Estimated Range Average   Development property investments and bridge loan investments (a) Income approach analysis Market yields/discount rate 4.70 - 12.14% 9.15%  Exit date (d) 0.17 - 6.46 years 3.53 years   Development property investments with a profits interest and bridge loan investments (b) Option pricing model Volatility 52.42 - 92.65% 73.01%  Exit date (d) 0.17 - 6.46 years 3.69 years  Capitalization rate (c) 5.25 - 6.15% 5.47%  Discount rate (c) 8.50 - 11.20% 8.93%   Operating property loans Income approach analysis Market yields/discount rate 6.33 - 7.27% 6.73%  Exit date (d) 3.73 - 4.40 years 4.12 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) Seventeen properties were 40% - 100% complete, thus requiring a capitalization rate and/or discount rate to derive entrepreneurial profit which are used to derive the enterprise value input to the OPM. 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 development property investments and bridge loan investments are generally the estimated date of stabilization of the underlying property. The exit dates for the operating property loans are the contractual maturity dates.      As of December 31, 2017  Unobservable Inputs  Primary Valuation Weighted  Asset Category Techniques Input Estimated Range Average   Development property investments (a) Income approach analysis Market yields/discount rate 7.83 - 10.62% 9.00%  Exit date (d) 0.08 - 6.71 years 2.96   Development property investments with a profits interest (b) Option pricing model Volatility 63.94 - 94.03% 74.08%  Exit date (d) 0.42 - 6.71 years 3.12 years  Capitalization rate (c) 5.50 - 6.15% 5.51%  Discount rate (c) 8.50 - 9.15% 8.51%   Operating property loans Income approach analysis Market yields/discount rate 6.08 - 7.01% 6.47%  Exit date (d) 3.98 - 4.65 years 4.37 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) Eighteen properties were 40% - 100% complete, thus requiring a capitalization rate and/or discount rate to derive entrepreneurial profit, which are used to derive the enterprise value input to the OPM. 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 development property investments are generally the estimated date of stabilization of the underlying property. 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) March 31, 2018 December 31, 2017  Up 25 basis points $ (1.7) $ (1.2)  Down 25 basis points, subject to a minimum yield/rate of 10 basis points 1.8 1.2   Up 50 basis points $ (3.4) (2.3)  Down 50 basis points, subject to a minimum yield/rate of 10 basis points 3.6 2.4  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 Interest s. 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) March 31, 2018 December 31, 2017  Up 25 basis points $ (3.9) $ (2.8)  Down 25 basis points 4.3 3.1   Up 50 basis points (7.6) (5.3)  Down 50 basis points 9.1 6.4 Exit date - changes in exit date, in isolation and all else equal, may change the fair value of certain of the Company’s investments that have Profits Interest s. Generally, an acceleration in the exit date assumption may result in an increase in the fair value 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 Interest s. Generally, an increase in volatility may result in an increase in the fair value of the Profits Interest s 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 Interest s. Generally, an increase in operating cash flow projections may result in an increase in the fair value of the Profits Interest s 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 months ended Ma r ch 3 1 , 201 8 a nd 2017 .  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:     Balance at December 31, 2017 $ 234,171  Net realized gains -  Net unrealized gains 4,320  Fundings of principal and change in unamortized origination fees 115,854  Repayments of loans (3)  Payment-in-kind interest 4,013  Reclassification of self-storage real estate owned (35,281)  Net transfers in or out of Level 3 -  Balance at March 31, 2018 $ 323,074 As of Ma r ch 31 , 201 8 and December 31, 201 7 , the total net unrealized appreciation on the investments that use Level 3 inputs was $20.1 million and $26.3 million, respectively. For the three months ended Ma r ch 3 1 , 201 8 and 201 7 , substantially all of the change in fair value of investments in the Company’s Consolidated Statements of Operations w ere 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 SELF-STORAGE REAL

INVESTMENT IN SELF-STORAGE REAL ESTATE VENTURE	3 Months Ended
	Mar. 31, 2018
INVESTMENT IN SELF-STORAGE REAL ESTATE VENTURE [Abstract]
INVESTMENT IN SELF-STORAGE REAL ESTATE VENTURE	5. INVESTMENT IN SELF-STORAGE 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 Ma r ch 3 1 , 201 8 , 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 Ma r ch 3 1 , 201 8 . 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 March 31, 2018 , 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) (4) $ 13,867 $ 11,571 $ 2,296 $ 14,227  5/14/2015 Miami 2 (2) (3) 14,849 11,640 3,209 12,805  9/25/2015 Fort Lauderdale (2) (3) 13,230 9,982 3,248 11,598  4/15/2016 Washington DC (4) 17,269 16,146 1,123 18,539  4/29/2016 Atlanta 1 (3) 10,223 8,332 1,891 9,094  7/19/2016 Jacksonville (4) 8,127 7,253 874 11,241  7/21/2016 New Jersey 7,828 2,383 5,445 2,228  8/15/2016 Atlanta 2 (4) 8,772 7,846 926 9,077  8/25/2016 Denver (4) 11,032 9,105 1,927 11,009  9/28/2016 Columbia (4) 9,199 8,419 780 9,405  12/22/2016 Raleigh (3) 8,877 5,798 3,079 6,657  Total $ 123,273 $ 98,475 $ 24,798 $ 115,880   (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 March 31, 2018 . See Note 4, Fair Value of Financial Instruments , for information regarding recognition of entrepreneurial profit. (4) Facility had received certificate of occupancy as of March 31, 2018. See Note 4, Fair Value of Financial Instruments , for information regarding recognition of entrepreneurial profit.  As of March 31, 2018 , the SL1 Venture had total assets of $116.0 million and total liabilities of $3.1 million. During the three months ended March 31, 2018 , the SL1 Venture had net income of $5.1 millio n , of which $0. 6 million was allocated to the Company and $4.5 million was allocated to HVP III, respectively, under the HLBV method. At March 31, 2018 , $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 March 31, 201 8 and December 31, 2017 , the Company had $2.9 million and $3.2 million, respectively, in advances to the SL1 Venture, and the related interest on these advances are classified in equity in earnings from unconsolidated self-storage 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 Ma r ch 3 1 , 2018 and December 31, 2017 . Under the JV Agreement, Heitman and the Company will seek to obtain and, if obtained, will 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 Ma r ch 3 1 , 201 8 and December 31, 2017. The Company is the managing mem ber of the SL1 Venture and will manage and administer (i) the day-to-day business and affairs of the SL1 Venture and any of its acquired properties and (ii) loan servicing and other administration of the approved development property investments. The Company will be paid a monthly expense reimbursement amount by the SL1 Venture in connection with its role as managing member, as set forth in the JV Agreement. Heitman may remove the Company as the managing member of the SL1 Venture if it commits an event of default (as defined in the JV Agreement), if it undergoes a change of control (as defined in the JV Agreement), or if it becomes insolvent.  Heitman approves all “Major Decisions” of the SL1 Venture, as defined in the JV Agreement, including, but not limited to, each investment of capital, the incurrence of any indebtedness, the sale or other disposition of assets of the SL1 Venture, the replacement of the managing member, the acceptance of new members into the SL1 Venture and the liquidation of the SL1 Venture. For four of the SL1 Venture development property investments with a Profits Interest , an investor has an option to put its interest to the Company upon the event of default of the 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 March 3 1 , 201 8 and December 31, 2017 . 

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	3 Months Ended
	Mar. 31, 2018
VARIABLE INTEREST ENTITIES [Abstract]
VARIABLE INTEREST ENTITIES	6. VARIABLE INTEREST ENTITIES Development Property Investments and Bridge Loan Investments The Company holds variable interests in its development property investments and bridge loan 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 $ 317.2 million and $ 228 . 2 million at March 31, 2018 and December 31, 2017 , respectively, for its variable interest in the development property and bridge loan VIEs which is included in the development property investments and bridge loan investments at fair value line item s 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:      March 31, 2018 December 31, 2017  Assets recorded related to VIEs $ 317,189 $ 228,233  Unfunded loan commitments to VIEs 297,038 310,750  Maximum exposure to loss $ 614,227 $ 538,983 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 self-storage 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 March 31, 2018 and December 31, 2017 , the Company’s remaining unfunded commitment to the SL1 Venture is $2.4 million and $3.4 million, respectively. 

DEBT

DEBT	3 Months Ended
	Mar. 31, 2018
DEBT [Abstract]
DEBT	7 . 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 March 31, 2018, the Company had $30.0 million outstanding under the Credit Facility and $10.8 million was available for borrowing under the Credit Facility.  As of March 31, 2018, 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.  As of March 31, 2018, the funded principal of $45.8 million of development property investments at fair value, the funded principal of $6.0 million of operating property loans at fair value, and $17.6 million of the self-storage real owned, net, is pledged as collateral against the Company’s secured revolving credit facility. As of December 31, 2017, the funded principal of $47.4 million of development property investments at fair value, the funded principal of $6.0 million of operating property loans at fair value, and $4.4 million of the self-storage real owned, net, is pledged as collateral against the Company’s secured revolving credit facility.  Senior Participation  O n May 27, 2016, the Company sold a 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 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 4.98% at March 31, 2018 . 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 three months ended March 31, 2018 , the maturity date was extended to June 30, 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 March 31, 2018 was $0.7 million.  As of March 31, 2018 and December 31, 2017, the funded principal of $14.8 million and $12.5 , respectively, of the Miami development property investment at fair value is pledged as collateral against the Company’s senior participation.  The table below details the bank commitment and outstanding balance of our senior participation at March 31, 2018 :      Commitment by Bank Amount Borrowed Remaining Funds Interest Rate Effective Interest Rate at March 31, 2018 Maturity Date (1)  Miami A Note $ 10,001 $ 732 $ 9,269 30-day LIBOR + 3.10% 4.98 % June 30, 2018  Unamortized fees -  Net balance $ 732    (1) On March 31, 2018, the maturity date was extended to June 30, 2018.   The table below details the bank commitments and outstanding balances of our senior participation at December 31, 2017 :       Commitment by Bank Amount Borrowed Remaining Funds Interest Rate Effective Interest Rate at December 31, 2017 Maturity Date (1)  Miami A Note 10,001 732 9,269 30-day LIBOR + 3.10% 4.66 % January 31, 2018  Unamortized fees (14)  Net balance $ 718      (1) On January 30, 2018, the maturity date was extended to March 31, 2018. 

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	3 Months Ended
	Mar. 31, 2018
Stockholders' Equity [Abstract]
Stockholders' Equity	8 . STOCKHOLDERS’ EQUITY The Company had 14,447,043 and 14,429,055 shares of common stock issued and outstanding , which included 195,502 and 185,002 shares of nonvested restricted stock, as of March 31, 2018 and December 31, 2017 , respectively. The Company had 75,000 and 40,000 shares of Series A Preferred Stock issued and outstanding as of March 31, 2018 and December 31, 2017, respectively . The Company also had 1,500,000 shares of Series B Preferred Stock outstanding as of March 31, 2018.  Common Stock Offerings  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 March 31, 2018 , the Company has issued and sold an aggregate of 1,279,706 shares of common stock at a weighted average price of $22.35 per share under the ATM Program, receiving net proceeds after commissions and other offering costs of $27.8 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 March 31, 2018 , 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 March 31, 2018 , 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. On March 8, 2018, an employee of the Manager was granted 18,000 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 March 31, 2018 and December 31, 2017, 306,254 and 288,254 shares of restricted stock, respectively, had been granted, of which 55,172 vested in 2016 , 46,413 vested in 2017, 7,500 vested during the three months ended March 31, 2018 , 67,503 will vest during the remainder of 2018, 61,001 will vest in 2019, 60,998 will vest in 2020 and 6,000 will vest in 2021. 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 $0.4 million and $0.3 million of stock-based compensation expense for the three months ended March 31, 2018 and 2017 , respectively. As of March 31, 2018 and December 31, 2017 , the total unrecognized compensation cost related to the Company’s restricted shares was approximately $2.5 million and $2.7 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 $18.10 and $19.01 as of March 31, 2018 and December 31, 2017 , respectively, for awards issued to employees of the Manager. This cost is expected to be recognized over the remaining weighted average period of 2.3 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 months ended March 31, 2018 and 2017 is as follows:     Three months ended Three months ended  March 31, 2018 March 31, 2017  Weighted Weighted  average grant average grant  Shares date fair value Shares date fair value   Nonvested at December 31, 185,002 $ 21.58 120,001 $ 20.10  Granted 18,000 17.78 - -  Vested (7,500) 19.25 - -  Forfeited - - - -  Nonvested at March 31, 195,502 $ 21.32 120,001 $ 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.  On January 25, 2018, the Company filed, with the State Department of Assessments and Taxation of the State of Maryland (“MSDAT”), Amendment No. 1 (the “Series A Articles Supplementary Amendment”) to the Articles Supplementary (the “Series A Articles Supplementary”) to the Articles of Amendment and Restatement of the Company (the “Charter”), designating the terms of the Series A Preferred Stock. The Series A Articles Supplementary Amendment provides for certain amendments to the calculation of the cumulative dividend in the Series A Articles Supplementary, including, among other things, with respect to the computation and payment of the Aggregate Stock Dividend (as defined in the Series A Articles Supplementary) for the fiscal quarters beginning with the fiscal quarter ending March 31, 2018 through and including the fiscal quarter ending June 30, 2021.  For the first three fiscal quarters of the fiscal years 2018, 2019 and 2020 and for the first fiscal quarter of 2021, the Company will declare and pay an Aggregate Stock Dividend equal to $2,125,000 (the “Target Stock Dividend”). For the last fiscal quarter of each of 2018, 2019 and 2020 and for the second fiscal quarter of 2021, the Company will compute the cumulative Aggregate Stock Dividend for all periods after December 31, 2017 through the end of such fiscal quarter equal to 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 that we own 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) (the “Computed Stock Dividend”), and will declare and pay for such quarter an Aggregate Stock Dividend equal to the greater of the Target Stock Dividend or the Computed Stock Dividend minus the sum of all Aggregate Stock Dividends declared and paid for all fiscal quarters after December 31, 2017 and before the fiscal quarter for which such payment is computed, in each case subject to an amount that would, together with the Cash Distribution (as defined in the Series A Articles Supplementary), result in a 14.0% internal rate of return for the holders of Series A Preferred Stock from the date of issuance of the Series A Preferred Stock. 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.  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 March 31, 2018 . 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 March 31, 2018 , the Company had issued 75,000 restricted shares of the Series A Preferred Stock to the Buyers and received $75.0 million in proceeds pursuant to the terms of the Purchase Agreement. On April 9, 2018, the Company issued an additional 15,000 restricted shares of the Series A Preferred Stock and received an additional $15.0 million in proceeds pursuant to the terms of the Purchase Agreement.  On February 28, 2018 , the Company declared a (i) cash distribution of $12.12 per share of Series A Preferred Stock, payable on April 13, 2018 , to holders of Series A Preferred Stock of record on the close of business on April 1, 2018 , 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 Stock, payable on April 13 , 2018 , to holders of Series A Preferred Stock of record on the close of business on April 1, 2018 .  Public Offering s of Series B Preferred Stock  On January 25, 2018, the Company filed Articles Supplementary (the “Series B Articles Supplementary”) with the State Department of Assessments and Taxation of the State of Maryland designating 1,725,000 of its authorized preferred stock as 7.00% Series B cumulative redeemable perpetual preferred stock (the “Series B Preferred Stock”). The Series B Preferred Stock ranks senior to the Company’s common stock, with respect to distribution rights and rights upon liquidation, winding up and dissolution of the Company, and on parity with the Series A Preferred Stock and any other class or series of capital stock of the Company expressly designated as ranking on parity with the Series B 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 B 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 B Preferred Stock are entitled to receive, when, as and if authorized by the Board and declared by the Company, out of funds legally available for the payment of dividends under Maryland law, cumulative cash dividends from, and including, the original issue date quarterly in arrears on the fifteenth (15th) day of January, April, July and October of each year (or if not a business day, on the immediately preceding business day) (each, a “dividend payment date”). These cumulative cash dividends will accrue on the liquidation preference amount of $25.00 per share at a rate per annum equal to 7.00% with respect to each dividend period from and including the original issue date (e quivalent to an annual rate of  $1.7500 per share) from the date of issuance of such Series B Preferred Stock. Dividends will be payable to holders of record as of 5:00 p.m., New York City time, on the related record date. The record dates for the Series B Preferred Stock are the close of business on the first (1st) day of January, April, July or October immediately preceding the relevant dividend payment date (each, a “dividend record date”). If any dividend record date falls on any day other than a business day as defined in the Series B Articles Supplementary, the dividend record date shall be the immediately succeeding business day.  On or after January 26, 2023, the Series B Preferred Stock may be redeemed, at the Company’s option, upon not less than 30 nor more than 60 days’ written notice, in whole or in part, at any time and from time to time, for cash at a redemption price equal to $25.00 per share, plus any accrued and unpaid dividends (whether or not authorized or declared) to, but excluding, the date fixed for redemption. Holders of Series B Preferred Stock will have no right to require the redemption or repurchase of the Series B Preferred Stock. Upon the occurrence of a Change of Control (as defined in the Series B Articles Supplementary), we may redeem for cash, in whole or in part, the Series B Preferred Stock within 120 days after the date on which such Change of Control occurred, by paying $25.00 per share, plus any accrued and unpaid dividends (whether or not authorized or declared) to, but excluding, the date fixed for redemption .  Upon the occurrence of a Change of Control, each holder of Series B Preferred Stock will have the right (unless, prior to the Change of Control conversion date, the company has provided or provides notice of its election to redeem, in whole or in part, the Series B Preferred Stock) to convert some or all of the Series B Preferred Stock held by such holder (the “Change of Control Conversion Right”), on the Change of Control Conversion Date (as defined below) into a number of the Company’s common stock per Series B Preferred Stock to be converted equal to the lesser of: (1) the quotient obtained by dividing (i) the sum of  (x) the liquidation preference amount of $25.00 per Series B Preferred Stock, plus (y) any accrued and unpaid dividends thereon (whether or not authorized or declared) to, but excluding, the Change of Control Conversion Date (unless the Change of Control Conversion Date is after a record date for a Series B Preferred Stock dividend payment for which dividends have been declared and prior to the corresponding Series B Preferred Stock dividend payment date, in which case no additional amount for such accrued and unpaid dividend will be included in this sum and such declared dividend will instead be paid, on such dividend payment date, to the holder of record of the Series B Preferred Stock to be converted as of 5:00 p.m. New York City time, on such record date) by (ii) the defined Stock Price; and (2) the 2.74876 share cap, subject to certain adjustments.  Holders of the Series B Preferred Stock generally will have no voting rights. However, if the Company is in arrears on dividends, whether or not authorized or declared, on the Series B Preferred Stock for six or more quarterly periods, whether or not consecutive, holders of Series B Preferred Stock (voting together as a single class with the holders of all other classes or series of parity preferred stock (which excludes holders of Series A Preferred Stock, who are entitled to a separate class vote to elect separate Series A Preferred directors, as described above, upon which like voting rights have been conferred and are exercisable) will be entitled to elect two additional directors at a special meeting called upon the request of the holders of at least 10% of such outstanding shares of Series B Preferred Stock or the holders of at least 10% of outstanding shares of any such other class or series of the Company’s parity preferred stock or at the Company’s next annual meeting and each subsequent annual meeting of stockholders, until all accrued and unpaid dividends with respect to the Series B Preferred Stock have been paid. Such directors will be elected by a vote of holders of a majority of the outstanding Series B Preferred Stock and any other series of parity equity securities upon which like voting rights have been conferred and are exercisable, voting together as a single class (which excludes holders of Series A Preferred Stock, who are entitled to a separate class vote to elect separate Series A Preferred directors as described above). In the event of any liquidation, dissolution or winding up of the Company, the holders of the Series B Preferred Stock shall be entitled to receive a liquidating distribution in the amount of  $25.00 per share, plus accrued and unpaid dividends (whether or not authorized or declared) to, but excluding, the date of final distribution to such holders.  On January 26, 2018, the Company received $36.3 million in proceeds, net of underwriter’s discount but before offering costs, related to the issuance of 1,500,000 shares of Series B Preferred Stock.  In connection with the issuance of the Series B Preferred Stock, the Company, acting in its capacity as the sole managing member of the Operating Company, entered into Amendment No. 2 to the Limited Liability Company Agreement in order to provide for the issuance, and the designation of the terms and conditions, of newly classified 7.00% Series B preferred units of limited liability company interest in the Operating Company, the economic terms of which are identical to those of the Series B Preferred Stock. For more information about the Series B Preferred Stock, see ou r Current Report on Form 8-K filed on January 25, 2018.  Series B Preferred Stock At-the-Market Offering Program On March 29, 2018, the Company and the Operating Company entered into a Distribution Agreement (the “Distribution Agreement”), by and among the Company, the Operating Company, the Manager and B. Riley FBR, Inc. (the “Agent”) in connection with the commencement of an at-the-market continuous offering program (the “Preferred ATM Program”). Pursuant to the terms and conditions of the Distribution Agreement, the Company may, from time to time, issue and sell through o

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2018
EARNINGS PER SHARE [Abstract]
EARNINGS PER SHARE	9 . EARNINGS PER SHARE  Basic earnings per share is computed by dividing net income attributable to common shareholders 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 accrued 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 months ended March 31, 2018 and 2017 , 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 March 31,  2018 2017  Shares outstanding  Weighted average common shares - basic 14,247,174 8,857,030  Effect of dilutive securities 308,163 136,498  Weighted average common shares, all classes 14,555,337 8,993,528   Calculation of Earnings per Share - basic  Net income $ 5,354 $ 1,783  Less:  Net income allocated to preferred stockholders 3,595 546  Net income allocated to unvested restricted shares (1) 23 17  Net income attributable to common shareholders - two-class method $ 1,736 $ 1,220   Weighted average common shares - basic 14,247,174 8,857,030  Earnings per share - basic $ 0.12 $ 0.14   Calculation of Earnings per Share - diluted  Net income $ 5,354 $ 1,783  Less:  Net income allocated to preferred stockholders 3,595 546  Net income attributable to common shareholders - two-class method $ 1,759 $ 1,237   Weighted average common shares - diluted 14,555,337 8,993,528  Earnings per share - diluted $ 0.12 $ 0.14    (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 months ended March 31, 2018 and 2017 . 

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2018
Related Party Transactions [Abstract]
Related Party Transactions	 1 0 . RELATED PARTY TRANSACTIONS Equity Method Investments Certain of the Company’s development property investments and bridge loan 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 March 31, 2018 and December 31, 2017 w as $302.5 million and $215.9 million, respectively. The interest income realized and the change in fair value from these equity m ethod investments was $8.4 million and $2.8 million for the three months ended March 31, 2018 and 2017 , respectively . The Company’s investment in the real estate venture, the SL1 Venture, has a carrying amount of $14.8 million and $13.9 million at March 31, 2018 and December 31, 2017 , respectively, and the earnings from this venture were $0.6 million and $0.4 million for the three months ended March 31, 2018 and 2017 .  Management Agreement On April 1, 2015, the Company entered into a Management Agreement with its Manager (the “Management Agreement”). Pursuant to the terms of the Management Agreement, the Manager will be responsible for (a) the Company’s day-to-day operations, (b) determining investment criteria and strategy in conjunction with the Company’s Board of Directors, (c) sourcing, analyzing, originating, underwriting, structuring, and acquiring the Company’s portfolio investments, and (d) performing portfolio management duties. The Manager has an Investment Committee that approves investments in accordance with the Company’s investment guidelines, investment strategy, and financing strategy. On May 23, 2016, the Company entered into an Amended and Restated Management Agreement (the “Amended and Restated Management Agreement”) by and among the Company, the Operating Company and the Manager that amends and restates the original Management Agreement dated April 1, 2015. The Amended and Restated Management Agreement was approved on behalf of the Company and the Operating Company by a unanimous vote of the Nominating and Corporate Governance Committee of the Company’s Board of Directors, which consists solely of independent directors.  The Amended and Restated Management Agreement 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 Company’s 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 during the three months ended March 31, 2018 and 2017.  On April 1, 2017, the Company, the Operating Company and the Manager 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.  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 we have 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 we 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.  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 Company’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 pursuant to its terms, other than for Cause 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 $ 0.9 million and $0.8 million for the three months ended March 31, 2018 and 2017, respectively.  Management Fees As of March 31, 2018 , 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. 3 million and $0. 6 million for the three months ended March 31, 2018 and 2017 , respectively. At March 31, 2018 and December 31, 2017 , the Company had outstanding fees due to Manager of $1.4 million and $1.5 million , respectively, 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  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 months ended March 31, 2018 and 2017 .

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2018
SUBSEQUENT EVENTS [Abstract]
SUBSEQUENT EVENTS	1 1 . 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 March 31, 2018, the Company closed on the following development property investments with a Profits Interest:     Total Investment  Closing Date MSA Commitment  4/6/2018 Minneapolis 3 $ 12,883  5/1/2018 Miami 9 12,421  Total $ 25,304  The total committed principal for investments closed in 2018 through May 3, 2018 is $133.5 million.  Series A Preferred Stock  On April 9 , 201 8 , the Company issued 15,000 restricted shares of the Series A Preferred Stock to the Buyers and received $15.0 million in proceeds pursuant to the terms of the Purchase Agreement.  Preferred ATM Program  Subsequent to March 31, 2018, the Company sold 38,214 shares of Series B preferred stock at a weighted average price of $23.07 , receiving net proceeds after commissions and other offering costs of $0.8 million pursuant to our Preferred ATM Program. As of May 3, 2018, the Company has approximately $44.1 million available for issuance under the Preferred ATM Program.  Dividend Declarations On May 2, 2018 , 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 June 30, 2018 . The dividends are payable on July 1 5 , 2018 to holders of Series A Preferred Stock of record on July 1, 2018 .  On May 2, 2018 , the Company’s Board of Directors declared a pro rata cash dividend on the Series B Preferred Stock in the amount of $0.4375 per share for the quarter ending June 30, 2018 . The dividends are payable on July 13, 2018 to holders of Series B Preferred Stock of record on July 2, 2018 .  On May 2, 2018 , the Company’s Board of Directors declared a cash dividend of $0.35 per share of common stock for the quarter ending June 30 , 2018. The dividend is payable on July 13, 2018 to stockholders of record on July 2, 2018 .

SIGNIFICANT ACCOUNTING POLICI18

SIGNIFICANT ACCOUNTING POLICIES (Policy)	3 Months Ended
	Mar. 31, 2018
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; and 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 and bridge loan investments , which would otherwise be required to be accounted for under the equity method. The Company also holds an investment in a self-storage 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 March 31, 2018 and December 31, 2017 , 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 March 31, 2018 and December 31, 2017 .
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 and bridge loan investments (which are generally structured as first mortgages and a 49.9% Profits Interest in the project), operating property loans (loans secured by operating properties), the investment in self-storage real estate venture, other loans, receivables, the secured revolving Credit Facility (as defined below) , senior loan participation, and payables. The following table presents the financial instruments measured at fair value on a recurring basis at March 31, 2018 :     Fair Value Measurements Using  Total Level 1 Level 2 Level 3  Development property investments $ 239,754 $ - $ - $ 239,754  Bridge loan investments (1) 77,435 - - 77,435  Operating property loans 5,885 - - 5,885  Total investments $ 323,074 $ - $ - $ 323,074          The Company closed its first bridge loan investments o n March 2 , 2018.  The following table presents the financial instruments measured at fair value on a recurring basis at December 31, 2017 :     Fair Value Measurements Using  Total Level 1 Level 2 Level 3  Development property investments $ 228,233 $ - $ - $ 228,233  Operating property loans 5,938 - - 5,938  Total investments $ 234,171 $ - $ - $ 234,171  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 and assumed liabilities, if applicable, to acquire the developer’s equity interest and portion of Profits Interest. Ordinary repairs and maintenance are expensed as incurred; major replacements and betterments, which improve or extend the life of the asset, are capitalized and depreciated over their estimated useful lives. The costs of building and improvements are 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 805): 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 facilities 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. There were no impairment losses recognized in accordance with these procedures during the three months ended March 31, 2018 and 2017 .
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 three 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. As of March 31, 2018, t he Company had executed eight revolving loan agreements with an aggregate outstanding principal amount of $ 0 . 8 million. 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 . 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.  At December 31, 2017 , the Company had executed nine revolving loan agreements with an aggregate outstanding principal amount of $1. 0 million. These loans are accounted for under the cost method, and fair value approximates cost at March 31, 2018 and December 31, 2017 . None of these loans are in non-accrual status as of March 31, 2018 and December 31, 2017 . The Company determined that no allowance for loan loss was necessary at March 31, 2018 and December 31, 2017 .
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 debt 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.
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, the Company entered into a Purchase Agreement (as defined in Note 8 , 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 conjunction 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, none and $0.6 million is in deferred costs on the Consolidated Balance Sheets at March 31, 2018 and December 31, 2017, respectively, and $2.8 million and $2.2 million has reduced the cumulative preferred stock balance on the Consolidated Balance Sheets at March 31, 2018 and December 31, 2017, respectively.
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 months ended March 31, 2018 and 2017 , comprehensive income equaled net income; therefore, separate Consolidated Statements of Comprehensive Income are not included in the accompanying interim 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 (defined in the ASU as “cash flow issues”), 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 has elected to early adopt effective October 1, 2017 on a retrospective basis as required. The Company has concluded that the new accounting guidance does not impact its current classification of distributions received from equity method investees as an operating activity in its Consolidated Statements of Cash Flows. The Company further considered its components of cash flows under the cash flow issue “Separately Identifiable Cash Flow and Applicable of the Predominance Principle,” which addresses certain cash receipts and cash payments that may have aspects of more than one class of cash flows. In the absence of specific GAAP guidance, the Company evaluated its cash flows from origination fees received in cash, which have been historically presented as operating cash flows, on the basis of the nature of the underlying cash flows. The Company concluded that the origination fees are related to the origination of loans and the funding of our investment portfolio for which the associated cash flows are presented as investing activities. As a result, $1.1 million of origination fees received in cash for the three months ended March 31, 2017, have been retrospectively presented as an investment activity in the Consolidated Statements of Cash Flows.  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 Company does have rental income from month-to-month self-storage leases within the scope of ASU 2016-02. The Company does not have material amounts of rental or lease expense. 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 adopted the ASU effective January 1, 2018. The Company has evaluated all applicable contracts and revenue streams and has concluded that the adoption does not have an effect on its consolidated financial statements, primarily due to the new guidance not applying to revenue associated with loans or derived from lease contracts.

SIGNIFICANT ACCOUNTING POLICI19

SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018 :     Fair Value Measurements Using  Total Level 1 Level 2 Level 3  Development property investments $ 239,754 $ - $ - $ 239,754  Bridge loan investments (1) 77,435 - - 77,435  Operating property loans 5,885 - - 5,885  Total investments $ 323,074 $ - $ - $ 323,074          The Company closed its first bridge loan investments o n March 2 , 2018.  The following table presents the financial instruments measured at fair value on a recurring basis at December 31, 2017 :     Fair Value Measurements Using  Total Level 1 Level 2 Level 3  Development property investments $ 228,233 $ - $ - $ 228,233  Operating property loans 5,938 - - 5,938  Total investments $ 234,171 $ - $ - $ 234,171 
Schedule of Consolidated Statements of Cash Flows - Supplemental Disclosures	The following table provides supplemental disclosures related to the Consolidated Statements of Cash Flows:          Three months ended March 31,  2018 2017  Supplemental disclosure of cash flow information:  Interest paid $ 114 $ 153   Supplemental disclosure of non-cash investing and financing activities:  Stock dividend paid on preferred stock $ 44 $ 823  Dividends declared, but not paid, on preferred stock 3,595 546  Dividends declared, but not paid, on common stock 5,056 3,149  Reclassification of self-storage real estate owned 35,281 6,041  Assumed liabilities with acquisition of self-storage real estate owned 1,306 -  Other loans paid off with issuance of development property investments 117 -  Reclassification of deferred costs to cumulative preferred stock 559 - 

SELF-STORAGE INVESTMENT PORTF20

SELF-STORAGE INVESTMENT PORTFOLIO (Tables)	3 Months Ended
	Mar. 31, 2018
SELF-STORAGE INVESTMENT PORTFOLIO [Abstract]
Schedule of Investments	As of March 31, 2018, the aggregate committed principal amount of the Company’s development property investments, bridge loan investments and operating property loans was approximately $606.1 million and outstanding principal was $309.1 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 (includes a profits interest): 6/19/2015 Tampa 1 (2) $ 5,369 $ 5,285 $ 84 $ 5,956 6/29/2015 Charlotte 1 (2) 7,624 7,320 304 10,242 7/2/2015 Milwaukee (2) 7,650 7,641 9 9,283 7/31/2015 New Haven (2) 6,930 6,563 367 8,123 8/14/2015 Raleigh (2) 8,792 7,320 1,472 7,893 10/27/2015 Austin (2) 8,658 7,422 1,236 8,821 9/20/2016 Charlotte 2 (3) 12,888 7,448 5,440 8,196 11/17/2016 Jacksonville 2 (2) 7,530 5,437 2,093 6,689 1/4/2017 New York City 1 (2) 16,117 15,591 526 19,995 1/18/2017 Atlanta 3 14,115 2,886 11,229 2,698 1/31/2017 Atlanta 4 (3) 13,678 8,556 5,122 9,107 2/24/2017 Orlando 3 (3) 8,056 4,565 3,491 5,210 2/24/2017 New Orleans 12,549 2,115 10,434 1,934 2/27/2017 Atlanta 5 17,492 6,146 11,346 5,882 3/1/2017 Fort Lauderdale 9,952 1,948 8,004 1,860 3/1/2017 Houston 13,630 4,529 9,101 4,388 4/14/2017 Louisville 1 (3) 8,523 4,008 4,515 4,471 4/20/2017 Denver 1 9,806 2,500 7,306 2,406 4/20/2017 Denver 2 (3) 11,164 6,947 4,217 7,746 5/2/2017 Atlanta 6 (3) 12,543 6,310 6,233 6,558 5/2/2017 Tampa 2 8,091 1,610 6,481 1,524 5/19/2017 Tampa 3 9,224 2,578 6,646 2,478 6/12/2017 Tampa 4 (3) 10,266 3,697 6,569 3,821 6/19/2017 Baltimore (4) 10,775 4,410 6,365 4,194 6/28/2017 Knoxville 9,115 2,738 6,377 2,642 6/29/2017 Boston 1 (3) 14,103 7,453 6,650 8,109 6/30/2017 New York City 2 (4) 26,482 18,657 7,825 18,093 7/27/2017 Jacksonville 3 (3) 8,096 2,658 5,438 2,640 8/30/2017 Orlando 4 9,037 2,446 6,591 2,335 9/14/2017 Los Angeles 28,750 7,695 21,055 7,472 9/14/2017 Miami 1 14,657 6,429 8,228 6,268 9/28/2017 Louisville 2 9,940 3,241 6,699 3,129 10/12/2017 Miami 2 (4) 9,459 1,038 8,421 837 10/30/2017 New York City 3 (4) 14,701 3,557 11,144 3,237 11/16/2017 Miami 3 (4) 20,168 3,773 16,395 3,332 11/21/2017 Minneapolis 1 12,674 1,202 11,472 1,065 12/1/2017 Boston 2 8,771 1,661 7,110 1,568 12/15/2017 New York City 4 10,591 1,000 9,591 887 12/27/2017 Boston 3 10,174 2,398 7,776 2,295 12/28/2017 New York City 5 16,073 4,765 11,308 4,612 2/8/2018 Minneapolis 2 10,543 4,599 5,944 4,534 3/30/2018 Philadelphia (4) 14,338 2,787 11,551 2,508  $ 499,094 $ 210,929 $ 288,165 $ 225,038 Construction loans: 12/23/2015 Miami 17,733 14,838 2,895 14,716  $ 17,733 $ 14,838 $ 2,895 $ 14,716 Total development property investments $ 516,827 $ 225,767 $ 291,060 $ 239,754  Bridge loan investments (includes a profits interest): 3/2/2018 Miami 4 (2) 20,201 19,293 908 20,461 3/2/2018 Miami 5 (3)(4) 17,738 15,734 2,004 13,637 3/2/2018 Miami 6 (2) 13,370 13,161 209 16,691 3/2/2018 Miami 7 (2)(4) 18,462 16,366 2,096 14,465 3/2/2018 Miami 8 (2) 13,553 12,792 761 12,181 Total bridge loan investments $ 83,324 $ 77,346 $ 5,978 $ 77,435  Operating property loans: 7/7/2015 Newark 3,480 3,480 - 3,415 12/22/2015 Chicago 2,502 2,500 2 2,470 Total operating property loans $ 5,982 $ 5,980 $ 2 $ 5,885  Total investments reported at fair value $ 606,133 $ 309,093 $ 297,040 $ 323,074     (1) Represents principal balance of loan gross of origination fees. (2) Facility had received certificate of occupancy as of March 31, 2018. 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 March 31, 2018. 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, 2017, the aggregate committed principal amount of the Company’s development property investments and operating property loans was approximately $523.8 million and outstanding principal was $213.1 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 (includes a profits interest): 6/10/2015 Atlanta 1 (2)(5) $ 8,132 $ 8,086 $ 46 $ 10,741 6/19/2015 Tampa 1 (2) 5,369 5,285 84 6,012 6/26/2015 Atlanta 2 (2)(5) 6,050 5,769 281 8,631 6/29/2015 Charlotte 1 (2) 7,624 7,251 373 10,363 7/2/2015 Milwaukee (2) 7,650 7,512 138 8,994 7/31/2015 New Haven (2) 6,930 6,524 406 8,231 8/10/2015 Pittsburgh (2)(5) 5,266 4,798 468 6,774 8/14/2015 Raleigh (3) 8,792 5,550 3,242 5,889 9/30/2015 Jacksonville 1 (2)(5) 6,445 5,988 457 8,913 10/27/2015 Austin (2) 8,658 7,297 1,361 8,782 9/20/2016 Charlotte 2 (3) 12,888 5,453 7,435 5,686 11/17/2016 Jacksonville 2 (3) 7,530 4,971 2,559 5,818 1/4/2017 New York City 1 (2) 16,117 14,914 1,203 18,892 1/18/2017 Atlanta 3 14,115 2,393 11,722 2,236 1/31/2017 Atlanta 4 (3) 13,678 7,040 6,638 7,147 2/24/2017 Orlando 3 (3) 8,056 3,144 4,912 3,335 2/24/2017 New Orleans 12,549 677 11,872 553 2/27/2017 Atlanta 5 17,492 4,971 12,521 4,739 3/1/2017 Fort Lauderdale 9,952 1,128 8,824 1,043 3/1/2017 Houston 13,630 3,633 9,997 3,547 4/14/2017 Louisville 1 (3) 8,523 2,932 5,591 3,083 4/20/2017 Denver 1 9,806 1,940 7,866 1,849 4/20/2017 Denver 2 (3) 11,164 5,442 5,722 5,849 5/2/2017 Atlanta 6 12,543 4,344 8,199 4,262 5/2/2017 Tampa 2 8,091 1,086 7,005 1,010 5/19/2017 Tampa 3 9,224 1,422 7,802 1,335 6/12/2017 Tampa 4 10,266 1,847 8,419 1,752 6/19/2017 Baltimore (4) 10,775 3,315 7,460 3,115 6/28/2017 Knoxville 9,115 1,351 7,764 1,265 6/29/2017 Boston 1 (3) 14,103 4,978 9,125 4,914 6/30/2017 New York City 2 (4) 26,482 18,042 8,440 17,576 7/27/2017 Jacksonville 3 8,096 1,134 6,962 1,053 8/30/2017 Orlando 4 9,037 2,059 6,978 1,960 9/14/2017 Los Angeles 28,750 7,533 21,217 7,398 9/14/2017 Miami 1 14,657 5,862 8,795 5,725 9/28/2017 Louisville 2 9,940 1,864 8,076 1,762 10/12/2017 Miami 2 (4) 9,459 1,014 8,445 820 10/30/2017 New York City 3 (4) 14,701 2,595 12,106 2,294 11/16/2017 Miami 3 (4) 20,168 3,508 16,660 3,099 11/21/2017 Minneapolis 1 12,674 1,150 11,524 1,023 12/1/2017 Boston 2 8,771 1,306 7,465 1,220 12/15/2017 New York City 4 10,591 927 9,664 823 12/27/2017 Boston 3 10,174 2,259 7,915 2,169 12/28/2017 New York City 5 16,073 4,303 11,770 4,178  $ 500,106 $ 194,597 $ 305,509 $ 215,860  Construction loans: 12/23/2015 Miami 17,733 12,492 5,241 12,373  $ 17,733 $ 12,492 $ 5,241 $ 12,373 Total development property investments 517,839 $ 207,089 $ 310,750 $ 228,233  Operating property loans: 7/7/2015 Newark 3,480 3,480 - 3,447 12/22/2015 Chicago 2,502 2,500 2 2,491 Total operating property loans $ 5,982 $ 5,980 $ 2 $ 5,938  Total investments reported at fair value $ 523,821 $ 213,069 $ 310,752 $ 234,171   (1) Represents principal balance of loan gross of origination fees. (2) Facility had received certificate of occupancy as of December 31, 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 December 31, 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. (5) During the first quarter of 2018, we purchased our partner’s 50.1% Profits Interest in these investments. 
Schedule of Changes in Fair Value of Investments	The following table provides a reconciliation of the funded principal to the fair market value of investments at March 31, 2018:    Funded principal $ 309,093 Adjustments: Unamortized origination fees (5,994) Change in fair value of investments 20,059 Other (84) Fair value of investments $ 323,074  The following table provides a reconciliation of the funded principal to the fair market value of investments at December 31, 2017:    Funded principal $ 213,069 Adjustments: Unamortized origination fees (5,081) Change in fair value of investments 26,267 Other (84) Fair value of investments $ 234,171 
Schedule of Cost Basis of Real Estate Investments	The following table shows the Company’s basis as of the date of acquisition for the facilities acquired during the three months ended March 31, 2018:     Jacksonville 1 Atlanta 1 Atlanta 2 Pittsburgh Totals  Funded principal balance, net of unamortized origination fees $ 5,966 $ 8,084 $ 5,766 $ 4,938 $ 24,754  Unrealized appreciation on investments 2,947 2,704 2,900 1,976 10,527  Cash consideration, inclusive of transaction costs (1) 2,625 2,342 2,960 1,076 9,003  Assumed liabilities - - - 1,306 1,306  Net property working capital acquired 95 41 40 40 216  Total cost basis $ 11,633 $ 13,171 $ 11,666 $ 9,336 $ 45,806     (1) Includes $218 thousand of transaction costs incurred but not yet paid as of March 31, 2018.    The following table shows the Company’s basis as of the date of acquisition for the facility acquired during the year ended December 31, 2017:       Funded principal balance, net of unamortized origination fees $ 9,139  Unrealized appreciation on investments 3,780  Cash consideration, inclusive of transaction costs 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 these real estate investments on the Company’s accompanying Consolidated Balance Sheets as of March 31, 2018 and December 31, 2017:      March 31, 2018 December 31, 2017  Cash and cash equivalents $ 617 $ 121  Prepaid expenses and other assets 136 2   Land 8,181 1,505  Building and improvements 51,229 13,720  In-place leases 2,223 602  Accumulated depreciation and amortization (1,174) (472)  Self-storage real estate owned $ 60,459 $ 15,355   Accounts payable, accrued expenses and other liabilities $ 1,601 $ 67 
Real Estate Investment, Impact in Consolidated Statement of Operations, Disclosure	The following table shows the impact of these real estate investments on the Company’s accompanying Consolidated Statement of Operations for the three months ended March 31, 2018 and 2017:      Three months ended Three months ended  March 31, 2018 March 31, 2017   Rental and other property-related income from real estate owned $ 623 $ 63   Property operating expenses of real estate owned (311) (31)  Depreciation and amortization expense (702) (24)  Total expenses of real estate owned $ (1,013) $ (55)   

FAIR VALUE OF FINANCIAL INSTR21

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2018
FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract]
Summary of Valuation Techniques and Inputs Used to Measure the Fair Value	The following table summarizes the instruments categorized in Level 3 of the fair value hierarchy and the valuation techniques and inputs used to measure their fair value.      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 and bridge loan investments (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. Typically, the calibration is done on an investment level basis. In certain instances, we may acquire a portfolio of investments in which case the calibration is done on an aggregate basis to the aggregate net drawn amount as of the date of issuance. Level 3   An option-pricing method (OPM) framework is utilized to calculate the value of the Profits Interests. At certain stages in the investments life cycle (as described subsequently), the OPM requires an enterprise value derived from fair value of the underlying real estate project. The fair value of the underlying real estate project is determined using either a discounted cash flows model or direct capitalization approach.   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. 
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 March 31, 2018 and December 31, 2017 . 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 March 31, 2018  Unobservable Inputs  Primary Valuation Weighted  Asset Category Techniques Input Estimated Range Average   Development property investments and bridge loan investments (a) Income approach analysis Market yields/discount rate 4.70 - 12.14% 9.15%  Exit date (d) 0.17 - 6.46 years 3.53 years   Development property investments with a profits interest and bridge loan investments (b) Option pricing model Volatility 52.42 - 92.65% 73.01%  Exit date (d) 0.17 - 6.46 years 3.69 years  Capitalization rate (c) 5.25 - 6.15% 5.47%  Discount rate (c) 8.50 - 11.20% 8.93%   Operating property loans Income approach analysis Market yields/discount rate 6.33 - 7.27% 6.73%  Exit date (d) 3.73 - 4.40 years 4.12 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) Seventeen properties were 40% - 100% complete, thus requiring a capitalization rate and/or discount rate to derive entrepreneurial profit which are used to derive the enterprise value input to the OPM. 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 development property investments and bridge loan investments are generally the estimated date of stabilization of the underlying property. The exit dates for the operating property loans are the contractual maturity dates.      As of December 31, 2017  Unobservable Inputs  Primary Valuation Weighted  Asset Category Techniques Input Estimated Range Average   Development property investments (a) Income approach analysis Market yields/discount rate 7.83 - 10.62% 9.00%  Exit date (d) 0.08 - 6.71 years 2.96   Development property investments with a profits interest (b) Option pricing model Volatility 63.94 - 94.03% 74.08%  Exit date (d) 0.42 - 6.71 years 3.12 years  Capitalization rate (c) 5.50 - 6.15% 5.51%  Discount rate (c) 8.50 - 9.15% 8.51%   Operating property loans Income approach analysis Market yields/discount rate 6.08 - 7.01% 6.47%  Exit date (d) 3.98 - 4.65 years 4.37 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) Eighteen properties were 40% - 100% complete, thus requiring a capitalization rate and/or discount rate to derive entrepreneurial profit, which are used to derive the enterprise value input to the OPM. 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 development property investments are generally the estimated date of stabilization of the underlying property. The exit dates for the operating property loans are the contractual maturity dates. 
Schedule of Change in Fair Value of Investments Due to Change in Market Yield Discount Rates	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) March 31, 2018 December 31, 2017  Up 25 basis points $ (1.7) $ (1.2)  Down 25 basis points, subject to a minimum yield/rate of 10 basis points 1.8 1.2   Up 50 basis points $ (3.4) (2.3)  Down 50 basis points, subject to a minimum yield/rate of 10 basis points 3.6 2.4 
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) March 31, 2018 December 31, 2017  Up 25 basis points $ (3.9) $ (2.8)  Down 25 basis points 4.3 3.1   Up 50 basis points (7.6) (5.3)  Down 50 basis points 9.1 6.4 
Changes in Investments that Use Level 3 Inputs	The following table presents changes in investments that use Level 3 inputs:     Balance at December 31, 2017 $ 234,171  Net realized gains -  Net unrealized gains 4,320  Fundings of principal and change in unamortized origination fees 115,854  Repayments of loans (3)  Payment-in-kind interest 4,013  Reclassification of self-storage real estate owned (35,281)  Net transfers in or out of Level 3 -  Balance at March 31, 2018 $ 323,074 

INVESTMENT IN SELF-STORAGE RE22

INVESTMENT IN SELF-STORAGE REAL ESTATE VENTURE (Tables)	3 Months Ended
	Mar. 31, 2018
INVESTMENT IN SELF-STORAGE REAL ESTATE VENTURE [Abstract]
Equity Method Investments	As of March 31, 2018 , 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) (4) $ 13,867 $ 11,571 $ 2,296 $ 14,227  5/14/2015 Miami 2 (2) (3) 14,849 11,640 3,209 12,805  9/25/2015 Fort Lauderdale (2) (3) 13,230 9,982 3,248 11,598  4/15/2016 Washington DC (4) 17,269 16,146 1,123 18,539  4/29/2016 Atlanta 1 (3) 10,223 8,332 1,891 9,094  7/19/2016 Jacksonville (4) 8,127 7,253 874 11,241  7/21/2016 New Jersey 7,828 2,383 5,445 2,228  8/15/2016 Atlanta 2 (4) 8,772 7,846 926 9,077  8/25/2016 Denver (4) 11,032 9,105 1,927 11,009  9/28/2016 Columbia (4) 9,199 8,419 780 9,405  12/22/2016 Raleigh (3) 8,877 5,798 3,079 6,657  Total $ 123,273 $ 98,475 $ 24,798 $ 115,880   (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 March 31, 2018 . See Note 4, Fair Value of Financial Instruments , for information regarding recognition of entrepreneurial profit. (4) Facility had received certificate of occupancy as of March 31, 2018. See Note 4, Fair Value of Financial Instruments , for information regarding recognition of entrepreneurial profit. 

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	3 Months Ended
	Mar. 31, 2018
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:      March 31, 2018 December 31, 2017  Assets recorded related to VIEs $ 317,189 $ 228,233  Unfunded loan commitments to VIEs 297,038 310,750  Maximum exposure to loss $ 614,227 $ 538,983 

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018 :      Commitment by Bank Amount Borrowed Remaining Funds Interest Rate Effective Interest Rate at March 31, 2018 Maturity Date (1)  Miami A Note $ 10,001 $ 732 $ 9,269 30-day LIBOR + 3.10% 4.98 % June 30, 2018  Unamortized fees -  Net balance $ 732    (1) On March 31, 2018, the maturity date was extended to June 30, 2018.   The table below details the bank commitments and outstanding balances of our senior participation at December 31, 2017 :       Commitment by Bank Amount Borrowed Remaining Funds Interest Rate Effective Interest Rate at December 31, 2017 Maturity Date (1)  Miami A Note 10,001 732 9,269 30-day LIBOR + 3.10% 4.66 % January 31, 2018  Unamortized fees (14)  Net balance $ 718      (1) On January 30, 2018, the maturity date was extended to March 31, 2018. 

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	3 Months Ended
	Mar. 31, 2018
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 months ended March 31, 2018 and 2017 is as follows:     Three months ended Three months ended  March 31, 2018 March 31, 2017  Weighted Weighted  average grant average grant  Shares date fair value Shares date fair value   Nonvested at December 31, 185,002 $ 21.58 120,001 $ 20.10  Granted 18,000 17.78 - -  Vested (7,500) 19.25 - -  Forfeited - - - -  Nonvested at March 31, 195,502 $ 21.32 120,001 $ 20.10 

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2018
EARNINGS PER SHARE [Abstract]
Schedule of Earnings per Share, Basic and Diluted	For the three months ended March 31, 2018 and 2017 , 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 March 31,  2018 2017  Shares outstanding  Weighted average common shares - basic 14,247,174 8,857,030  Effect of dilutive securities 308,163 136,498  Weighted average common shares, all classes 14,555,337 8,993,528   Calculation of Earnings per Share - basic  Net income $ 5,354 $ 1,783  Less:  Net income allocated to preferred stockholders 3,595 546  Net income allocated to unvested restricted shares (1) 23 17  Net income attributable to common shareholders - two-class method $ 1,736 $ 1,220   Weighted average common shares - basic 14,247,174 8,857,030  Earnings per share - basic $ 0.12 $ 0.14   Calculation of Earnings per Share - diluted  Net income $ 5,354 $ 1,783  Less:  Net income allocated to preferred stockholders 3,595 546  Net income attributable to common shareholders - two-class method $ 1,759 $ 1,237   Weighted average common shares - diluted 14,555,337 8,993,528  Earnings per share - diluted $ 0.12 $ 0.14    (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 months ended March 31, 2018 and 2017 . 

SUBSEQUENT EVENTS (Tables)

SUBSEQUENT EVENTS (Tables)	3 Months Ended
	Mar. 31, 2018
SUBSEQUENT EVENTS [Abstract]
Schedule of Subsequent Investments	Subsequent to March 31, 2018, the Company closed on the following development property investments with a Profits Interest:     Total Investment  Closing Date MSA Commitment  4/6/2018 Minneapolis 3 $ 12,883  5/1/2018 Miami 9 12,421  Total $ 25,304 

ORGANIZATION AND FORMATION OF28

ORGANIZATION AND FORMATION OF THE COMPANY (Narrative) (Details) - $ / shares	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
ORGANIZATION AND FORMATION OF THE COMPANY [Abstract]
Operations commenced date	Oct. 1, 2014
Common stock, par value	$ 0.01	$ 0.01
Initial public offering	The Company closed its initial public offering (the "IPO") of its common stock, $0.01 par value per share (the "common stock"), on April 1, 2015

SIGNIFICANT ACCOUNTING POLICI29

SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) - USD ($) $ in Thousands	Jul. 27, 2016	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Significant Accounting Policies [Line Items]
Origination fees received in cash		$ 1,167	$ 1,129
Assets Leased to Others [Member]
Significant Accounting Policies [Line Items]
Property, plant and equipment, useful life		40 years
Property, plant and equipment, depreciation method		straight-line method
Furniture and Office and Computer Equipment and Software [Member]
Significant Accounting Policies [Line Items]
Property, plant and equipment, depreciation method		straight-line basis
Furniture and Office and Computer Equipment and Software [Member] | Minimum [Member]
Significant Accounting Policies [Line Items]
Property, plant and equipment, useful life		3 years
Furniture and Office and Computer Equipment and Software [Member] | Maximum [Member]
Significant Accounting Policies [Line Items]
Property, plant and equipment, useful life		7 years
Series A Preferred Stock [Member]
Significant Accounting Policies [Line Items]
Preferred stock offering costs		$ 2,800
Deferred offering costs		600
Value of shares to be issued prior to expiration of commitment period	$ 50,000	50,000
Cumulative Preferred Stock [Member]
Significant Accounting Policies [Line Items]
Amount of reduction in cumulative preferred stock		$ 2,800		$ 2,200
Eight Revolving Loan Agreements [Member]
Significant Accounting Policies [Line Items]
Loans receivable period		3 years
Loans outstanding		$ 800
Eight Revolving Loan Agreements [Member] | Minimum [Member]
Significant Accounting Policies [Line Items]
Interest rate on committed loans		6.90%
Eight Revolving Loan Agreements [Member] | Maximum [Member]
Significant Accounting Policies [Line Items]
Interest rate on committed loans		7.00%
Nine Revolving Loan Agreements [Member]
Significant Accounting Policies [Line Items]
Loans outstanding				$ 1,000

SIGNIFICANT ACCOUNTING POLICI30

SIGNIFICANT ACCOUNTING POLICIES (Financial Instruments Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Development property investments	$ 239,754	$ 228,233
Bridge loan investments at fair value	77,435
Operating property loans	5,885	5,938
Total investments	323,074	234,171
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Development property investments	239,754	228,233
Bridge loan investments at fair value	77,435
Operating property loans	5,885	5,938
Total investments	$ 323,074	$ 234,171

SIGNIFICANT ACCOUNTING POLICI31

SIGNIFICANT ACCOUNTING POLICIES (Schedule of Consolidated Statements of Cash Flows - Supplemental Disclosures) (Details) - USD ($) $ in Thousands	Feb. 20, 2018	Mar. 31, 2018	Mar. 31, 2017
Supplemental disclosure of cash flow information:
Interest paid		$ 114	$ 153
Supplemental disclosure of non-cash investing and financing activities:
Stock dividend paid on preferred stock		44	823
Dividends declared, but not paid, on preferred stock		3,595	546
Dividends declared, but not paid, on common stock		5,056	3,149
Reclassification of self-storage real estate owned		35,281	$ 6,041
Assumed liabilities with acquisition of self-storage real estate owned	$ 1,306	1,306
Other loans paid off with issuance of development property investments		117
Reclassification of deferred costs to cumulative preferred stock		$ 559

SELF-STORAGE INVESTMENT PORTF32

SELF-STORAGE INVESTMENT PORTFOLIO (Narrative) (Details) $ in Thousands	Feb. 20, 2018USD ($)	Feb. 20, 2018USD ($)	Feb. 02, 2018USD ($)	Jan. 10, 2018USD ($)	Aug. 09, 2017USD ($)	Feb. 03, 2017USD ($)	Mar. 31, 2018USD ($)ft²loanproperty	Mar. 31, 2017USD ($)	Dec. 31, 2017USD ($)	Aug. 08, 2017	Feb. 02, 2017
Schedule of Investments [Line Items]
Assumed liabilities with acquisition of self-storage real estate owned		$ 1,306					$ 1,306
Payments to acquire development property							8,785	$ 1,270
Commitment amount							606,133		$ 523,821
Funded Investment, outstanding	$ 24,754	24,754			$ 9,139		309,093		213,069
Development Property Investments [Member]
Schedule of Investments [Line Items]
Commitment amount							$ 516,827		517,839
Put option purchase price terms							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
Bridge Loan Investments [Member]
Schedule of Investments [Line Items]
Number of investments | property							5
Commitment amount							$ 83,324
Operating Property Loans [Member]
Schedule of Investments [Line Items]
Number of investments | loan							2
Mortgage loans on real estate, periodic payment terms							generally have a term of 72 months
Commitment amount							$ 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%
Development Property and Bridge Loan Investments [Member]
Schedule of Investments [Line Items]
Development property investment, assets							$ 327,300		234,700
Development property investment, liabilities							288,300		194,400
Development property investment, revenue							800	400
Development property investment, operating income (loss)							$ 100	$ 400
Three Bridge Loans [Member] | Bridge Loan Investments [Member]
Schedule of Investments [Line Items]
Equity method investment, ownership percentage							49.90%
Mortgage loans on real estate, interest rate							6.90%
Funded Investment, outstanding							$ 47,100
Three Bridge Loans [Member] | Bridge Loan Investments [Member] | Minimum [Member]
Schedule of Investments [Line Items]
Net rentable area | ft²							203,000
Two Bridge Loans [Member] | Bridge Loan Investments [Member]
Schedule of Investments [Line Items]
Equity method investment, ownership percentage							49.90%
Mortgage loans on real estate, interest rate							9.50%
Bridge loan investment, preferential payment amount							$ 1,000
Commitment amount							$ 36,200
Two Bridge Loans [Member] | Bridge Loan Investments [Member] | Payable Monthly in Cash [Member]
Schedule of Investments [Line Items]
Mortgage loans on real estate, interest rate							6.50%
Two Bridge Loans [Member] | Bridge Loan Investments [Member] | Payable Upon Maturity [Member]
Schedule of Investments [Line Items]
Mortgage loans on real estate, interest rate							3.00%
Two Bridge Loans [Member] | Bridge Loan Investments [Member] | Concentration Related to Net Income [Member]
Schedule of Investments [Line Items]
Concentration risk percentage							20.00%
Two Bridge Loans [Member] | Bridge Loan Investments [Member] | Minimum [Member]
Schedule of Investments [Line Items]
Net rentable area | ft²							160,000
Five Bridge Loans [Member] | Bridge Loan Investments [Member]
Schedule of Investments [Line Items]
Mortgage loans on real estate, periodic payment terms							will mature five years from the date of closing, with the borrower having two extension options for one year each
Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment, outstanding							$ 309,093		213,069
Funded Investment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Funded Investment, outstanding							225,767		207,089
Funded Investment [Member] | Bridge Loan Investments [Member]
Schedule of Investments [Line Items]
Funded Investment, outstanding							77,346
Funded Investment [Member] | Operating Property Loans [Member]
Schedule of Investments [Line Items]
Funded Investment, outstanding							$ 5,980		5,980
Loan investments [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Number of investments | property							42
Equity method investment, ownership percentage							49.90%
Mortgage loans on real estate, interest rate							6.90%
Mortgage loans on real estate, periodic payment terms							typically have a term of 72 months
Commitment amount							$ 499,094		500,106
Loan investments [Member] | Funded Investment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Funded Investment, outstanding							$ 210,929		194,597
Construction Loans [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Number of investments | loan							1
Mortgage loans on real estate, interest rate							6.90%
Mortgage loans on real estate, periodic payment terms							and an initial term of 18 months that was extended during the first quarter of 2017 and in 2018
Commitment amount							$ 17,733		17,733
Construction Loans [Member] | Funded Investment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Funded Investment, outstanding							14,838		12,492
Pittsburgh [Member]
Schedule of Investments [Line Items]
Assumed liabilities with acquisition of self-storage real estate owned		1,306
Funded Investment, outstanding	4,938	4,938
Pittsburgh [Member] | Loan investments [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Commitment amount									5,266
Pittsburgh [Member] | Loan investments [Member] | Funded Investment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Funded Investment, outstanding									4,798
Pittsburgh [Member] | Class A Membership Units [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Assumed liabilities with acquisition of self-storage real estate owned		$ 1,300
Payments to acquire development property	$ 900
Minority interest ownership percentage	100.00%	100.00%
Atlanta 1 [Member]
Schedule of Investments [Line Items]
Funded Investment, outstanding			$ 8,084
Atlanta 1 [Member] | Loan investments [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Commitment amount									8,132
Atlanta 1 [Member] | Loan investments [Member] | Funded Investment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Funded Investment, outstanding									8,086
Atlanta 1 [Member] | Class A Membership Units [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Payments to acquire development property			$ 2,400
Minority interest ownership percentage			100.00%
Atlanta 2 [Member]
Schedule of Investments [Line Items]
Funded Investment, outstanding			$ 5,766
Atlanta 2 [Member] | Loan investments [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Commitment amount									6,050
Atlanta 2 [Member] | Loan investments [Member] | Funded Investment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Funded Investment, outstanding									5,769
Atlanta 2 [Member] | Class A Membership Units [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Payments to acquire development property			$ 3,000
Jacksonville 1 [Member]
Schedule of Investments [Line Items]
Funded Investment, outstanding				$ 5,966
Jacksonville 1 [Member] | Loan investments [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Commitment amount									6,445
Jacksonville 1 [Member] | Loan investments [Member] | Funded Investment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Funded Investment, outstanding									5,988
Jacksonville 1 [Member] | Class A Membership Units [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Payments to acquire development property				$ 2,700
Minority interest ownership percentage				100.00%
Orlando 1 [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Equity method investment, ownership percentage											49.90%
Payments to acquire development property						$ 1,300
Minority interest ownership percentage					100.00%	74.90%				74.90%
Orlando 1 [Member] | Class A Membership Units [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Minority interest ownership percentage					50.00%	50.00%
Orlando 2 [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Equity method investment, ownership percentage										49.90%
Payments to acquire development property					$ 1,600
Minority interest ownership percentage					100.00%
Orlando 2 [Member] | Class A Membership Units [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Minority interest ownership percentage					100.00%
New York City 1 [Member] | Loan investments [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Commitment amount							16,117		16,117
New York City 1 [Member] | Loan investments [Member] | Funded Investment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Funded Investment, outstanding							15,591		$ 14,914
Miami 4 [Member] | Bridge Loan Investments [Member]
Schedule of Investments [Line Items]
Property investment, total income							1,400
Commitment amount							20,201
Miami 4 [Member] | Funded Investment [Member] | Bridge Loan Investments [Member]
Schedule of Investments [Line Items]
Funded Investment, outstanding							19,293
Miami 6 [Member] | Bridge Loan Investments [Member]
Schedule of Investments [Line Items]
Property investment, total income							3,800
Commitment amount							13,370
Miami 6 [Member] | Funded Investment [Member] | Bridge Loan Investments [Member]
Schedule of Investments [Line Items]
Funded Investment, outstanding							$ 13,161

SELF-STORAGE INVESTMENT PORTF33

SELF-STORAGE INVESTMENT PORTFOLIO (Schedule of Investments) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Feb. 20, 2018	Feb. 02, 2018	Jan. 10, 2018	Aug. 09, 2017	May 27, 2016
Schedule of Investments [Line Items]
Investment Commitment	$ 606,133	$ 523,821
Funded Investment	309,093	213,069	$ 24,754			$ 9,139
Development property investments, Fair Value	239,754	228,233
Bridge loan investments, Fair Value	77,435
Operating property loans, Fair Value	5,885	5,938
Total investments	$ 323,074	234,171
Percentage of completion of construction	100.00%
Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	$ 309,093	213,069
Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	297,040	310,752
Atlanta 1 [Member]
Schedule of Investments [Line Items]
Funded Investment				$ 8,084
Atlanta 2 [Member]
Schedule of Investments [Line Items]
Funded Investment				$ 5,766
Pittsburgh [Member]
Schedule of Investments [Line Items]
Funded Investment			$ 4,938
Jacksonville 1 [Member]
Schedule of Investments [Line Items]
Funded Investment					$ 5,966
Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Commitment	516,827	517,839
Development property investments, Fair Value	$ 239,754	228,233
Equity method investment percentage of additional equity acquired	50.10%
Development Property Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	$ 225,767	207,089
Development Property Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	291,060	310,750
Development Property Investments [Member] | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Commitment	499,094	500,106
Development property investments, Fair Value	$ 225,038	$ 215,860
Percentage of completion of construction	40.00%	40.00%
Development Property Investments [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	$ 210,929	$ 194,597
Development Property Investments [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	288,165	305,509
Development Property Investments [Member] | Construction Loans [Member]
Schedule of Investments [Line Items]
Investment Commitment	17,733	17,733
Development property investments, Fair Value	14,716	12,373
Development Property Investments [Member] | Construction Loans [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	14,838	12,492
Development Property Investments [Member] | Construction Loans [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 2,895	$ 5,241
Development Property Investments [Member] | Atlanta 1 [Member] | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date		6/10/2015
Investment Commitment		$ 8,132
Development property investments, Fair Value		10,741
Development Property Investments [Member] | Atlanta 1 [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment		8,086
Development Property Investments [Member] | Atlanta 1 [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 46
Development Property Investments [Member] | Tampa 1 [Member] | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	6/19/2015	6/19/2015
Investment Commitment	$ 5,369	$ 5,369
Development property investments, Fair Value	5,956	6,012
Development Property Investments [Member] | Tampa 1 [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	5,285	5,285
Development Property Investments [Member] | Tampa 1 [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 84	$ 84
Development Property Investments [Member] | Atlanta 2 [Member] | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date		6/26/2015
Investment Commitment		$ 6,050
Development property investments, Fair Value		8,631
Development Property Investments [Member] | Atlanta 2 [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment		5,769
Development Property Investments [Member] | Atlanta 2 [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 281
Development Property Investments [Member] | Charlotte 1 [Member] | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	6/29/2015	6/29/2015
Investment Commitment	$ 7,624	$ 7,624
Development property investments, Fair Value	10,242	10,363
Development Property Investments [Member] | Charlotte 1 [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	7,320	7,251
Development Property Investments [Member] | Charlotte 1 [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 304	$ 373
Development Property Investments [Member] | Milwaukee [Member] | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	7/2/2015	7/2/2015
Investment Commitment	$ 7,650	$ 7,650
Development property investments, Fair Value	9,283	8,994
Development Property Investments [Member] | Milwaukee [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	7,641	7,512
Development Property Investments [Member] | Milwaukee [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 9	$ 138
Development Property Investments [Member] | New Haven [Member] | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	7/31/2015	7/31/2015
Investment Commitment	$ 6,930	$ 6,930
Development property investments, Fair Value	8,123	8,231
Development Property Investments [Member] | New Haven [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	6,563	6,524
Development Property Investments [Member] | New Haven [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 367	$ 406
Development Property Investments [Member] | Pittsburgh [Member] | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date		8/10/2015
Investment Commitment		$ 5,266
Development property investments, Fair Value		6,774
Development Property Investments [Member] | Pittsburgh [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment		4,798
Development Property Investments [Member] | Pittsburgh [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 468
Development Property Investments [Member] | Raleigh [Member] | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	8/14/2015	8/14/2015
Investment Commitment	$ 8,792	$ 8,792
Development property investments, Fair Value	7,893	5,889
Development Property Investments [Member] | Raleigh [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	7,320	5,550
Development Property Investments [Member] | Raleigh [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 1,472	$ 3,242
Development Property Investments [Member] | Jacksonville 1 [Member] | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date		9/30/2015
Investment Commitment		$ 6,445
Development property investments, Fair Value		8,913
Development Property Investments [Member] | Jacksonville 1 [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment		5,988
Development Property Investments [Member] | Jacksonville 1 [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 457
Development Property Investments [Member] | Austin [Member] | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	10/27/2015	10/27/2015
Investment Commitment	$ 8,658	$ 8,658
Development property investments, Fair Value	8,821	8,782
Development Property Investments [Member] | Austin [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	7,422	7,297
Development Property Investments [Member] | Austin [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 1,236	$ 1,361
Development Property Investments [Member] | Charlotte 2 [Member] | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	9/20/2016	9/20/2016
Investment Commitment	$ 12,888	$ 12,888
Development property investments, Fair Value	8,196	5,686
Development Property Investments [Member] | Charlotte 2 [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	7,448	5,453
Development Property Investments [Member] | Charlotte 2 [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 5,440	$ 7,435
Development Property Investments [Member] | Jacksonville 2 [Member] | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	11/17/2016	11/17/2016
Investment Commitment	$ 7,530	$ 7,530
Development property investments, Fair Value	6,689	5,818
Development Property Investments [Member] | Jacksonville 2 [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	5,437	4,971
Development Property Investments [Member] | Jacksonville 2 [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 2,093	$ 2,559
Development Property Investments [Member] | New York City 1 [Member] | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	1/4/2017	1/4/2017
Investment Commitment	$ 16,117	$ 16,117
Development property investments, Fair Value	19,995	18,892
Development Property Investments [Member] | New York City 1 [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	15,591	14,914
Development Property Investments [Member] | New York City 1 [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 526	$ 1,203
Development Property Investments [Member] | Atlanta 3 [Member] | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	1/18/2017	1/18/2017
Investment Commitment	$ 14,115	$ 14,115
Development property investments, Fair Value	2,698	2,236
Development Property Investments [Member] | Atlanta 3 [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	2,886	2,393
Development Property Investments [Member] | Atlanta 3 [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 11,229	$ 11,722
Development Property Investments [Member] | Atlanta 4 [Member] | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	1/31/2017	1/31/2017
Investment Commitment	$ 13,678	$ 13,678
Development property investments, Fair Value	9,107	7,147
Development Property Investments [Member] | Atlanta 4 [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	8,556	7,040
Development Property Investments [Member] | Atlanta 4 [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 5,122	$ 6,638
Development Property Investments [Member] | Orlando 3 [Member] | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	2/24/2017	2/24/2017
Investment Commitment	$ 8,056	$ 8,056
Development property investments, Fair Value	5,210	3,335
Development Property Investments [Member] | Orlando 3 [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	4,565	3,144
Development Property Investments [Member] | Orlando 3 [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 3,491	$ 4,912
Development Property Investments [Member] | New Orleans [Member] | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	2/24/2017	2/24/2017
Investment Commitment	$ 12,549	$ 12,549
Development property investments, Fair Value	1,934	553
Development Property Investments [Member] | New Orleans [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	2,115	677
Development Property Investments [Member] | New Orleans [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 10,434	$ 11,872
Development Property Investments [Member] | Atlanta 5 [Member] | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	2/27/2017	2/27/2017
Investment Commitment	$ 17,492	$ 17,492
Development property investments, Fair Value	5,882	4,739
Development Property Investments [Member] | Atlanta 5 [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	6,146	4,971
Development Property Investments [Member] | Atlanta 5 [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 11,346	$ 12,521
Development Property Investments [Member] | Fort Lauderdale [Member] | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	3/1/2017	3/1/2017
Investment Commitment	$ 9,952	$ 9,952
Development property investments, Fair Value	1,860	1,043
Development Property Investments [Member] | Fort Lauderdale [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	1,948	1,128
Development Property Investments [Member] | Fort Lauderdale [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 8,004	$ 8,824
Development Property Investments [Member] | Houston [Member] | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	3/1/2017	3/1/2017
Investment Commitment	$ 13,630	$ 13,630
Development property investments, Fair Value	4,388	3,547
Development Property Investments [Member] | Houston [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	4,529	3,633
Development Property Investments [Member] | Houston [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 9,101	$ 9,997
Development Property Investments [Member] | Louisville 1 [Member] | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	4/14/2017	4/14/2017
Investment Commitment	$ 8,523	$ 8,523
Development property investments, Fair Value	4,471	3,083
Development Property Investments [Member] | Louisville 1 [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	4,008	2,932
Development Property Investments [Member] | Louisville 1 [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 4,515	$ 5,591
Development Property Investments [Member] | Denver 1 [Member] | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	4/20/2017	4/20/2017
Investment Commitment	$ 9,806	$ 9,806
Development property investments, Fair Value	2,406	1,849
Development Property Investments [Member] | Denver 1 [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	2,500	1,940
Development Property Investments [Member] | Denver 1 [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 7,306	$ 7,866
Development Property Investments [Member] | Denver 2 [Member] | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	4/20/2017	4/20/2017
Investment Commitment	$ 11,164	$ 11,164
Development property investments, Fair Value	7,746	5,849
Development Property Investments [Member] | Denver 2 [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	6,947	5,442
Development Property Investments [Member] | Denver 2 [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 4,217	$ 5,722
Development Property Investments [Member] | Atlanta 6 [Member] | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	5/2/2017	5/2/2017
Investment Commitment	$ 12,543	$ 12,543
Development property investments, Fair Value	6,558	4,262
Development Property Investments [Member] | Atlanta 6 [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	6,310	4,344
Development Property Investments [Member] | Atlanta 6 [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 6,233	$ 8,199
Development Property Investments [Member] | Tampa 2 [Member] | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	5/2/2017	5/2/2017
Investment Commitment	$ 8,091	$ 8,091
Development property investments, Fair Value	1,524	1,010
Development Property Investments [Member] | Tampa 2 [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	1,610	1,086
Development Property Investments [Member] | Tampa 2 [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 6,481	$ 7,005
Development Property Investments [Member] | Tampa 3 [Member] | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	5/19/2017	5/19/2017
Investment Commitment	$ 9,224	$ 9,224
Development property investments, Fair Value	2,478	1,335
Development Property Investments [Member] | Tampa 3 [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	2,578	1,422
Development Property Investments [Member] | Tampa 3 [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 6,646	$ 7,802
Development Property Investments [Member] | Tampa 4 [Member] | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	6/12/2017	6/12/2017
Investment Commitment	$ 10,266	$ 10,266
Development property investments, Fair Value	3,821	1,752
Development Property Investments [Member] | Tampa 4 [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	3,697	1,847
Development Property Investments [Member] | Tampa 4 [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 6,569	$ 8,419
Development Property Investments [Member] | Baltimore [Member] | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	6/19/2017	6/19/2017
Investment Commitment	$ 10,775	$ 10,775
Development property investments, Fair Value	4,194	3,115
Development Property Investments [Member] | Baltimore [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	4,410	3,315
Development Property Investments [Member] | Baltimore [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 6,365	$ 7,460
Development Property Investments [Member] | Knoxville [Member] | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	6/28/2017	6/28/2017
Investment Commitment	$ 9,115	$ 9,115
Development property investments, Fair Value	2,642	1,265
Development Property Investments [Member] | Knoxville [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	2,738	1,351
Development Property Investments [Member] | Knoxville [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 6,377	$ 7,764
Development Property Investments [Member] | Boston 1 [Member] | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	6/29/2017	6/29/2017
Investment Commitment	$ 14,103	$ 14,103
Development property investments, Fair Value	8,109	4,914
Development Property Investments [Member] | Boston 1 [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	7,453	4,978
Development Property Investments [Member] | Boston 1 [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 6,650	$ 9,125
Development Property Investments [Member] | New York City 2 [Member] | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	6/30/2017	6/30/2017
Investment Commitment	$ 26,482	$ 26,482
Development property investments, Fair Value	18,093	17,576
Development Property Investments [Member] | New York City 2 [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	18,657	18,042
Development Property Investments [Member] | New York City 2 [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 7,825	$ 8,440
Development Property Investments [Member] | Jacksonville 3 [Member] | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	7/27/2017	7/27/2017
Investment Commitment	$ 8,096	$ 8,096
Development property investments, Fair Value	2,640	1,053
Development Property Investments [Member] | Jacksonville 3 [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	2,658	1,134
Development Property Investments [Member] | Jacksonville 3 [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 5,438	$ 6,962
Development Property Investments [Member] | Orlando 4 [Member] | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	8/30/2017	8/30/2017
Investment Commitment	$ 9,037	$ 9,037
Development property investments, Fair Value	2,335	1,960
Development Property Investments [Member] | Orlando 4 [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	2,446	2,059
Development Property Investments [Member] | Orlando 4 [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 6,591	$ 6,978
Development Property Investments [Member] | Los Angeles [Member] | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	9/14/2017	9/14/2017
Investment Commitment	$ 28,750	$ 28,750
Development property investments, Fair Value	7,472	7,398
Development Property Investments [Member] | Los Angeles [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	7,695	7,533
Development Property Investments [Member] | Los Angeles [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 21,055	$ 21,217
Development Property Investments [Member] | Miami 1 [Member] | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	9/14/2017	9/14/2017
Investment Commitment	$ 14,657	$ 14,657
Development property investments, Fair Value	6,268	5,725
Development Property Investments [Member] | Miami 1 [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	6,429	5,862
Development Property Investments [Member] | Miami 1 [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 8,228	$ 8,795
Development Property Investments [Member] | Louisville 2 [Member] | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	9/28/2017	9/28/2017
Investment Commitment	$ 9,940	$ 9,940
Development property investments, Fair Value	3,129	1,762
Development Property Investments [Member] | Louisville 2 [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	3,241	1,864
Development Property Investments [Member] | Louisville 2 [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 6,699	$ 8,076
Development Property Investments [Member] | Miami 2 [Member] | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	10/12/2017	10/12/2017
Investment Commitment	$ 9,459	$ 9,459
Development property investments, Fair Value	837	820
Development Property Investments [Member] | Miami 2 [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	1,038	1,014
Development Property Investments [Member] | Miami 2 [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 8,421	$ 8,445
Development Property Investments [Member] | New York City 3 [Member] | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	10/30/2017	10/30/2017
Investment Commitment	$ 14,701	$ 14,701
Development property investments, Fair Value	3,237	2,294
Development Property Investments [Member] | New York City 3 [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	3,557	2,595
Development Property Investments [Member] | New York City 3 [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 11,144	$ 12,106
Development Property Investments [Member] | Miami 3 [Member] | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	11/16/2017	11/16/2017
Investment Commitment	$ 20,168	$ 20,168
Development property investments, Fair Value	3,332	3,099
Development Property Investments [Member] | Miami 3 [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	3,773	3,508
Development Property Investments [Member] | Miami 3 [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 16,395	$ 16,660
Development Property Investments [Member] | Minneapolis 1 [Member] | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	11/21/2017	11/21/2017
Investment Commitment	$ 12,674	$ 12,674
Development property investments, Fair Value	1,065	1,023
Development Property Investments [Member] | Minneapolis 1 [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	1,202	1,150
Development Property Investments [Member] | Minneapolis 1 [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 11,472	$ 11,524
Development Property Investments [Member] | Boston 2 [Member] | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	12/1/2017	12/1/2017
Investment Commitment	$ 8,771	$ 8,771
Development property investments, Fair Value	1,568	1,220
Development Property Investments [Member] | Boston 2 [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	1,661	1,306
Development Property Investments [Member] | Boston 2 [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 7,110	$ 7,465
Development Property Investments [Member] | Miami [Member] | Construction Loans [Member]
Schedule of Investments [Line Items]
Investment Closing Date	12/23/2015	12/23/2015
Investment Commitment	$ 17,733	$ 17,733					$ 17,700
Development property investments, Fair Value	14,716	12,373
Development Property Investments [Member] | Miami [Member] | Construction Loans [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	14,838	12,492
Development Property Investments [Member] | Miami [Member] | Construction Loans [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 2,895	$ 5,241
Development Property Investments [Member] | New York City 4 [Member] | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	12/15/2017	12/15/2017
Investment Commitment	$ 10,591	$ 10,591
Development property investments, Fair Value	887	823
Development Property Investments [Member] | New York City 4 [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	1,000	927
Development Property Investments [Member] | New York City 4 [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 9,591	$ 9,664
Development Property Investments [Member] | Boston 3 [Member] | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	12/27/2017	12/27/2017
Investment Commitment	$ 10,174	$ 10,174
Development property investments, Fair Value	2,295	2,169
Development Property Investments [Member] | Boston 3 [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	2,398	2,259
Development Property Investments [Member] | Boston 3 [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 7,776	$ 7,915
Development Property Investments [Member] | New York City 5 [Member] | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	12/28/2017	12/28/2017
Investment Commitment	$ 16,073	$ 16,073
Development property investments, Fair Value	4,612	4,178
Development Property Investments [Member] | New York City 5 [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	4,765	4,303
Development Property Investments [Member] | New York City 5 [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 11,308	11,770
Development Property Investments [Member] | Minneapolis 2 [Member] | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	2/8/2018
Investment Commitment	$ 10,543
Development property investments, Fair Value	4,534
Development Property Investments [Member] | Minneapolis 2 [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	4,599
Development Property Investments [Member] | Minneapolis 2 [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 5,944
Development Property Investments [Member] | Philadelphia [Member] | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date	3/30/2018
Investment Commitment	$ 14,338
Development property investments, Fair Value	2,508
Development Property Investments [Member] | Philadelphia [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	2,787
Development Property Investments [Member] | Philadelphia [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	11,551
Bridge Loan Investments [Member]
Schedule of Investments [Line Items]
Investment Commitment	83,324
Bridge loan investments, Fair Value	77,435
Bridge Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	77,346
Bridge Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 5,978
Bridge Loan Investments [Member] | Miami 4 [Member]
Schedule of Investments [Line Items]
Investment Closing Date	3/2/2018
Investment Commitment	$ 20,201
Bridge loan investments, Fair Value	20,461
Bridge Loan Investments [Member] | Miami 4 [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	19,293
Bridge Loan Investments [Member] | Miami 4 [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 908
Bridge Loan Investments [Member] | Miami 5 [Member]
Schedule of Investments [Line Items]
Investment Closing Date	3/2/2018
Investment Commitment	$ 17,738
Bridge loan investments, Fair Value	13,637
Bridge Loan Investments [Member] | Miami 5 [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	15,734
Bridge Loan Investments [Member] | Miami 5 [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 2,004
Bridge Loan Investments [Member] | Miami 6 [Member]
Schedule of Investments [Line Items]
Investment Closing Date	3/2/2018
Investment Commitment	$ 13,370
Bridge loan investments, Fair Value	16,691
Bridge Loan Investments [Member] | Miami 6 [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	13,161
Bridge Loan Investments [Member] | Miami 6 [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 209
Bridge Loan Investments [Member] | Miami 7 [Member]
Schedule of Investments [Line Items]
Investment Closing Date	3/2/2018
Investment Commitment	$ 18,462
Bridge loan investments, Fair Value	14,465
Bridge Loan Investments [Member] | Miami 7 [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	16,366
Bridge Loan Investments [Member] | Miami 7 [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 2,096
Bridge Loan Investments [Member] | Miami 8 [Member]
Schedule of Investments [Line Items]
Investment Closing Date	3/2/2018
Investment Commitment	$ 13,553
Bridge loan investments, Fair Value	12,181
Bridge Loan Investments [Member] | Miami 8 [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	12,792
Bridge Loan Investments [Member] | Miami 8 [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	761
Operating Property Loans [Member]
Schedule of Investments [Line Items]
Investment Commitment	5,982	5,982
Operating property loans, Fair Value	5,885	5,938
Operating Property Loans [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	5,980	5,980
Operating Property Loans [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 2	$ 2
Operating Property Loans [Member] | Newark [Member]
Schedule of Investments [Line Items]
Investment Closing Date	7/7/2015	7/7/2015
Investment Commitment	$ 3,480	$ 3,480
Operating property loans, Fair Value	3,415	3,447
Operating Property Loans [Member] | Newark [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	$ 3,480	$ 3,480
Operating Property Loans [Member] | Chicago [Member]
Schedule of Investments [Line Items]
Investment Closing Date	12/22/2015	12/22/2015
Investment Commitment	$ 2,502	$ 2,502
Operating property loans, Fair Value	2,470	2,491
Operating Property Loans [Member] | Chicago [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	2,500	2,500
Operating Property Loans [Member] | Chicago [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment	$ 2	$ 2

SELF-STORAGE INVESTMENT PORTF34

SELF-STORAGE INVESTMENT PORTFOLIO (Schedule of Changes in Fair Value of Investments) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Feb. 20, 2018	Aug. 09, 2017
SELF-STORAGE INVESTMENT PORTFOLIO [Abstract]
Funded principal	$ 309,093	$ 213,069	$ 24,754	$ 9,139
Adjustments:
Unamortized origination fees	(5,994)	(5,081)
Change in fair value of investments	20,059	26,267
Other	(84)	(84)
Fair value of investments	$ 323,074	$ 234,171

SELF-STORAGE INVESTMENT PORTF35

SELF-STORAGE INVESTMENT PORTFOLIO (Schedule of Cost Basis of Real Estate Investment) (Details) - USD ($) $ in Thousands	Feb. 20, 2018	Feb. 02, 2018	Jan. 10, 2018	Aug. 09, 2017	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Funded principal	$ 24,754			$ 9,139	$ 309,093		$ 213,069
Gain (Loss) on Investments					20,059		$ 26,267
Unrealized appreciation on investments	10,527			3,780	4,320	$ 1,393
Cash consideration, inclusive of transaction costs	9,003			2,856
Assumed liabilities	1,306				$ 1,306
Net property working capital acquired	216			52
Total cost basis	45,806			$ 15,827
Jacksonville 1 [Member]
Funded principal			$ 5,966
Unrealized appreciation on investments			2,947
Cash consideration, inclusive of transaction costs			2,625
Net property working capital acquired			95
Total cost basis			$ 11,633
Atlanta 1 [Member]
Funded principal		$ 8,084
Unrealized appreciation on investments		2,704
Cash consideration, inclusive of transaction costs		2,342
Net property working capital acquired		41
Total cost basis		13,171
Atlanta 2 [Member]
Funded principal		5,766
Unrealized appreciation on investments		2,900
Cash consideration, inclusive of transaction costs		2,960
Net property working capital acquired		40
Total cost basis		$ 11,666
Pittsburgh [Member]
Funded principal	4,938
Unrealized appreciation on investments	1,976
Cash consideration, inclusive of transaction costs	1,076
Assumed liabilities	1,306
Net property working capital acquired	40
Total cost basis	$ 9,336

SELF-STORAGE INVESTMENT PORTF36

SELF-STORAGE INVESTMENT PORTFOLIO (Real Estate Investment, Impact in Consolidated Balance Sheet , Disclosure) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Schedule of Investments [Line Items]
Self-storage real estate owned	$ 60,459	$ 15,355
Real Estate Investment [Member]
Schedule of Investments [Line Items]
Cash and cash equivalents	617	121
Prepaid expenses and other assets	136	2
Land	8,181	1,505
Building and improvements	51,229	13,720
In-place leases	2,223	602
Accumulated depreciation and amortization	(1,174)	(472)
Self-storage real estate owned	60,459	15,355
Accounts payable, accrued expenses and other liabilities	$ 1,601	$ 67

SELF-STORAGE INVESTMENT PORTF37

SELF-STORAGE INVESTMENT PORTFOLIO (Real Estate Investment, Impact in Consolidated Statement of Operations, Disclosure) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
SELF-STORAGE INVESTMENT PORTFOLIO [Abstract]
Rental and other property-related income from real estate owned	$ 623	$ 63

FAIR VALUE OF FINANCIAL INSTR38

FAIR VALUE OF FINANCIAL INSTRUMENTS (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
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	$ 20.1	$ 26.3
Nine Properties [Member] | Minimum [Member]
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Percentage of completion of construction	40.00%
Nine Properties [Member] | Maximum [Member]
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Percentage of completion of construction	100.00%

FAIR VALUE OF FINANCIAL INSTR39

FAIR VALUE OF FINANCIAL INSTRUMENTS (Summary of Significant Unobservable Inputs Used) (Details)		3 Months Ended	12 Months Ended
		Mar. 31, 2018	Dec. 31, 2017
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Percentage of completion of construction		100.00%
Development Property Investments [Member] | Minimum [Member] | Income Approach Valuation Technique [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Exit date		2 months 1 day	29 days
Market yields/ discount rate		4.70%	7.83%
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 5 months 16 days	6 years 8 months 16 days
Market yields/ discount rate		12.14%	10.62%
Development Property Investments [Member] | Weighted Average [Member] | Income Approach Valuation Technique [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Exit date		3 years 6 months 10 days	2 years 11 months 15 days
Market yields/ discount rate		9.15%	9.00%
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		8.50%
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		52.42%	63.94%
Exit date		2 months 1 day	5 months 1 day
Capitalization rate	[1]	5.25%	5.50%
Market yields/ discount rate			8.50%
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		11.20%
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		92.65%	94.03%
Exit date		6 years 5 months 16 days	6 years 8 months 16 days
Capitalization rate		6.15%	6.15%
Market yields/ discount rate			9.15%
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		73.01%	74.08%
Exit date		3 years 8 months 9 days	3 years 1 month 13 days
Capitalization rate	[1]	5.47%	5.51%
Market yields/ discount rate		8.93%	8.51%
Seventeen Properties [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Percentage of completion of construction		40.00%
Seventeen Properties [Member] | Maximum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Percentage of completion of construction		100.00%
Eighteen Properties [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Percentage of completion of construction			40.00%
Eighteen 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		3 years 8 months 23 days	3 years 11 months 23 days
Market yields/ discount rate		6.33%	6.08%
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 4 months 24 days	4 years 7 months 24 days
Market yields/ discount rate		7.27%	7.01%
Operating Property Loans [Member] | Weighted Average [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Exit date			4 years 4 months 13 days
Market yields/ discount rate			6.47%
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 1 month 13 days
Market yields/ discount rate		6.73%
[1]	Seventeen properties were 40% - 100% complete, thus requiring a capitalization rate and/or discount rate to derive entrepreneurial profit which are used to derive the enterprise value input to the OPM. 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 INSTR40

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	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Up 25 Basis Points [Member]
Investments in and Advances to Affiliates [Line Items]
Increase (decrease) in fair value of investments	$ (1.7)	$ (1.2)
Down 25 Basis Points [Member]
Investments in and Advances to Affiliates [Line Items]
Increase (decrease) in fair value of investments	1.8	1.2
Up 50 basis points [Member]
Investments in and Advances to Affiliates [Line Items]
Increase (decrease) in fair value of investments	(3.4)	(2.3)
Down 50 Basis Points [Member]
Investments in and Advances to Affiliates [Line Items]
Increase (decrease) in fair value of investments	$ 3.6	$ 2.4

FAIR VALUE OF FINANCIAL INSTR41

FAIR VALUE OF FINANCIAL INSTRUMENTS (Schedule of Change in Fair Value of Investments Due to Change in Capitalization Rates) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Up 25 Basis Points [Member]
Investments in and Advances to Affiliates [Line Items]
Increase (decrease) in fair value of investments	$ (3.9)	$ (2.8)
Down 25 Basis Points [Member]
Investments in and Advances to Affiliates [Line Items]
Increase (decrease) in fair value of investments	4.3	3.1
Up 50 basis points [Member]
Investments in and Advances to Affiliates [Line Items]
Increase (decrease) in fair value of investments	(7.6)	(5.3)
Down 50 Basis Points [Member]
Investments in and Advances to Affiliates [Line Items]
Increase (decrease) in fair value of investments	$ 9.1	$ 6.4

FAIR VALUE OF FINANCIAL INSTR42

FAIR VALUE OF FINANCIAL INSTRUMENTS (Changes in Investments that Use Level 3 Inputs) (Details) - USD ($) $ in Thousands	Feb. 20, 2018	Aug. 09, 2017	Mar. 31, 2018	Mar. 31, 2017
FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract]
Balance as of December 31, 2017			$ 234,171
Unrealized appreciation on investments	$ 10,527	$ 3,780	4,320	$ 1,393
Fundings of principal and change in unamortized origination fees			115,854
Repayments of loans			(3)
Payment-in-kind interest			4,013
Reclassification of self-storage real estate owned			(35,281)	$ (6,041)
Balance at March 31, 2017			$ 323,074

INVESTMENT IN SELF-STORAGE RE43

INVESTMENT IN SELF-STORAGE REAL ESTATE VENTURE (Narrative) (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018USD ($)property	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Feb. 20, 2018USD ($)	Aug. 09, 2017USD ($)	Mar. 31, 2016USD ($)
Investments Real Estate Properties [Line Items]
Investment in and advances to real estate venture	$ 14,759	$ 13,856
Funded principal	309,093	213,069		$ 24,754	$ 9,139
SL1 Venture [Member]
Investments Real Estate Properties [Line Items]
Investment in and advances to real estate venture	$ 81,400
Equity method investment, ownership percentage	10.00%
Investment owned, aggregate committed principal amount	$ 123,300
Development property investment, assets	116,000
Transaction and other expenses	200
Development property investment, liabilities	3,100
Development property investment, operating income (loss)	$ 5,100
Investment yield percentage on purchase price	4.50%
Joint venture agreement percentage of priority distribution percentage of commited principal amount	1.00%
Number of investments | property	8
Funded principal	$ 12,200
Return of capital from real estate venture			$ 7,300
Agreement metric, return multiple	1.48
SL1 Venture [Member] | Parent Company [Member]
Investments Real Estate Properties [Line Items]
Investment in and advances to real estate venture	$ 12,300
Investment owned, aggregate committed principal amount						$ 41,900
Investments in joint venture, fair value						7,700
Development property investment, operating income (loss)	$ 600
Funded principal						$ 8,100
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]
Investment in and advances to real estate venture	$ 110,000
Equity method investment, ownership percentage	90.00%
Transaction and other expenses	$ 2,900	$ 3,200
HVP III Storage Lenders Investor, LLC [Member]
Investments Real Estate Properties [Line Items]
Payments to acquire interest in joint venture			$ 7,300
HVP III Storage Lenders Investor, LLC [Member] | SL1 Venture [Member]
Investments Real Estate Properties [Line Items]
Investment in and advances to real estate venture	111,000
Development property investment, operating income (loss)	$ 4,500

INVESTMENT IN SELF-STORAGE RE44

INVESTMENT IN SELF-STORAGE REAL ESTATE VENTURE (Equity Method Investments) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Feb. 20, 2018	Feb. 02, 2018	Dec. 31, 2017	Aug. 09, 2017	Mar. 31, 2016
Real Estate Properties [Line Items]
Development property investments	$ 239,754			$ 228,233
Investment Commitment	606,133			523,821
Funded Investment	$ 309,093	$ 24,754		213,069	$ 9,139
Percentage of completion of construction	100.00%
Washington DC [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Percentage of completion of construction	40.00%
Atlanta 1 [Member]
Real Estate Properties [Line Items]
Funded Investment			$ 8,084
Atlanta 2 [Member]
Real Estate Properties [Line Items]
Funded Investment			$ 5,766
Funded Investment [Member]
Real Estate Properties [Line Items]
Funded Investment	$ 309,093			213,069
Unfunded Commitment [Member]
Real Estate Properties [Line Items]
Investment Commitment	297,040			$ 310,752
Loan investments [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Development property investments	$ 115,880
Funded Investment						$ 8,100
Loan investments [Member] | Miami 1 [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Closing Date	5/14/2015
Development property investments	$ 14,227
Loan investments [Member] | Miami 2 [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Closing Date	5/14/2015
Development property investments	$ 12,805
Loan investments [Member] | Fort Lauderdale [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Closing Date	9/25/2015
Development property investments	$ 11,598
Loan investments [Member] | Washington DC [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Closing Date	4/15/2016
Development property investments	$ 18,539
Loan investments [Member] | Atlanta 1 [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Closing Date	4/29/2016
Development property investments	$ 9,094
Loan investments [Member] | Jacksonville [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Closing Date	7/19/2016
Development property investments	$ 11,241
Loan investments [Member] | New Jersey [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Closing Date	7/21/2016
Development property investments	$ 2,228
Loan investments [Member] | Atlanta 2 [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Closing Date	8/15/2016
Development property investments	$ 9,077
Loan investments [Member] | Denver [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Closing Date	8/25/2016
Development property investments	$ 11,009
Loan investments [Member] | Columbia [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Closing Date	9/28/2016
Development property investments	$ 9,405
Loan investments [Member] | Raleigh [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Closing Date	12/22/2016
Development property investments	$ 6,657
Loan investments [Member] | Loans and Finance Receivables [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment	123,273
Loan investments [Member] | Loans and Finance Receivables [Member] | Miami 1 [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment	13,867
Loan investments [Member] | Loans and Finance Receivables [Member] | Miami 2 [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment	14,849
Loan investments [Member] | Loans and Finance Receivables [Member] | Fort Lauderdale [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment	13,230
Loan investments [Member] | Loans and Finance Receivables [Member] | Washington DC [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment	17,269
Loan investments [Member] | Loans and Finance Receivables [Member] | Atlanta 1 [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment	10,223
Loan investments [Member] | Loans and Finance Receivables [Member] | Jacksonville [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment	8,127
Loan investments [Member] | Loans and Finance Receivables [Member] | New Jersey [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment	7,828
Loan investments [Member] | Loans and Finance Receivables [Member] | Atlanta 2 [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment	8,772
Loan investments [Member] | Loans and Finance Receivables [Member] | Denver [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment	11,032
Loan investments [Member] | Loans and Finance Receivables [Member] | Columbia [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment	9,199
Loan investments [Member] | Loans and Finance Receivables [Member] | Raleigh [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment	8,877
Loan investments [Member] | Funded Investment [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Funded Investment	98,475
Loan investments [Member] | Funded Investment [Member] | Miami 1 [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Funded Investment	11,571
Loan investments [Member] | Funded Investment [Member] | Miami 2 [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Funded Investment	11,640
Loan investments [Member] | Funded Investment [Member] | Fort Lauderdale [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Funded Investment	9,982
Loan investments [Member] | Funded Investment [Member] | Washington DC [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Funded Investment	16,146
Loan investments [Member] | Funded Investment [Member] | Atlanta 1 [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Funded Investment	8,332
Loan investments [Member] | Funded Investment [Member] | Jacksonville [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Funded Investment	7,253
Loan investments [Member] | Funded Investment [Member] | New Jersey [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Funded Investment	2,383
Loan investments [Member] | Funded Investment [Member] | Atlanta 2 [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Funded Investment	7,846
Loan investments [Member] | Funded Investment [Member] | Denver [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Funded Investment	9,105
Loan investments [Member] | Funded Investment [Member] | Columbia [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Funded Investment	8,419
Loan investments [Member] | Funded Investment [Member] | Raleigh [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Funded Investment	5,798
Loan investments [Member] | Unfunded Commitment [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment	24,798
Loan investments [Member] | Unfunded Commitment [Member] | Miami 1 [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment	2,296
Loan investments [Member] | Unfunded Commitment [Member] | Miami 2 [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment	3,209
Loan investments [Member] | Unfunded Commitment [Member] | Fort Lauderdale [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment	3,248
Loan investments [Member] | Unfunded Commitment [Member] | Washington DC [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment	1,123
Loan investments [Member] | Unfunded Commitment [Member] | Atlanta 1 [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment	1,891
Loan investments [Member] | Unfunded Commitment [Member] | Jacksonville [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment	874
Loan investments [Member] | Unfunded Commitment [Member] | New Jersey [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment	5,445
Loan investments [Member] | Unfunded Commitment [Member] | Atlanta 2 [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment	926
Loan investments [Member] | Unfunded Commitment [Member] | Denver [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment	1,927
Loan investments [Member] | Unfunded Commitment [Member] | Columbia [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment	780
Loan investments [Member] | Unfunded Commitment [Member] | Raleigh [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment	$ 3,079

VARIABLE INTEREST ENTITIES (Nar

VARIABLE INTEREST ENTITIES (Narrative) (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Variable Interest Entity [Line Items]
Assets recorded related to VIEs	$ 317,189	$ 228,233
Investment Commitment	606,133	523,821
Investment in Real Estate Venture [Member] | Unfunded Commitment [Member]
Variable Interest Entity [Line Items]
Investment Commitment	2,400	$ 3,400
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	Mar. 31, 2018	Dec. 31, 2017
VARIABLE INTEREST ENTITIES [Abstract]
Assets recorded related to VIEs	$ 317,189	$ 228,233
Unfunded loan commitments to VIEs	297,038	310,750
Maximum exposure to loss	$ 614,227	$ 538,983

DEBT (Credit Facility) (Narrati

DEBT (Credit Facility) (Narrative) (Details) $ in Thousands	Jul. 26, 2017USD ($)	Jul. 25, 2017USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2018USD ($)	Jun. 30, 2018	Jul. 24, 2020	Sep. 30, 2020USD ($)
Line of Credit Facility [Line Items]
Proceeds from lines of credit			$ 29,901
Jernigan Capital Operating Company LLC [Member]
Line of Credit Facility [Line Items]
Proceeds from lines of credit		$ 20,000
Line of credit, current borrowing capacity	$ 33,300	33,300
Repayments of lines of credit	$ 20,000
Jernigan Capital Operating Company LLC [Member] | KeyBank National Association [Member]
Line of Credit Facility [Line Items]
Commitment by Bank		200,000
Line of credit, current borrowing capacity		$ 100,000	$ 10,800
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 years
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			50.00%
Debt instrument covenants consolidated tanible net worth, minimum			$ 183,300
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
Debt instrument covenants unhedged variable rate maximum percentage			25.00%
Debt instrument covenant debt service coverage ratio			2
Long-term line of credit			$ 30,000
Line of credit facility, covenant compliance			As of March 31, 2018, 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.As of March 31, 2018, the funded principal of $45.8 million of development property investments at fair value, the funded principal of $6.0 million of operating property loans at fair value, and $17.6 million of the self-storage real owned, net, is pledged as collateral against the Company's secured revolving credit facility. As of December 31, 2017, the funded principal of $47.4 million of development property investments at fair value, the funded principal of $6.0 million of operating property loans at fair value, and $4.4 million of the self-storage real owned, net, is pledged as collateral against the Company's secured revolving credit facility.
Jernigan Capital Operating Company LLC [Member] | 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
Debt instrument covenant additional amount included onto total unfunded loan commitments							$ 25,000
Maximum [Member] | Jernigan Capital Operating Company LLC [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] | Jernigan Capital Operating Company LLC [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] | Jernigan Capital Operating Company LLC [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] | Jernigan Capital Operating Company LLC [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 ($) $ in Thousands	May 27, 2016	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Debt Instrument [Line Items]
Proceeds from issuance of senior long-term debt			$ 717
Senior loan participations		$ 732		$ 718
Proceeds from early payment of operating property loan			$ 717
Commitment amount		606,133		$ 523,821
Loans pledged as collateral		6,000
Senior Notes [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate				3.10%
Operating Property A Notes [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Minimum amount of cash required in depository or money market accounts		500
Miami A Note [Member]
Debt Instrument [Line Items]
Senior loan participations		$ 700
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		$ 732
Cash consideration from senior participations	$ 10,000	$ 10,001		$ 10,001
Debt instrument, effective interest rate		4.98%		4.66%
Debt maturity date	Jul. 1, 2017	Jun. 30, 2018		Jan. 31, 2018
Debt instrument fee	$ 100
Debt instrument threshold amount outstanding related to senior notes	$ 7,700
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%
Development Property Investments [Member]
Debt Instrument [Line Items]
Commitment amount		$ 516,827		$ 517,839
Development Property Investments [Member] | Miami A Note [Member]
Debt Instrument [Line Items]
Loans pledged as collateral		$ 14,800		$ 12,500

DEBT (Commitments and Outstandi

DEBT (Commitments and Outstanding Balances of Senior Participations) (Details) - USD ($) $ in Thousands	May 27, 2016	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Debt Instrument [Line Items]
Amount Borrowed		$ 732		$ 718
Proceeds from early payment of operating property loan			$ 717
Senior Notes [Member]
Debt Instrument [Line Items]
Unamortized fees				(14)
Net balance		732		$ 718
Senior Notes [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Interest Rate in addition to 30-day LIBOR				3.10%
Miami A Note [Member]
Debt Instrument [Line Items]
Amount Borrowed		700
Miami A Note [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Commitment by Bank	$ 10,000	10,001		$ 10,001
Amount Borrowed		732		732
Remaining Funds		$ 9,269		$ 9,269
Effective Interest Rate		4.98%		4.66%
Maturity Date	Jul. 1, 2017	Jun. 30, 2018		Jan. 31, 2018
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%

STOCKHOLDERS' EQUITY (Narrative

STOCKHOLDERS' EQUITY (Narrative) (Details)

Mar. 08, 2018shares

Jan. 26, 2018USD ($)shares

Jun. 27, 2017USD ($)shares

May 03, 2017shares

Mar. 07, 2017$ / shares

Jul. 27, 2016USD ($)$ / shares

May 20, 2016USD ($)shares

Jun. 15, 2015shares

Apr. 01, 2015shares

Mar. 31, 2018USD ($)$ / sharesshares

Mar. 31, 2017USD ($)shares

Dec. 31, 2017USD ($)$ / sharesshares

Dec. 31, 2016shares

Dec. 31, 2015shares

Dec. 31, 2021shares

Dec. 31, 2020shares

Dec. 31, 2019shares

Dec. 31, 2018shares

Mar. 29, 2018USD ($)shares

Jan. 25, 2018shares

Jul. 27, 2017USD ($)

Apr. 05, 2017USD ($)

Apr. 30, 2015shares

Class of Stock [Line Items]

Common stock, shares issued

14,447,043

14,429,055

Common stock, shares outstanding

14,447,043

14,429,055

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

4,025,000

Net proceeds from issuance of common stock | $

$ 83,900,000

Preferred ATM shares, aggregate maximum offering price | $

$ 45,000,000

Stock price per share | $ / shares

$ 18.10

$ 19.01

Number of shares repurchased and retired

213,078

Retirement of common stock | $

$ 3,200,000

Stock repurchase program, remaining authorized amount | $

$ 6,800,000

Expenses related to restricted stock awards, period for recognition

2 years 3 months 18 days

2 years 3 months 18 days

Series A Preferred Stock [Member]

Class of Stock [Line Items]

Preferred stock, shares issued

75,000

40,000

Preferred stock, shares outstanding

75,000

40,000

Preferred stock, shares authorized

300,000

300,000

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

$ 50,000,000

$ 50,000,000

Amount of preferred shares issuable in future | $

$ 100,000,000

Percentage of increase in book value

25.00%

Internal rate of return to the preferred shareholders

14.00%

Preferred stock, par value | $ / shares

$ 0.01

$ 0.01

$ 0.01

Preferred stock, liquidation preferance per share | $ / shares

$ 1,000

Preferred stock, dividend rate

7.00%

7.00%

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

Proceeds from issuance of preferred stock | $

$ 34,976,000

$ (2,000)

Dividends declared date

Feb. 28, 2018

Dividend payable, amount per share | $ / shares

$ 12.12

Dividends payable date

Apr. 13, 2018

Dividends payable, date of record

Apr. 1, 2018

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

Class of Stock [Line Items]

Amount of preferred shares issuable in future | $

$ 125,000,000

Percentage of increase in book value

25.00%

Internal rate of return to the preferred shareholders

14.00%

Preferred stock forcasted dividend payable | $

$ 2,125,000

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%

Series B Preferred Stock [Member]

Class of Stock [Line Items]

Preferred stock, shares issued

1,500,000

1,500,000

0

Preferred stock, shares outstanding

1,500,000

0

Preferred stock, shares authorized

3,750,000

1,725,000

Preferred stock, par value | $ / shares

$ 0.01

Preferred stock, liquidation preferance per share | $ / shares

$ 25

Preferred stock, dividend rate

7.00%

Preferred stock redemption terms

On or after January 26, 2023, the Series B Preferred Stock may be redeemed, at the Company's option, upon not less than 30 nor more than 60 days' written notice, in whole or in part, at any time and from time to time, for cash at a redemption price equal to $25.00 per share, plus any accrued and unpaid dividends (whether or not authorized or declared) to, but excluding, the date fixed for redemption. Holders of Series B Preferred Stock will have no right to require the redemption or repurchase of the Series B Preferred Stock. Upon the occurrence of a Change of Control (as defined in the Series B Articles Supplementary), we may redeem for cash, in whole or in part, the Series B Preferred Stock within 120 days after the date on which such Change of Control occurred, by paying $25.00 per share, plus any accrued and unpaid dividends (whether or not authorized or declared) to, but excluding, the date fixed for redemption

Proceeds from issuance of preferred stock | $

$ 36,300,000

$ 35,988,000

Maximum [Member]

Class of Stock [Line Items]

Stock repurchase program, authorized amount | $

$ 10,000,000

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

Class of Stock [Line Items]

Amount of preferred shares issuable in future | $

35,000,000

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

Class of Stock [Line Items]

Amount of preferred shares issuable in future | $

15,000,000

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

Class of Stock [Line Items]

Amount of preferred shares issuable in future | $

$ 5,000,000

Restricted Stock [Member]

Class of Stock [Line Items]

Nonvested restricted stock

195,502

120,001

185,002

120,001

Number of shares granted

18,000

Number of shares, vested

7,500

Restricted stock expense, recognized | $

$ 400,000

$ 300,000

Number of shares forfeited

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

Class of Stock [Line Items]

Issuances of stock-based awards (in shares)

75,000

Proceeds from issuance of preferred stock | $

$ 75,000,000

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 | $

$ 2,500,000

$ 2,700,000

Manager [Member] | Restricted Stock [Member]

Class of Stock [Line Items]

Number of shares granted

18,000

Equity award vesting period

3 years

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

306,254

288,254

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

7,500

46,413

55,172

Number of shares forfeited

1,667

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

Class of Stock [Line Items]

Number of shares vested or expected to vest

6,000

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 shares vested or expected to vest

67,503

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 shares vested or expected to vest

61,001

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 shares vested or expected to vest

60,998

ATM Program [Member]

Class of Stock [Line Items]

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

1,279,706

Net proceeds from issuance of common stock | $

$ 27,800,000

Stock repurchase program, authorized amount | $

$ 50,000,000

Shares issued, price per share | $ / shares

$ 22.35

ATM Program [Member] | Series B Preferred Stock [Member]

Class of Stock [Line Items]

Preferred stock, shares authorized

2,025,000

Common Stock [Member]

Class of Stock [Line Items]

Issuances of stock-based awards (in shares)

18,000

STOCKHOLDERS' EQUITY (Summary o

STOCKHOLDERS' EQUITY (Summary of Changes in Restricted Shares) (Details) - Restricted Stock [Member] - $ / shares	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Class of Stock [Line Items]
Shares, Nonvested shares at beginning of period	185,002	120,001	120,001
Shares, Granted	18,000
Shares, Vested	(7,500)
Shares, Forfeited
Shares, Nonvested shares at end of period	195,502	120,001	185,002
Weighted average grant date fair value, Nonvested at beginning of period	$ 21.58	$ 20.10	$ 20.10
Weighted average grant date fair value, Granted	17.78
Weighted average grant date fair value, Vested	19.25
Weighted average grant date fair value, Forfeited
Weighted average grant date fair value, Nonvested at end of period	$ 21.32	$ 20.10	$ 21.58

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
	Mar. 31, 2018	Mar. 31, 2017
Share Outstanding [Abstract]
Weighted average common shares - basic	14,247,174	8,857,030
Effect of dilutive securities	308,163	136,498
Weighted average common shares, all classes	14,555,337	8,993,528
Calculation of Earnings per Share - basic
Net income	$ 5,354	$ 1,783
Net income allocated to preferred stockholders	3,595	546
Net income allocated to unvested restricted shares	23	17
Net income attributable to common shareholders - two-class method	$ 1,736	$ 1,220
Weighted average common shares - basic	14,247,174	8,857,030
Earnings per share - basic	$ 0.12	$ 0.14
Calculation of Earnings per Share - diluted
Net income	$ 5,354	$ 1,783
Net income allocated to preferred stockholders	3,595	546
Net income attributable to common shareholders - two-class method	$ 1,759	$ 1,237
Weighted average common shares - diluted	14,555,337	8,993,528
Earnings per share - diluted	$ 0.12	$ 0.14

RELATED PARTY TRANSACTIONS (Nar

RELATED PARTY TRANSACTIONS (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Related Party Transaction [Line Items]
Development property investments	$ 239,754		$ 228,233
Base management fee, annual rate	1.50%
Management fee, description	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
Percentage of base management fee	0.375%
Expenses reimbursable to Manager	$ 900	$ 800
Management fee expense	$ 1,304	630
Incentive fee, description	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
Income (Loss) from equity method investments	$ 550	422
Outstanding fees due to Manager	1,405		1,484
Investment in and advances to real estate venture	14,759		13,856
SL1 Venture [Member]
Related Party Transaction [Line Items]
Income (Loss) from equity method investments	600	$ 400
Investment in and advances to real estate venture	14,800		13,900
Equity Method Investments [Member]
Related Party Transaction [Line Items]
Development property investments	302,500		215,900
Accumulated change in fair value from equity method investment and interest income realized	$ 8,400		$ 2,800

SUBSEQUENT EVENTS (Narrative) (

SUBSEQUENT EVENTS (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	May 03, 2018	May 02, 2018	Apr. 09, 2018	Jan. 26, 2018	Jun. 27, 2017	Mar. 07, 2017	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Subsequent Event [Line Items]
Commitment amount							$ 606,133		$ 523,821
Issuance of preferred stock, net of offering costs (in shares)					4,025,000
Proceeds from lines of credit							$ 29,901
Net proceeds from issuance of common stock					$ 83,900
Subsequent Event [Member]
Subsequent Event [Line Items]
Commitment amount	$ 133,500
ATM Program [Member]
Subsequent Event [Line Items]
Issuance of preferred stock, net of offering costs (in shares)							1,279,706
Net proceeds from issuance of common stock							$ 27,800
Shares issued, price per share							$ 22.35
Series A Preferred Stock [Member]
Subsequent Event [Line Items]
Preferred stock, shares issued							75,000		40,000
Proceeds from issuance of preferred stock							$ 34,976	$ (2)
Dividends declared date						Feb. 28, 2018
Dividend payable, amount per share						$ 12.12
Dividends payable date						Apr. 13, 2018
Dividends payable, date of record						Apr. 1, 2018
Series A Preferred Stock [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Issuance of preferred stock, net of offering costs (in shares)			15,000
Proceeds from issuance of preferred stock			$ 15,000
Dividends declared date		May 2, 2018
Dividends payable date		Jul. 15, 2018
Dividends payable, date of record		Jul. 1, 2018
Series B Preferred Stock [Member]
Subsequent Event [Line Items]
Preferred stock, shares issued				1,500,000			1,500,000		0
Proceeds from issuance of preferred stock				$ 36,300			$ 35,988
Series B Preferred Stock [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends declared date		May 2, 2018
Dividend payable, amount per share		$ 0.4375
Dividends payable date		Jul. 13, 2018
Dividends payable, date of record		Jul. 2, 2018
Series B Preferred Stock [Member] | ATM Program [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Preferred stock, shares issued	38,214
Shares issued, price per share	$ 23.07
Proceeds from issuance of preferred stock	$ 800
Preferred stock available for future issuance	$ 44,100
Common Stock [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends declared date		May 2, 2018
Dividend payable, amount per share		$ 0.35
Dividends payable date		Jul. 13, 2018
Dividends payable, date of record		Jul. 2, 2018

SUBSEQUENT EVENTS (Schedule of

SUBSEQUENT EVENTS (Schedule of Subsequent Investments) (Details) - USD ($) $ in Thousands	May 01, 2018	Apr. 06, 2018	May 03, 2018	Mar. 31, 2018	Dec. 31, 2017
Subsequent Event [Line Items]
Investment Commitment				$ 606,133	$ 523,821
Subsequent Event [Member]
Subsequent Event [Line Items]
Investment Commitment			$ 133,500
Miami 9 [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Investment Closing Date	5/1/2018
Investment Commitment	$ 12,421
Development Property Investments [Member]
Subsequent Event [Line Items]
Investment Commitment				516,827	517,839
Development Property Investments [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Investment Commitment	$ 25,304
Development Property Investments [Member] | Minneapolis 3 [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Investment Closing Date		4/6/2018
Investment Commitment		$ 12,883
Operating Property Loans [Member]
Subsequent Event [Line Items]
Investment Commitment				5,982	5,982
Loan investments [Member] | Development Property Investments [Member]
Subsequent Event [Line Items]
Investment Commitment				499,094	500,106
Construction Loans [Member] | Development Property Investments [Member]
Subsequent Event [Line Items]
Investment Commitment				$ 17,733	$ 17,733