Jernigan Capital (JCAP) 10-Q 2 Aug 18 2018 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Aug. 01, 2018
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Entity Registrant Name	Jernigan Capital, Inc.
Entity Central Index Key	1,622,353
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Trading Symbol	jcap
Entity Common Stock, Shares Outstanding		19,364,795

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Assets:
Cash and cash equivalents	$ 43,331	$ 46,977
Self-Storage Investment Portfolio:
Development property investments at fair value, of which $60.5 million and $59.9 million of funded principal is pledged as collateral against the Company’s secured revolving credit facility and senior loan participation as of June 30, 2018 and December 31, 2017, respectively	302,245	228,233
Bridge loan investments at fair value, of which $78.6 million of funded principal is pledged as collateral against the Company's secured revolving credit facility as of June 30, 2018	79,581
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 June 30, 2018 and December 31, 2017	5,862	5,938
Self-storage real estate owned, net	59,835	15,355
Investment in and advances to self-storage real estate venture	14,846	13,856
Other loans, at cost	1,361	1,313
Deferred financing costs	1,644	2,004
Prepaid expenses and other assets	975	776
Fixed assets, net	180	182
Total assets	509,860	314,634
Liabilities:
Senior loan participations		718
Secured revolving credit facility
Due to Manager	1,887	1,484
Accounts payable, accrued expenses and other liabilities	2,916	1,138
Dividends payable	11,319	5,474
Total liabilities	16,122	8,814
Total liabilities and equity	509,860	314,634
Equity:
Common stock, $0.01 par value, 500,000,000 shares authorized at June 30, 2018 and December 31, 2017; 19,254,141 and 14,429,055 issued and outstanding at June 30, 2018 and December 31, 2017, respectively	192	144
Additional paid-in capital	361,636	276,814
Accumulated deficit	(12,721)	(8,902)
Total equity	493,738	305,820
Series A Preferred Stock [Member]
Equity:
Preferred stock, $0.01 par value	107,168	37,764
Total equity	107,168	$ 37,764
Series B Preferred Stock [Member]
Equity:
Preferred stock, $0.01 par value	37,463
Total equity	$ 37,463

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Securities held as collateral, at fair value	$ 60.5	$ 59.9
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	19,254,141	14,429,055
Common stock, shares outstanding	19,254,141	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	110,000	40,000
Preferred stock, shares outstanding	110,000	40,000
Preferred stock, liquidation preference value	$ 110	$ 40
Series B Preferred Stock [Member]
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	3,750,000	3,750,000
Preferred stock, dividend rate	7.00%	7.00%
Preferred stock, shares issued	1,571,734	0
Preferred stock, shares outstanding	1,571,734	0
Preferred stock, liquidation preference value	$ 39.3	$ 0
Bridge Loan Investments [Member]
Loans pledged as collateral	78.6
Operating Property Loans [Member]
Loans pledged as collateral	$ 6	$ 6

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenues:
Interest income from investments	$ 6,403	$ 2,467	$ 10,965	$ 4,586
Rental and other property-related income from real estate owned	805	105	1,428	168
Other revenues	33	27	64	146
Total revenues	7,241	2,599	12,457	4,900
Costs and expenses:
General and administrative expenses	2,034	1,371	3,852	2,949
Management fees to Manager	1,582	707	2,886	1,337
Property operating expenses of real estate owned	420	43	731	74
Depreciation and amortization of real estate owned	887	38	1,589	62
Other expenses			290
Total costs and expenses	4,923	2,159	9,348	4,422
Operating income	2,318	440	3,109	478
Other income (expense):
Equity in earnings from unconsolidated real estate venture	435	595	985	1,017
Change in fair value of investments	8,623	4,289	12,943	5,682
Interest expense	(638)	(230)	(1,054)	(434)
Other interest income	59	100	168	234
Total other income	8,479	4,754	13,042	6,499
Net income	10,797	5,194	16,151	6,977
Net income attributable to preferred stockholders	(4,580)	(177)	(8,175)	(723)
Net income attributable to common stockholders	$ 6,217	$ 5,017	$ 7,976	$ 6,254
Basic earnings per share attributable to common stockholders	$ 0.40	$ 0.50	$ 0.53	$ 0.66
Diluted earnings per share attributable to common stockholders	0.40	0.50	0.53	0.66
Dividends declared per share of common stock	$ 0.35	$ 0.35	$ 0.70	$ 0.70

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]Non-Controlling Interests [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]Non-Controlling Interests [Member]	Series B Preferred Stock [Member]	Total Stockholders' Equity [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Non-Controlling Interests [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				$ (3)					(3)					(3)
Stock dividend paid on preferred stock									1,194	$ 1	1,193			1,194
Stock dividend paid on preferred stock (in Shares)										57,850
Proceeds from issuance of common stock, net of offering costs									83,935	$ 40	83,895			83,935
Proceeds from issuance of common stock, net of offering costs (in shares)										4,025,000
At-the-market issuance of common stock, net of offering costs									24,194	$ 10	24,184			24,194
At-the-market issuance of common stock, net of offering costs (in shares)										1,093,202
Repurchase and retirement of shares related to vested restricted stock									(128)		(128)			(128)
Repurchase and retirement of shares related to vested restricted stock (in shares)										(5,470)
Issuances of stock-based awards									(9)	$ 1	(10)			(9)
Issuances of stock-based awards (in shares)										111,414
Stock-based compensation									727		727			727
Dividends declared on preferred stock									(723)			(723)		(723)
Dividends declared on common stock									(8,132)			(8,132)		(8,132)
Net income									6,977			6,977		6,977
Balance at Jun. 30, 2017				$ 9,445					276,394	$ 142	272,525	(5,718)		276,394
Balance (in shares) at Jun. 30, 2017				10,000						14,238,350
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									2,169	$ 1	2,168			2,169
Stock dividend paid on preferred stock (in Shares)										122,250
Issuance of preferred stock, net of offering costs				$ 69,404				$ 35,980	105,384					105,384
Issuance of preferred stock, net of offering costs (in shares)				70,000				1,500,000
At-the-market issuance of preferred stock, net of offering costs								$ 1,483	1,483					1,483
At-the-market issuance of preferred stock, net of offering costs (in shares)								71,734
Proceeds from issuance of common stock, net of offering costs									81,149	$ 46	81,103			81,149
Proceeds from issuance of common stock, net of offering costs (in shares)										4,600,000
At-the-market issuance of common stock, net of offering costs									682		682			682
At-the-market issuance of common stock, net of offering costs (in shares)										44,016
Repurchase and retirement of shares related to vested restricted stock									(314)		(314)			(314)
Repurchase and retirement of shares related to vested restricted stock (in shares)										(16,513)
Issuances of stock-based awards										$ 1	(1)
Issuances of stock-based awards (in shares)										75,333
Stock-based compensation									1,184		1,184			1,184
Dividends declared on preferred stock	$ (6,926)	$ (6,926)		$ (6,926)	$ (1,249)	$ (1,249)		$ (1,249)
Dividends declared on common stock									(11,795)			(11,795)		(11,795)
Net income									16,151			16,151		16,151
Balance at Jun. 30, 2018				$ 107,168				$ 37,463	$ 493,738	$ 192	$ 361,636	$ (12,721)		$ 493,738
Balance (in shares) at Jun. 30, 2018				110,000				1,571,734		19,254,141

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash flows from operating activities
Net income	$ 16,151	$ 6,977
Adjustments to reconcile net income to net cash used in operating activities:
Interest capitalized on outstanding loans	(9,410)	(3,114)
Change in fair market value of investments	(12,943)	(5,682)
Stock-based compensation	1,184	727
Equity in earnings from unconsolidated self-storage real estate venture	(980)	(1,012)
Return on investment from unconsolidated self-storage joint venture	462	329
Depreciation and amortization	1,624	91
Amortization of deferred financing costs	381	11
Accretion of origination fees	(341)	(299)
Changes in operating assets and liabilities:
Prepaid expenses and other assets	(171)	(369)
Due to Manager	403	19
Accounts payable, accrued expenses, and other liabilities	151	97
Net cash used in operating activities	(3,489)	(2,225)
Cash flows from investing activities
Purchase of corporate fixed assets	(34)	(19)
Purchase of self-storage real estate owned	(9,087)	(1,270)
Capital additions to self-storage real estate owned	(205)
Capital contributions to unconsolidated self-storage real estate venture	(1,653)	(3,172)
Advances to unconsolidated self-storage real estate venture	(11,832)	(27,481)
Repayment of advances to unconsolidated self-storage real estate venture	13,014	22,396
Cash received for developer’s equity prior to funding		1,254
Origination fees received in cash	1,868	2,680
Development property and bridge loan investments	(170,989)	(78,129)
Funding of other loans	(718)	(8,940)
Repayments of investment portfolio investments	3,257	12,239
Repayments of other loans	534	12,704
Net cash used in investing activities	(175,845)	(67,738)
Cash flows from financing activities
Cash received from Credit Facility, net of issuance costs	34,433
Borrowings on (repayments of) senior loan participations	(732)	1,658
Repayment of Credit Facility	(35,000)
Deferred financing costs		(12)
Stock repurchase	(314)	(128)
Net proceeds from issuance of common stock	81,831	108,235
Costs related to the future issuance of common stock		(3)
Dividends paid on common stock	(10,107)	(6,283)
Net cash provided by financing activities	175,688	103,119
Net change in cash and cash equivalents	(3,646)	33,156
Cash and cash equivalents at the beginning of the period	46,977	67,373
Cash and cash equivalents at the end of the period	43,331	100,529
Series A Preferred Stock [Member]
Cash flows from financing activities
Proceeds from issuance of preferred stock	69,963
Dividends paid on preferred stock	(1,288)	$ (348)
Series B Preferred Stock [Member]
Cash flows from financing activities
Proceeds from issuance of preferred stock	37,463
Dividends paid on preferred stock	$ (561)

ORGANIZATION AND FORMATION OF T

ORGANIZATION AND FORMATION OF THE COMPANY	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 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.  Investments and Election of Fair Value Option of Accounting for Certain Investments  The Company has elected the fair value option of accounting for all of its investment portfolio loan and equity 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. Interest income is reported in interest income from investments in the Consolidated Statements of Operations and is not included in the change in fair value of investments within other income. All direct loan costs are charged to expense as incurred.  Each loan investment, including those recorded at cost and presented on the Consolidated Balance Sheets as other loans, is evaluated for impairment on a periodic basis. For loans carried at fair value, indicators of impairment are reflected in measurement of the loan. For loans that are carried at cost, the Company estimates an allowance for loan loss at each reporting date. In evaluating loan impairment, the Company also periodically evaluates the extent and impact of any credit deterioration associated with the performance and/or value of the underlying collateral property as well as the financial and operating capability of the borrower on a loan by loan basis. The Company also evaluates the financial wherewithal of any loan guarantors as well as the borrower’s competency in managing and operating the property. In addition, the Company considers the overall economic environment, real estate sector and geographic sub-market in which the borrower operates. A loan will be considered impaired when, based on current information and events, it is probable that the loan will not be collected according to the contractual terms of the loan agreement. Factors to be considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. At June 30, 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 June 30, 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 June 30, 2018 :     Fair Value Measurements Using  Total Level 1 Level 2 Level 3  Development property investments $ 302,245 $ - $ - $ 302,245  Bridge loan investments (1) 79,581 - - 79,581  Operating property loans 5,862 - - 5,862  Total investments $ 387,688 $ - $ - $ 387,688         The Company closed its first bridge loan investment on 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 and six months ended June 30, 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 June 30, 2018, the Company had executed eight revolving loan agreements with an aggregate outstanding principal amount of $1.0 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 June 30, 2018 and December 31, 2017. None of these loans are in non-accrual status as of June 30, 2018 and December 31, 2017. The Company determined that no allowance for loan loss was necessary at June 30, 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 required the Company to issue and sell a minimum of $50.0 million of Series A Preferred Stock by July 27, 2018. As of June 30, 2018, the Company has issued and sold $110.0 million in shares of of Series A Preferred Stock. On July 25 , 2018, the Purchase Agreement was amended to allow the Company to issue the remaining portion of the Series A Preferred Stock on or before September 30, 2018 (See Note 11, Subsequent Events ). 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, was 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 June 30, 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 June 30, 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 and six months ended June 30, 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 June 2018, the FASB issued ASU 2018-07, Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. This update creates a single accounting model for all share-based payments. As a result of this update, the existing employee guidance will apply to nonemployee share-based transactions, with the cost of nonemployee awards continuing to be recorded as if the grantor had paid cash for the goods or services. The equity-classified share-based payment awards issued to nonemployees will now be measured on the grant date, instead of the previous requirement to re-measure the awards through the performance completion date. This ASU is effective for public business entities for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. As allowed, the Company has elected to early adopt the amendments in ASU 2018-07 effective April 1, 2018. As required by the ASU, the Company has established a grant date fair value of $18.10 based on the market value of the award as of April 1, 2018 for all nonemployee awards that have not vested as of April 1, 2018. The cumulative-effect adjustment to retained earnings as of January 1, 2018 was immaterial to the financial statements as a whole. As such, the Company recorded this adjustment through its consolidated statements of operations for the three months ended June 30, 2018.  In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, 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, $2.7 million of origination fees received in cash for the six months ended June 30, 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 (Topic 606), 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:          Six months ended June 30,  2018 2017  Supplemental disclosure of cash flow information:  Interest paid $ 743 $ 433   Supplemental disclosure of non-cash investing and financing activities:  Stock dividend paid on preferred stock $ 2,169 $ 1,194  Dividends declared, but not paid, on preferred stock 4,580 177  Dividends declared, but not paid, on common stock 6,739 4,983  Reclassification of self-storage real estate owned 35,281 6,066  Assumed liabilities with acquisition of self-storage real estate owned 1,258 -  Other loans paid off with issuance of development property investments 117 1,410  Reclassification of deferred costs to cumulative preferred stock 559 -  

SELF-STORAGE INVESTMENT PORTFOL

SELF-STORAGE INVESTMENT PORTFOLIO	6 Months Ended
	Jun. 30, 2018
SELF-STORAGE INVESTMENT PORTFOLIO [Abstract]
SELF-STORAGE INVESTMENT PORTFOLIO	3. SELF-STORAGE INVESTMENT PORTFOLIO  The Company’s self-storage investments at June 30, 2018 consisted of the following:  Investments reported at fair value     Development Property Investments - The Company had 48 investments totaling an aggregate committed principal amount of approximately $566.1 million to finance the ground-up construction of, or conversion of existing buildings into self-storage facilities. Each development property investment is generally 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 included in development property investments as of June 30, 2018 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 third quarter of 2018.      Bridge Loan Investments - T he Company had five bridge loan investments with an aggregate committed principal amount of approximately $83.3 million. Three bridge loans amounting to an aggregate committed 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 payable upon maturity of the loan. The Company also 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 . The bridge loans are all issued and outstanding with a single borrower.      Operating Property Loans - The Company had two term loans totaling $6.0 million of aggregate committed principal amount, the proceeds of which were used by borrowers to finance the acquisition of, refinance existing indebtedness on, or recapitalize operating self-storage facilities. These loans are secured by first mortgages on the projects financed, are interest-only with fixed interest rates ranging from 5.85% to 6.9% per annum, and generally have a term of 72 months .  As of June 30, 2018 , the aggregate committed principal amount of the Company’s development property investments, bridge loan investments and operating property loans was approximately $673.1 million and outstanding principal was $365. 5 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 $ 5,931  6/29/2015 Charlotte 1 (2) 7,624 7,357 267 9,556  7/2/2015 Milwaukee (2) 7,650 7,641 9 9,241  7/31/2015 New Haven (2) 6,930 6,600 330 8,342  8/14/2015 Raleigh (2) 8,792 8,176 616 8,442  10/27/2015 Austin (2) 8,658 7,551 1,107 8,600  9/20/2016 Charlotte 2 (2) 12,888 9,497 3,391 10,660  11/17/2016 Jacksonville 2 (2) 7,530 6,890 640 8,512  1/4/2017 New York City 1 (2) 16,117 16,056 61 20,934  1/18/2017 Atlanta 3 14,115 4,212 9,903 4,028  1/31/2017 Atlanta 4 (2) 13,678 10,206 3,472 11,995  2/24/2017 Orlando 3 (2) 8,056 5,961 2,095 7,004  2/24/2017 New Orleans (3) 12,549 4,411 8,138 4,454  2/27/2017 Atlanta 5 (3) 17,492 8,262 9,230 8,179  3/1/2017 Fort Lauderdale (3) 9,952 3,934 6,018 4,045  3/1/2017 Houston (3) 13,630 6,079 7,551 6,388  4/14/2017 Louisville 1 (3) 8,523 5,255 3,268 6,049  4/20/2017 Denver 1 (3) 9,806 3,706 6,100 3,587  4/20/2017 Denver 2 (2) 11,164 8,173 2,991 9,718  5/2/2017 Atlanta 6 (3) 12,543 8,658 3,885 9,863  5/2/2017 Tampa 2 8,091 2,070 6,021 1,991  5/19/2017 Tampa 3 (3) 9,224 4,379 4,845 4,787  6/12/2017 Tampa 4 (3) 10,266 6,127 4,139 7,187  6/19/2017 Baltimore (3)(4) 10,775 5,584 5,191 5,667  6/28/2017 Knoxville (3) 9,115 4,367 4,748 4,605  6/29/2017 Boston 1 (2) 14,103 10,801 3,302 11,786  6/30/2017 New York City 2 (4) 26,482 20,356 6,126 19,759  7/27/2017 Jacksonville 3 (3) 8,096 4,411 3,685 4,993  8/30/2017 Orlando 4 9,037 2,661 6,376 2,561  9/14/2017 Los Angeles 1 28,750 7,923 20,827 7,672  9/14/2017 Miami 1 14,657 6,942 7,715 6,785  9/28/2017 Louisville 2 (3) 9,940 5,316 4,624 5,861  10/12/2017 Miami 2 (4) 9,459 1,062 8,397 818  10/30/2017 New York City 3 (4) 14,701 3,712 10,989 3,384  11/16/2017 Miami 3 (4) 20,168 4,309 15,859 3,740  11/21/2017 Minneapolis 1 12,674 285 12,389 156  12/1/2017 Boston 2 8,771 2,329 6,442 2,235  12/15/2017 New York City 4 10,591 1,283 9,308 1,168  12/27/2017 Boston 3 10,174 2,475 7,699 2,306  12/28/2017 New York City 5 16,073 5,101 10,972 4,945  2/8/2018 Minneapolis 2 10,543 3,944 6,599 3,878  3/30/2018 Philadelphia (4) 14,338 3,558 10,780 3,274  4/6/2018 Minneapolis 3 12,883 2,613 10,270 2,489  5/1/2018 Miami 9 (4) 12,421 2,448 9,973 2,219  5/15/2018 Atlanta 7 9,418 857 8,561 772  5/23/2018 Kansas City 9,968 1,413 8,555 1,324  6/7/2018 Orlando 5 12,969 - 12,969 -  6/12/2018 Los Angeles 2 (5) 9,298 4,424 4,874 4,500  $ 566,051 $ 264,660 $ 301,391 $ 286,390  Construction loans:  12/23/2015 Miami 17,733 15,966 1,767 15,855  $ 17,733 $ 15,966 $ 1,767 $ 15,855  Total development property investments $ 583,784 $ 280,626 $ 303,158 $ 302,245   Bridge loan investments (includes a profits interest):  3/2/2018 Miami 4 (2) 20,201 19,627 574 20,997  3/2/2018 Miami 5 (2)(4) 17,738 16,108 1,630 14,009  3/2/2018 Miami 6 (2) 13,370 13,370 - 17,129  3/2/2018 Miami 7 (2)(4) 18,462 16,755 1,707 14,892  3/2/2018 Miami 8 (2) 13,553 13,013 540 12,554  Total bridge loan investments $ 83,324 $ 78,873 $ 4,451 $ 79,581   Operating property loans:  7/7/2015 Newark 3,480 3,480 - 3,402  12/22/2015 Chicago 2,502 2,500 2 2,460  Total operating property loans $ 5,982 $ 5,980 $ 2 $ 5,862   Total investments reported at fair value $ 673,090 $ 365,479 $ 307,611 $ 387,688    (1) Represents principal balance of loan gross of origination fees . The principal balance includes interest accrued on the investment . (2) Construction at the facility was substantially complete and/or certificate of occupancy had been received as of June 30, 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 construction was not considered substantially complete as of June 30, 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. (5) This investment has a total project cost of $29.5 million of which a traditional bank will provide 65% of the total cost through a construction loan . T he Company will fund 90% of the remaining 35% of costs required to complete the project through a preferred equity investment, pursuant to which the Company will receive a preferred return on its investment of 6.9% per annum that will be paid out of future cash flows of the underlying facility , a 1% transaction fee and a 49.9% Profits Interest.  The following table provides a reconciliation of the funded principal to the fair market value of investments at June 30, 2018 :     Funded principal $ 365,479  Adjustments:  Unamortized origination fees (6,389)  Change in fair value of investments 28,682  Other (84)  Fair value of investments $ 387,688  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 . The principal balance includes interest accrued on the investment . (2) Construction at the facility was substantially complete and/or certificate of occupancy had been received 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 construction was not considered substantially complete 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 June 30, 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 $387.5 million and $343.5 million, respectively, at June 30, 2018 and approximated $234.7 million and $194.4 million, respectively, at December 31, 2017. These investees had revenues of approximately $1.5 million and $2.3 million and net operating income, excluding depreciation and interest expense, of approximately $0.4 million and $0.5 million for the three and six months ended June 30, 2018, respectively. These investees had revenues of approximately $0.7 million and $1.2 million and net operating income, excluding depreciation and interest expense, of approximately $0.1 million and less than $0.1 million for the three and six months ended June 30, 2017, respectively. For the six months ended June 30, 2018, the total income (interest income and change in fair value) from one bridge loan investment with a Profits Interest exceeded 20% of the Company’s net income. The Company recorded total income for the six months ended June 30, 2018 of $4.2 million from the Miami 6 MSA bridge loan investment with a Profits Interest.  For 16 of the Company’s development property investments with a Profits Interest, an investor has an option to put its interest to the Company upon the event of default of the underlying property loans. The put, if exercised, requires the Company to purchase the member’s interest at the original purchase price plus a yield of 4.5% on such purchase price . The Company concluded that the likelihood of loss is remote and assigned no value to these put provisions as of June 30, 2018 and December 31, 2017.  Investments reported at cost (Self-Storage Real Estate Owned)  2018 Activity  On January 10, 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, 2018, the Company wholly owns and consolidates this 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 companies that owned the Atlanta 1 and Atlanta 2 development property investments with a Profits Interest for $2.4 million and $3.0 million, respectively. Accordingly, as of February 2, 2018, the Company wholly owns and consolidates these investments 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, 2018, the Company wholly owns and consolidates this 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 .  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 own ed 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, the Company wholly owns and consolidates these investments in the accompanying consolidated financial statements.  The Company evaluated the 2018 and 2017 purchases under ASU 2017-01 and concluded that the transactions consisted of a single identifiable asset that represents substantially all of the fair value of the gross assets acquired. Therefore, these transactions do not constitute the purchase of a business and have been treated as asset acquisitions. 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 ( generally 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 six months ended June 30, 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 1,183 9,110  Assumed liabilities (2) - - - 1,258 1,258  Net property working capital acquired 95 41 40 40 216  Total cost basis $ 11,633 $ 13,171 $ 11,666 $ 9,395 $ 45,865       (1) Includes $23,000 of transaction costs incurred but not yet paid as of June 30, 2018. (2) Included in accounts payable, accrued expenses and other liabilities in the Consolidated Balance Sheet as of June 30, 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 June 30, 2018 and December 31, 2017:      June 30, 2018 December 31, 2017  Land $ 8,183 $ 1,505  Building and improvements 51,285 13,720  In-place leases 2,223 602  Property equipment 5 -  Construction-in-progress 200 -  Accumulated depreciation and amortization (2,061) (472)  Self-storage real estate owned $ 59,835 $ 15,355  The following table s show the impact of these real estate investments on the Company’s accompanying Consolidated Statement of Operations for the three and six months ended June 30, 2018 and 2017:      Three months ended Three months ended  June 30, 2018 June 30, 2017   Rental and other property-related income from real estate owned $ 805 $ 105   Property operating expenses of real estate owned (420) (43)  Depreciation and amortization expense (887) (38)  Total expenses of real estate owned $ (1,307) $ (81)      Six months ended Six months ended  June 30, 2018 June 30, 2017   Rental and other property-related income from real estate owned $ 1,428 $ 168   Property operating expenses of real estate owned (731) (74)  Depreciation and amortization expense (1,589) (62)  Total expenses of real estate owned $ (2,320) $ (136) 

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 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 substantially complete, and approximately two-thirds of the entrepreneurial profit is earned when construction is substantially complete through stabilization. For the thirteen development property investments that were 40% complete but for which construction was not substantially complete at June 30, 2018 , 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. Eighteen development property and bridge loan investments , not including the properties reported as self-storage real estate owned, had reached substantial construction completion and/or received a certificate of occupancy at June 30, 2018 . For the Company’s development property and bridge loan investments at substantial construction completion , 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 June 30, 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 June 30, 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 4.81 - 12.25% 9.24%  Exit date (d) 0.25 - 6.46 years 3.54 years   Development property investments with a profits interest and bridge loan investments (b) Option pricing model Volatility 51.74 - 92.34% 72.35%  Exit date (d) 0.25 - 6.46 years 3.68 years  Capitalization rate (c) 5.25 - 6.15% 5.48%  Discount rate (c) 8.25 - 11.20% 8.85%   Operating property loans Income approach analysis Market yields/discount rate 6.47 - 7.43% 6.87%  Exit date (d) 3.48 - 4.15 years 3.87 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) Thirty-one 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) June 30, 2018 December 31, 2017  Up 25 basis points $ (2.0) $ (1.2)  Down 25 basis points, subject to a minimum yield/rate of 10 basis points 2.1 1.2   Up 50 basis points (4.0) (2.3)  Down 50 basis points, subject to a minimum yield/rate of 10 basis points 4.2 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 Interests. Generally an increase in the capitalization rate assumption may result in a decrease in the fair value of the Company’s investments. The following fluctuations in the capitalization rates would have had the following impact on the fair value of our investments:     Increase (decrease) in fair value of investments  Change in capitalization rates (in millions) June 30, 2018 December 31, 2017  Up 25 basis points $ (5.5) $ (2.8)  Down 25 basis points 6.0 3.1   Up 50 basis points (10.6) (5.3)  Down 50 basis points 12.7 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 Interests. 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 Interests. Generally, an increase in volatility may result in an increase in the fair value of the Profits Interests in certain of the Company’s investments.  Operating cash flow projections - changes in the operating cash flow projections of the underlying self-storage facilities, in isolation and all else equal, may change the fair value of certain of the Company’s investments that have Profits Interests. Generally, an increase in operating cash flow projections may result in an increase in the fair value of the Profits Interests in certain of the Company’s investments.  The Company also evaluates the impact of changes in instrument-specific credit risk in determining the fair value of investments. There were no gains or losses attributable to changes in instrument-specific credit risk in the three and six months ended June 30, 2018 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 12,943  Fundings of principal and change in unamortized origination fees 169,702  Repayments of loans (3,257)  Payment-in-kind interest 9,410  Reclassification of self-storage real estate owned (35,281)  Net transfers in or out of Level 3 -  Balance at June 30, 2018 $ 387,688  As of June 30, 2018 and December 31, 2017 , the total net unrealized appreciation on the investments that use Level 3 inputs was $28.7 million and $26.3 million, respectively.  For the three and six months ended June 30, 2018 and 2017 , substantially all of the change in fair value of investments in the Company’s Consolidated Statements of Operations were 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	6 Months Ended
	Jun. 30, 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 June 30, 2018 , 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 June 30, 2018 . 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 June 30, 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 $ 11,829 $ 2,038 $ 14,263  5/14/2015 Miami 2 (2) (3) 14,849 12,704 2,145 14,137  9/25/2015 Fort Lauderdale (2) (3) 13,230 11,211 2,019 13,166  4/15/2016 Washington DC (4) 17,269 16,426 843 18,980  4/29/2016 Atlanta 1 (4) 10,223 9,304 919 10,299  7/19/2016 Jacksonville (4) 8,127 7,378 749 11,594  7/21/2016 New Jersey (3) 7,828 3,493 4,335 3,525  8/15/2016 Atlanta 2 (4) 8,772 7,982 790 9,119  8/25/2016 Denver (4) 11,032 9,998 1,034 12,335  9/28/2016 Columbia (4) 9,199 8,566 633 9,780  12/22/2016 Raleigh (4) 8,877 7,243 1,634 8,642  Total $ 123,273 $ 106,134 $ 17,139 $ 125,840     (1) Represents principal balance of loan gross of origination fees. The principal balance includes interest accrued on the investment. (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 construction was not considered substantially complete as of June 30, 2018 . See Note 4, Fair Value of Financial Instruments , for information regarding recognition of entrepreneurial profit. (4) Construction at the facility was substantially complete and/or certificate of occupancy had been received as of June 30, 2018. See Note 4, Fair Value of Financial Instruments , for information regarding recognition of entrepreneurial profit.  As of June 30, 2018 , the SL1 Venture had total assets of $126.0 million and total liabilities of $2.1 million. During the three and six months ended June 30, 2018 , the SL1 Venture had net income of $4.0 million and $9.1 million, of which $0.4 million and $1.0 million was allocated to the Company and $3.6 million and $8.1 million was allocated to HVP III, respectively, under the HLBV method. At June 30, 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 June 30, 2018 and December 31, 2017 , the Company had $2.0 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 June 30, 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 June 30, 2018 and December 31, 2017.  The Company is the managing member of the SL1 Venture and will manage and administer (i) the day-to-day business and affairs of the SL1 Venture and any of its acquired properties and (ii) loan servicing and other administration of the approved development property investments. The Company will be paid a monthly expense reimbursement amount by the SL1 Venture in connection with its role as managing member, as set forth in the JV Agreement. Heitman may remove the Company as the managing member of the SL1 Venture if it commits an event of default (as defined in the JV Agreement), if it undergoes a change of control (as defined in the JV Agreement), or if it becomes insolvent.  Heitman approves all “Major Decisions” of the SL1 Venture, as defined in the JV Agreement, including, but not limited to, each investment of capital, the incurrence of any indebtedness, the sale or other disposition of assets of the SL1 Venture, the replacement of the managing member, the acceptance of new members into the SL1 Venture and the liquidation of the SL1 Venture.  For four of the SL1 Venture development property investments with a Profits Interest, an investor has an option to put its interest to the Company upon the event of default of the underlying property loans. The 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 June 30, 2018 and December 31, 2017 .

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	6 Months Ended
	Jun. 30, 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 $381. 8 million and $228.2 million at June 30, 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 items in the Consolidated Balance Sheets. The Company’s maximum exposure to loss as a result of its involvement with the development property and bridge loan VIEs is as follows:     June 30, 2018 December 31, 2017  Assets recorded related to VIEs $ 381,826 $ 228,233  Unfunded loan commitments to VIEs 307,609 310,750  Maximum exposure to loss $ 689,435 $ 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 June 30, 2018 and December 31, 2017 , the Company’s remaining unfunded commitment to the SL1 Venture is $1.7 million and $3.4 million, respectively. At June 30, 2018 and December 31, 2017, the Company had $2.0 million and $3.2 million, respectively, in advances to the SL1 Venture .

DEBT

DEBT	6 Months Ended
	Jun. 30, 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 administrative 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. The Operating Company typically uses 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 a portion of the Company’s 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 bear s 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.  In January 2018, the Company entered into the First Amendment to the Credit Facility to clarify how acquisitions of developers’ interests would be addressed under the Credit Facility.  As of June 30, 2018, the Company had no outstanding borrowings under the Credit Facility and $90.8 million was available for borrowing under the Credit Facility.  As of June 30, 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 June 30, 2018, the funded principal of $60.5 million of development property investments at fair value, the funded principal of $78.6 million of bridge loan 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 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 Credit Facility.  Senior Participation  On 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 exceeded $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 continued to service the underlying loan as long as it was not in default under the Miami Participation Agreement. The bank had the option to “put” the senior participation to the Company in the event the underlying borrower defaulted on the underlying loan or if the Company defaulted under the Miami Participation Agreement. As part of the Participation Agreement, the Company maintained a minimum aggregate balance of $0.5 million in depository or money market accounts at the bank, and if such balance wa s not ma intained, the interest rate would have increase d . The Company paid to the bank interest on the outstanding balance of the Miami A Note at the rate of 30-day LIBOR plus 3.10% . 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 . On March 31 , 2018 , the maturity date was extended to June 30, 2018 . The Company repurchased the Miami A Note on June 19, 2018. There was no outstanding balance for the Mi ami A Note as of June 30, 2018.  As of December 31, 2017, the funded principal of $12.5 million of the Miami development property investment at fair value was pledged as collateral against the Company’s senior participation.  The table below details the bank commitments and outstanding balance 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. On March 31 , 2018, the maturity date was extended to June 30 , 2018. On June 19, 2018, the Company repurchased the Miami A Note. 

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	6 Months Ended
	Jun. 30, 2018
Stockholders' Equity [Abstract]
Stockholders' Equity	8. STOCKHOLDERS’ EQUITY  The Company had 19,254,141 and 14,429,055 shares of common stock issued and outstanding , which included 172,499 and 185,002 shares of nonvested restricted stock, as of June 30, 2018 and December 31, 2017 , respectively. The Company had 110,000 and 40,000 shares of Series A Preferred Stock issued and outstanding as of June 30, 2018 and December 31, 2017 . The Company also had 1,571,734 shares of Series B Preferred Stock issued and outstanding as of June 30, 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 June 30, 2018 , the Company has issued and sold an aggregate of 1,323,722 shares of common stock at a weighted average price of $22.24 per share under the ATM Program, receiving net proceeds after commissions and other offering costs of $28.5 million.  On June 27, 2017, the Company received $83.9 million in proceeds, net of underwriters’ discounts and offering costs payable by the Company, related to the public offering of 4,025,000 shares of common stock.  On June 14, 2018, the Company received $81.1 million in proceeds, net of underwriters’ discounts and offering costs payable by the Company, related to the public offering of 4,600,000 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 June 30, 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 June 30, 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 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.  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 June 30, 2018 and December 31, 2017 363,587 and 288,254 shares of restricted stock, respectively, had been granted, of which 55,172 vested in 2016 , 46,413 vested in 2017, 87,836 vested during the six months ended June 30, 2018 , 10,000 will vest in the second half of 2018, 72,500 will vest in 2019, 72,497 will vest in 2020 and 17,502 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, prior to the adoption of ASU 2018-07, compensation expense was re-measured at each reporting date until service was complete and the restricted shares bec a me vested based on the then current value of the Company’s common stock. The Company early adopted ASU 2018-07 effective April 1, 2018, which established a grant date fair value of $18.10 based on the market value of the award as of April 1, 2018 for all nonemployee awards that have not vested as of April 1, 2018. Furthermore, for future awards, compensation expense is based on the market value of the shares at the grant date.  The Company recognized approximately $0.8 million and $0.4 million of stock-based compensation expense for the three months ended June 30, 2018 and 2017 , respectively, and $1.2 million and $0.7 million of stock-based compensation expense for the six months ended June 30, 2018 and 2017, respectively. As of June 30, 2018 and December 31, 2017 , the total unrecognized compensation cost related to the Company’s restricted shares was approximately $2.9 million and $2.7 million, respectively, based on the grant date market value for awards issued to non-employee directors of the Company and the fair value of awards as of the adoption date of ASU 2018-07 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 and six months ended June 30, 2018 and 2017 is as follows:    Three months ended Three months ended  June 30, 2018 June 30, 2017  Weighted Weighted  average grant average grant  Shares date fair value Shares date fair value   Nonvested at March 31, 195,502 $ 21.32 120,001 $ 20.10  Granted 57,333 19.52 111,414 22.59  Vested (80,336) 18.46 (28,913) 21.26  Forfeited - - - -  Nonvested at June 30, 172,499 $ 18.37 202,502 $ 21.33      Six months ended Six months ended  June 30, 2018 June 30, 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 75,333 19.18 111,414 22.59  Vested (87,836) 18.53 (28,913) 21.26  Forfeited - - - -  Nonvested at June 30, 172,499 $ 18.37 202,502 $ 21.33  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 $125 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”) . 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 June 30, 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 201 9 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 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 June 30, 2018 , the Company had issued 110,000 restricted shares of the Series A Preferred Stock to the Buyers and received $110.0 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.  On May 2, 2018 , the Company declared a (i) cash distribution of $16.07 per share of Series A Preferred Stock, payable on July 13, 2018 , to holders of Series A Preferred Stock of record on the close of business on July 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 July 13, 2018 , to holders of Series A Preferred Stock of record on the close of business on July 1, 2018 .  Public Offerings of Series B Preferred Stock  On January 25, 2018, the Company filed Articles Supplementary (the “Series B Articles Supplementary”) with MSDAT 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 (equivalent 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 $36.0 million in proceeds, net of underwriter’s discount and 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 our 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 or to the Agent, shares of the Series B Preferred Stock, having an aggregate offering price of up to $45.0 million (the “Preferred ATM Shares”).  In connection with the Preferred ATM Program, the Company filed, with MSDAT , Articles Supplementary (the “Preferred ATM Articles Supplementary”) to the Articles of Amendment and Restatement of the

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 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 June 30, Six months ended June 30,  2018 2017 2018 2017  Shares outstanding  Weighted average common shares - basic 15,274,459 9,850,967 14,763,741 9,356,744  Effect of dilutive securities 289,858 182,062 294,446 151,203  Weighted average common shares, all classes 15,564,317 10,033,029 15,058,187 9,507,947   Calculation of Earnings per Share - basic  Net income $ 10,797 $ 5,194 $ 16,151 $ 6,977  Less:  Net income allocated to preferred stockholders 4,580 177 8,175 723  Net income allocated to unvested restricted shares (1) 72 91 98 99  Net income attributable to common shareholders - two-class method $ 6,145 $ 4,926 $ 7,878 $ 6,155   Weighted average common shares - basic 15,274,459 9,850,967 14,763,741 9,356,744  Earnings per share - basic $ 0.40 $ 0.50 $ 0.53 $ 0.66   Calculation of Earnings per Share - diluted  Net income $ 10,797 $ 5,194 $ 16,151 $ 6,977  Less:  Net income allocated to preferred stockholders 4,580 177 8,175 723  Net income attributable to common shareholders - two-class method $ 6,217 $ 5,017 $ 7,976 $ 6,254   Weighted average common shares - diluted 15,564,317 10,033,029 15,058,187 9,507,947  Earnings per share - diluted $ 0.40 $ 0.50 $ 0.53 $ 0.66   (1) Unvested restricted shares of common stock participate in dividends with unrestricted shares of common stock on a 1:1 basis and thus are considered participating securities under the two-class method for the three and six months ended June 30, 2018 and 2017 .   

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2018
Related Party Transactions [Abstract]
Related Party Transactions	10. 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 at June 30, 2018 and December 31, 2017 was $366.0 million and $215.9 million, respectively. The interest income realized and the change in fair value from these equity method investments was $14.7 million and $6.1 million for the three months ended June 30, 2018 and 2017, respectively, and $23.0 million and $8.7 million for the six months ended June 30, 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 June 30, 2018 and December 31, 2017 , respectively, and the earnings from this venture were $0.4 million and $1.0 million for the three and six months ended June 30, 2018 . The earnings from this venture were $0.6 million and $1.0 million for the three and six months ended June 30, 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 and six months ended June 30, 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 $0.6 million for the three months ended June 30, 2018 and 2017, respectively, and $1.8 million and $1.5 million for the six months ended June 30, 2018 and 2017, respectively.  Management Fees  As of June 30, 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, the 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 $1.6 million and $0.7 million for the three months ended June 30, 2018 and 2017 , respectively, and $ 2.9 million and $1.3 million for the six months ended June 30, 201 8 and 201 7 , respectively. At June 30, 2018 and December 31, 2017 , the Company had outstanding fees due to Manager of $1.9 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:  I ncentive F ee = .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 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 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 q uarterly board meeting. The Manager has not earned an incentive fee for the three and six months ende d June 30, 2018 and 2017.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2018
SUBSEQUENT EVENTS [Abstract]
SUBSEQUENT EVENTS	11. 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 On July 20, 2018, the Company closed on a land loan with a commitment amount of $3.8 million in the Boston, Massachusetts MSA. This investment was made for the purpose of closing a development property investment in the future.  Dividend Declarations  On July 31, 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 September 30, 2018. The dividends are payable on October 15, 2018 to holders of Series A Preferred Stock of record on October 1, 2018 .  On July 31, 2018 , the Company’s Board of Directors declared a cash dividend on the Series B Preferred Stock in the amount of $0.4375 per share for the quarter ending September 30, 2018. The dividends are payable on October 15, 2018 to holders of Series B Preferred Stock of record on October 1, 2018 .  On July 31, 2018 , the Company’s Board of Directors declared a cash dividend of $0.35 per share of common stock for the quarter ending September 30, 2018. The dividend is payable on October 15, 2018 to stockholders of record on October 1, 2018 .  Other Capital Activities  On July 25, 2018, the Company entered into the First Amendment to the Purchase Agreement in order to extend the final date to issue Series A Preferred Stock under the Purchase Agreement from July 27, 2018 to September 30, 2018.  On July 25, 2018, the Company entered into the Second Amendment to the Credit Facility, which amends the Credit Facility to, among other things, modify the restrictions on indebtedness so as to permit the Company to enter into certain other indebtedness.

SIGNIFICANT ACCOUNTING POLICI18

SIGNIFICANT ACCOUNTING POLICIES (Policy)	6 Months Ended
	Jun. 30, 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	Investments and Election of Fair Value Option of Accounting for Certain Investments  The Company has elected the fair value option of accounting for all of its investment portfolio loan and equity 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. Interest income is reported in interest income from investments in the Consolidated Statements of Operations and is not included in the change in fair value of investments within other income. All direct loan costs are charged to expense as incurred.  Each loan investment, including those recorded at cost and presented on the Consolidated Balance Sheets as other loans, is evaluated for impairment on a periodic basis. For loans carried at fair value, indicators of impairment are reflected in measurement of the loan. For loans that are carried at cost, the Company estimates an allowance for loan loss at each reporting date. In evaluating loan impairment, the Company also periodically evaluates the extent and impact of any credit deterioration associated with the performance and/or value of the underlying collateral property as well as the financial and operating capability of the borrower on a loan by loan basis. The Company also evaluates the financial wherewithal of any loan guarantors as well as the borrower’s competency in managing and operating the property. In addition, the Company considers the overall economic environment, real estate sector and geographic sub-market in which the borrower operates. A loan will be considered impaired when, based on current information and events, it is probable that the loan will not be collected according to the contractual terms of the loan agreement. Factors to be considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. At June 30, 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 June 30, 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 June 30, 2018 :     Fair Value Measurements Using  Total Level 1 Level 2 Level 3  Development property investments $ 302,245 $ - $ - $ 302,245  Bridge loan investments (1) 79,581 - - 79,581  Operating property loans 5,862 - - 5,862  Total investments $ 387,688 $ - $ - $ 387,688         The Company closed its first bridge loan investment on 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 and six months ended June 30, 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 June 30, 2018, the Company had executed eight revolving loan agreements with an aggregate outstanding principal amount of $1.0 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 June 30, 2018 and December 31, 2017. None of these loans are in non-accrual status as of June 30, 2018 and December 31, 2017. The Company determined that no allowance for loan loss was necessary at June 30, 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 required the Company to issue and sell a minimum of $50.0 million of Series A Preferred Stock by July 27, 2018. As of June 30, 2018, the Company has issued and sold $110.0 million in shares of of Series A Preferred Stock. On July 25 , 2018, the Purchase Agreement was amended to allow the Company to issue the remaining portion of the Series A Preferred Stock on or before September 30, 2018 (See Note 11, Subsequent Events ). 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, was 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 June 30, 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 June 30, 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 and six months ended June 30, 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 June 2018, the FASB issued ASU 2018-07, Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. This update creates a single accounting model for all share-based payments. As a result of this update, the existing employee guidance will apply to nonemployee share-based transactions, with the cost of nonemployee awards continuing to be recorded as if the grantor had paid cash for the goods or services. The equity-classified share-based payment awards issued to nonemployees will now be measured on the grant date, instead of the previous requirement to re-measure the awards through the performance completion date. This ASU is effective for public business entities for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. As allowed, the Company has elected to early adopt the amendments in ASU 2018-07 effective April 1, 2018. As required by the ASU, the Company has established a grant date fair value of $18.10 based on the market value of the award as of April 1, 2018 for all nonemployee awards that have not vested as of April 1, 2018. The cumulative-effect adjustment to retained earnings as of January 1, 2018 was immaterial to the financial statements as a whole. As such, the Company recorded this adjustment through its consolidated statements of operations for the three months ended June 30, 2018.  In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, 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, $2.7 million of origination fees received in cash for the six months ended June 30, 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 (Topic 606), 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)	6 Months Ended
	Jun. 30, 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 June 30, 2018 :     Fair Value Measurements Using  Total Level 1 Level 2 Level 3  Development property investments $ 302,245 $ - $ - $ 302,245  Bridge loan investments (1) 79,581 - - 79,581  Operating property loans 5,862 - - 5,862  Total investments $ 387,688 $ - $ - $ 387,688         The Company closed its first bridge loan investment on 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:          Six months ended June 30,  2018 2017  Supplemental disclosure of cash flow information:  Interest paid $ 743 $ 433   Supplemental disclosure of non-cash investing and financing activities:  Stock dividend paid on preferred stock $ 2,169 $ 1,194  Dividends declared, but not paid, on preferred stock 4,580 177  Dividends declared, but not paid, on common stock 6,739 4,983  Reclassification of self-storage real estate owned 35,281 6,066  Assumed liabilities with acquisition of self-storage real estate owned 1,258 -  Other loans paid off with issuance of development property investments 117 1,410  Reclassification of deferred costs to cumulative preferred stock 559 - 

SELF-STORAGE INVESTMENT PORTF20

SELF-STORAGE INVESTMENT PORTFOLIO (Tables)	6 Months Ended
	Jun. 30, 2018
SELF-STORAGE INVESTMENT PORTFOLIO [Abstract]
Schedule of Investments	As of June 30, 2018, the aggregate committed principal amount of the Company’s development property investments, bridge loan investments and operating property loans was approximately $673.1 million and outstanding principal was $365.5 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 $ 5,931 6/29/2015 Charlotte 1 (2) 7,624 7,357 267 9,556 7/2/2015 Milwaukee (2) 7,650 7,641 9 9,241 7/31/2015 New Haven (2) 6,930 6,600 330 8,342 8/14/2015 Raleigh (2) 8,792 8,176 616 8,442 10/27/2015 Austin (2) 8,658 7,551 1,107 8,600 9/20/2016 Charlotte 2 (2) 12,888 9,497 3,391 10,660 11/17/2016 Jacksonville 2 (2) 7,530 6,890 640 8,512 1/4/2017 New York City 1 (2) 16,117 16,056 61 20,934 1/18/2017 Atlanta 3 14,115 4,212 9,903 4,028 1/31/2017 Atlanta 4 (2) 13,678 10,206 3,472 11,995 2/24/2017 Orlando 3 (2) 8,056 5,961 2,095 7,004 2/24/2017 New Orleans (3) 12,549 4,411 8,138 4,454 2/27/2017 Atlanta 5 (3) 17,492 8,262 9,230 8,179 3/1/2017 Fort Lauderdale (3) 9,952 3,934 6,018 4,045 3/1/2017 Houston (3) 13,630 6,079 7,551 6,388 4/14/2017 Louisville 1 (3) 8,523 5,255 3,268 6,049 4/20/2017 Denver 1 (3) 9,806 3,706 6,100 3,587 4/20/2017 Denver 2 (2) 11,164 8,173 2,991 9,718 5/2/2017 Atlanta 6 (3) 12,543 8,658 3,885 9,863 5/2/2017 Tampa 2 8,091 2,070 6,021 1,991 5/19/2017 Tampa 3 (3) 9,224 4,379 4,845 4,787 6/12/2017 Tampa 4 (3) 10,266 6,127 4,139 7,187 6/19/2017 Baltimore (3)(4) 10,775 5,584 5,191 5,667 6/28/2017 Knoxville (3) 9,115 4,367 4,748 4,605 6/29/2017 Boston 1 (2) 14,103 10,801 3,302 11,786 6/30/2017 New York City 2 (4) 26,482 20,356 6,126 19,759 7/27/2017 Jacksonville 3 (3) 8,096 4,411 3,685 4,993 8/30/2017 Orlando 4 9,037 2,661 6,376 2,561 9/14/2017 Los Angeles 1 28,750 7,923 20,827 7,672 9/14/2017 Miami 1 14,657 6,942 7,715 6,785 9/28/2017 Louisville 2 (3) 9,940 5,316 4,624 5,861 10/12/2017 Miami 2 (4) 9,459 1,062 8,397 818 10/30/2017 New York City 3 (4) 14,701 3,712 10,989 3,384 11/16/2017 Miami 3 (4) 20,168 4,309 15,859 3,740 11/21/2017 Minneapolis 1 12,674 285 12,389 156 12/1/2017 Boston 2 8,771 2,329 6,442 2,235 12/15/2017 New York City 4 10,591 1,283 9,308 1,168 12/27/2017 Boston 3 10,174 2,475 7,699 2,306 12/28/2017 New York City 5 16,073 5,101 10,972 4,945 2/8/2018 Minneapolis 2 10,543 3,944 6,599 3,878 3/30/2018 Philadelphia (4) 14,338 3,558 10,780 3,274 4/6/2018 Minneapolis 3 12,883 2,613 10,270 2,489 5/1/2018 Miami 9 (4) 12,421 2,448 9,973 2,219 5/15/2018 Atlanta 7 9,418 857 8,561 772 5/23/2018 Kansas City 9,968 1,413 8,555 1,324 6/7/2018 Orlando 5 12,969 - 12,969 - 6/12/2018 Los Angeles 2 (5) 9,298 4,424 4,874 4,500  $ 566,051 $ 264,660 $ 301,391 $ 286,390 Construction loans: 12/23/2015 Miami 17,733 15,966 1,767 15,855  $ 17,733 $ 15,966 $ 1,767 $ 15,855 Total development property investments $ 583,784 $ 280,626 $ 303,158 $ 302,245  Bridge loan investments (includes a profits interest): 3/2/2018 Miami 4 (2) 20,201 19,627 574 20,997 3/2/2018 Miami 5 (2)(4) 17,738 16,108 1,630 14,009 3/2/2018 Miami 6 (2) 13,370 13,370 - 17,129 3/2/2018 Miami 7 (2)(4) 18,462 16,755 1,707 14,892 3/2/2018 Miami 8 (2) 13,553 13,013 540 12,554 Total bridge loan investments $ 83,324 $ 78,873 $ 4,451 $ 79,581  Operating property loans: 7/7/2015 Newark 3,480 3,480 - 3,402 12/22/2015 Chicago 2,502 2,500 2 2,460 Total operating property loans $ 5,982 $ 5,980 $ 2 $ 5,862  Total investments reported at fair value $ 673,090 $ 365,479 $ 307,611 $ 387,688    (1) Represents principal balance of loan gross of origination fees. The principal balance includes interest accrued on the investment. (2) Construction at the facility was substantially complete and/or certificate of occupancy had been received as of June 30, 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 construction was not considered substantially complete as of June 30, 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. (5) This investment has a total project cost of $29.5 million of which a traditional bank will provide 65% of the total cost through a construction loan. The Company will fund 90% of the remaining 35% of costs required to complete the project through a preferred equity investment, pursuant to which the Company will receive a preferred return on its investment of 6.9% per annum that will be paid out of future cash flows of the underlying facility, a 1% transaction fee and a 49.9% Profits Interest.  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. The principal balance includes interest accrued on the investment . (2) Construction at the facility was substantially complete and/or certificate of occupancy had been received 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 construction was not considered substantially complete 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 June 30, 2018:    Funded principal $ 365,479 Adjustments: Unamortized origination fees (6,389) Change in fair value of investments 28,682 Other (84) Fair value of investments $ 387,688  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 six months ended June 30, 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 1,183 9,110  Assumed liabilities (2) - - - 1,258 1,258  Net property working capital acquired 95 41 40 40 216  Total cost basis $ 11,633 $ 13,171 $ 11,666 $ 9,395 $ 45,865       (1) Includes $23,000 of transaction costs incurred but not yet paid as of June 30, 2018. (2) Included in accounts payable, accrued expenses and other liabilities in the Consolidated Balance Sheet as of June 30, 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 June 30, 2018 and December 31, 2017:      June 30, 2018 December 31, 2017  Land $ 8,183 $ 1,505  Building and improvements 51,285 13,720  In-place leases 2,223 602  Property equipment 5 -  Construction-in-progress 200 -  Accumulated depreciation and amortization (2,061) (472)  Self-storage real estate owned $ 59,835 $ 15,355 
Real Estate Investment, Impact in Consolidated Statement of Operations, Disclosure	The following table s show the impact of these real estate investments on the Company’s accompanying Consolidated Statement of Operations for the three and six months ended June 30, 2018 and 2017:      Three months ended Three months ended  June 30, 2018 June 30, 2017   Rental and other property-related income from real estate owned $ 805 $ 105   Property operating expenses of real estate owned (420) (43)  Depreciation and amortization expense (887) (38)  Total expenses of real estate owned $ (1,307) $ (81)      Six months ended Six months ended  June 30, 2018 June 30, 2017   Rental and other property-related income from real estate owned $ 1,428 $ 168   Property operating expenses of real estate owned (731) (74)  Depreciation and amortization expense (1,589) (62)  Total expenses of real estate owned $ (2,320) $ (136) 

FAIR VALUE OF FINANCIAL INSTR21

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 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 June 30, 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 4.81 - 12.25% 9.24%  Exit date (d) 0.25 - 6.46 years 3.54 years   Development property investments with a profits interest and bridge loan investments (b) Option pricing model Volatility 51.74 - 92.34% 72.35%  Exit date (d) 0.25 - 6.46 years 3.68 years  Capitalization rate (c) 5.25 - 6.15% 5.48%  Discount rate (c) 8.25 - 11.20% 8.85%   Operating property loans Income approach analysis Market yields/discount rate 6.47 - 7.43% 6.87%  Exit date (d) 3.48 - 4.15 years 3.87 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) Thirty-one 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) June 30, 2018 December 31, 2017  Up 25 basis points $ (2.0) $ (1.2)  Down 25 basis points, subject to a minimum yield/rate of 10 basis points 2.1 1.2   Up 50 basis points (4.0) (2.3)  Down 50 basis points, subject to a minimum yield/rate of 10 basis points 4.2 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) June 30, 2018 December 31, 2017  Up 25 basis points $ (5.5) $ (2.8)  Down 25 basis points 6.0 3.1   Up 50 basis points (10.6) (5.3)  Down 50 basis points 12.7 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 12,943  Fundings of principal and change in unamortized origination fees 169,702  Repayments of loans (3,257)  Payment-in-kind interest 9,410  Reclassification of self-storage real estate owned (35,281)  Net transfers in or out of Level 3 -  Balance at June 30, 2018 $ 387,688 

INVESTMENT IN SELF-STORAGE RE22

INVESTMENT IN SELF-STORAGE REAL ESTATE VENTURE (Tables)	6 Months Ended
	Jun. 30, 2018
INVESTMENT IN SELF-STORAGE REAL ESTATE VENTURE [Abstract]
Equity Method Investments	As of June 30, 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 $ 11,829 $ 2,038 $ 14,263  5/14/2015 Miami 2 (2) (3) 14,849 12,704 2,145 14,137  9/25/2015 Fort Lauderdale (2) (3) 13,230 11,211 2,019 13,166  4/15/2016 Washington DC (4) 17,269 16,426 843 18,980  4/29/2016 Atlanta 1 (4) 10,223 9,304 919 10,299  7/19/2016 Jacksonville (4) 8,127 7,378 749 11,594  7/21/2016 New Jersey (3) 7,828 3,493 4,335 3,525  8/15/2016 Atlanta 2 (4) 8,772 7,982 790 9,119  8/25/2016 Denver (4) 11,032 9,998 1,034 12,335  9/28/2016 Columbia (4) 9,199 8,566 633 9,780  12/22/2016 Raleigh (4) 8,877 7,243 1,634 8,642  Total $ 123,273 $ 106,134 $ 17,139 $ 125,840     (1) Represents principal balance of loan gross of origination fees. The principal balance includes interest accrued on the investment. (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 construction was not considered substantially complete as of June 30, 2018 . See Note 4, Fair Value of Financial Instruments , for information regarding recognition of entrepreneurial profit. (4) Construction at the facility was substantially complete and/or certificate of occupancy had been received as of June 30, 2018. See Note 4, Fair Value of Financial Instruments , for information regarding recognition of entrepreneurial profit. 

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	6 Months Ended
	Jun. 30, 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 and bridge loan VIEs is as follows:     June 30, 2018 December 31, 2017  Assets recorded related to VIEs $ 381,826 $ 228,233  Unfunded loan commitments to VIEs 307,609 310,750  Maximum exposure to loss $ 689,435 $ 538,983 

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Jun. 30, 2018
DEBT [Abstract]
Bank Commitments and Outstanding Balances of Senior Participations	  The table below details the bank commitments and outstanding balance 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. On March 31 , 2018, the maturity date was extended to June 30 , 2018. On June 19, 2018, the Company repurchased the Miami A Note. 

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2018 and 2017 is as follows:    Three months ended Three months ended  June 30, 2018 June 30, 2017  Weighted Weighted  average grant average grant  Shares date fair value Shares date fair value   Nonvested at March 31, 195,502 $ 21.32 120,001 $ 20.10  Granted 57,333 19.52 111,414 22.59  Vested (80,336) 18.46 (28,913) 21.26  Forfeited - - - -  Nonvested at June 30, 172,499 $ 18.37 202,502 $ 21.33      Six months ended Six months ended  June 30, 2018 June 30, 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 75,333 19.18 111,414 22.59  Vested (87,836) 18.53 (28,913) 21.26  Forfeited - - - -  Nonvested at June 30, 172,499 $ 18.37 202,502 $ 21.33 

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2018
EARNINGS PER SHARE [Abstract]
Schedule of Earnings per Share, Basic and Diluted	For the three and six months ended June 30, 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 June 30, Six months ended June 30,  2018 2017 2018 2017  Shares outstanding  Weighted average common shares - basic 15,274,459 9,850,967 14,763,741 9,356,744  Effect of dilutive securities 289,858 182,062 294,446 151,203  Weighted average common shares, all classes 15,564,317 10,033,029 15,058,187 9,507,947   Calculation of Earnings per Share - basic  Net income $ 10,797 $ 5,194 $ 16,151 $ 6,977  Less:  Net income allocated to preferred stockholders 4,580 177 8,175 723  Net income allocated to unvested restricted shares (1) 72 91 98 99  Net income attributable to common shareholders - two-class method $ 6,145 $ 4,926 $ 7,878 $ 6,155   Weighted average common shares - basic 15,274,459 9,850,967 14,763,741 9,356,744  Earnings per share - basic $ 0.40 $ 0.50 $ 0.53 $ 0.66   Calculation of Earnings per Share - diluted  Net income $ 10,797 $ 5,194 $ 16,151 $ 6,977  Less:  Net income allocated to preferred stockholders 4,580 177 8,175 723  Net income attributable to common shareholders - two-class method $ 6,217 $ 5,017 $ 7,976 $ 6,254   Weighted average common shares - diluted 15,564,317 10,033,029 15,058,187 9,507,947  Earnings per share - diluted $ 0.40 $ 0.50 $ 0.53 $ 0.66   (1) Unvested restricted shares of common stock participate in dividends with unrestricted shares of common stock on a 1:1 basis and thus are considered participating securities under the two-class method for the three and six months ended June 30, 2018 and 2017 . 

ORGANIZATION AND FORMATION OF27

ORGANIZATION AND FORMATION OF THE COMPANY (Narrative) (Details) - $ / shares	6 Months Ended
	Jun. 30, 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 POLICI28

SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2018USD ($)segment	Jun. 30, 2017USD ($)	Apr. 01, 2018$ / shares	Dec. 31, 2017USD ($)
Significant Accounting Policies [Line Items]
Number of operating segment | segment	1
Origination fees received in cash	$ 1,868	$ 2,680
Accounting Standards Update 2018-07 [Member]
Significant Accounting Policies [Line Items]
Grant date fair value of non-vested awards | $ / shares			$ 18.10
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
Series A Preferred Stock [Member]
Significant Accounting Policies [Line Items]
Preferred stock offering costs	$ 2,800
Deferred offering costs	0			$ 600
Preferred stock issued	107,168			37,764
Value of shares to be issued prior to expiration of commitment period	50,000
Cumulative Preferred Stock [Member]
Significant Accounting Policies [Line Items]
Amount of reduction in cumulative preferred stock	$ 2,800			2,200
Development Property and Bridge Loan Investments [Member]
Significant Accounting Policies [Line Items]
Equity method investment, ownership percentage	49.90%
Eight Revolving Loan Agreements [Member]
Significant Accounting Policies [Line Items]
Loans receivable period	3 years
Loans outstanding	$ 1,000
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 POLICI29

SIGNIFICANT ACCOUNTING POLICIES (Financial Instruments Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Development property investments	$ 302,245	$ 228,233
Bridge loan investments, Fair Value	79,581
Operating property loans	5,862	5,938
Total investments	387,688	234,171
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Development property investments	302,245	228,233
Bridge loan investments, Fair Value	79,581
Operating property loans	5,862	5,938
Total investments	$ 387,688	$ 234,171

SIGNIFICANT ACCOUNTING POLICI30

SIGNIFICANT ACCOUNTING POLICIES (Schedule of Consolidated Statements of Cash Flows - Supplemental Disclosures) (Details) - USD ($) $ in Thousands	Feb. 20, 2018	Jun. 30, 2018	Jun. 30, 2017
Supplemental disclosure of cash flow information:
Interest paid		$ 743	$ 433
Supplemental disclosure of non-cash investing and financing activities:
Stock dividend paid on preferred stock		2,169	1,194
Dividends declared, but not paid, on preferred stock		4,580	177
Dividends declared, but not paid, on common stock		6,739	4,983
Reclassification of self-storage real estate owned		35,281	6,066
Assumed liabilities with acquisition of self-storage real estate owned	$ 1,258	1,258
Other loans paid off with issuance of development property investments		117	$ 1,410
Reclassification of deferred costs to cumulative preferred stock		$ 559

SELF-STORAGE INVESTMENT PORTF31

SELF-STORAGE INVESTMENT PORTFOLIO (Narrative) (Details) $ in Thousands	Feb. 20, 2018USD ($)	Feb. 20, 2018USD ($)	Feb. 02, 2018USD ($)	Jan. 10, 2018USD ($)	Aug. 09, 2017USD ($)	Feb. 03, 2017USD ($)	Jun. 30, 2018USD ($)ft²	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)ft²loanproperty	Jun. 30, 2017USD ($)	Dec. 31, 2017USD ($)	Aug. 08, 2017	Feb. 02, 2017
Schedule of Investments [Line Items]
Assumed liabilities with acquisition of self-storage real estate owned		$ 1,258							$ 1,258
Payments to acquire development property									9,087	$ 1,270
Commitment amount							$ 673,090		673,090		$ 523,821
Funded Investment, outstanding	$ 24,754	24,754			$ 9,139		365,479		365,479		213,069
Loans in non accrual status							0		0		0
Development Property Investments [Member]
Schedule of Investments [Line Items]
Commitment amount							583,784		$ 583,784		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		$ 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		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]
Equity method investment, ownership percentage							49.90%		49.90%
Development property investment, assets							$ 387,500		$ 387,500		234,700
Development property investment, liabilities							343,500		343,500		194,400
Development property investment, revenue							1,500	$ 700	2,300	1,200
Development property investment, operating income (loss)							$ 400	$ 100	$ 500	$ 100
Three Bridge Loans [Member] | Bridge Loan Investments [Member]
Schedule of Investments [Line Items]
Equity method investment, ownership percentage							49.90%		49.90%
Mortgage loans on real estate, interest rate									6.90%
Funded Investment, outstanding							$ 47,100		$ 47,100
Three Bridge Loans [Member] | Bridge Loan Investments [Member] | Minimum [Member]
Schedule of Investments [Line Items]
Net rentable area | ft²							203,000		203,000
Two Bridge Loans [Member] | Bridge Loan Investments [Member]
Schedule of Investments [Line Items]
Equity method investment, ownership percentage							49.90%		49.90%
Mortgage loans on real estate, interest rate									9.50%
Bridge loan investment, preferential payment amount							$ 1,000		$ 1,000
Commitment amount							$ 36,200		$ 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		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							$ 365,479		$ 365,479		213,069
Funded Investment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Funded Investment, outstanding							280,626		280,626		207,089
Funded Investment [Member] | Bridge Loan Investments [Member]
Schedule of Investments [Line Items]
Funded Investment, outstanding							78,873		78,873
Funded Investment [Member] | Operating Property Loans [Member]
Schedule of Investments [Line Items]
Funded Investment, outstanding							$ 5,980		$ 5,980		5,980
Loan investments [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Number of investments | property									48
Equity method investment, ownership percentage							49.90%		49.90%
Mortgage loans on real estate, interest rate									6.90%
Mortgage loans on real estate, periodic payment terms									typically have a term of 72 months
Commitment amount							$ 566,051		$ 566,051		500,106
Loan investments [Member] | Funded Investment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Funded Investment, outstanding							264,660		$ 264,660		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		17,733
Construction Loans [Member] | Funded Investment [Member] | Development Property Investments [Member]
Schedule of Investments [Line Items]
Funded Investment, outstanding							15,966		15,966		12,492
Pittsburgh [Member]
Schedule of Investments [Line Items]
Assumed liabilities with acquisition of self-storage real estate owned		1,258
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		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							16,056		16,056		$ 14,914
Miami 4 [Member] | Bridge Loan Investments [Member]
Schedule of Investments [Line Items]
Property investment, total income									4,200
Commitment amount							20,201		20,201
Miami 4 [Member] | Funded Investment [Member] | Bridge Loan Investments [Member]
Schedule of Investments [Line Items]
Funded Investment, outstanding							19,627		19,627
Miami 6 [Member] | Bridge Loan Investments [Member]
Schedule of Investments [Line Items]
Commitment amount							13,370		13,370
Miami 6 [Member] | Funded Investment [Member] | Bridge Loan Investments [Member]
Schedule of Investments [Line Items]
Funded Investment, outstanding							$ 13,370		$ 13,370

SELF-STORAGE INVESTMENT PORTF32

SELF-STORAGE INVESTMENT PORTFOLIO (Schedule of Investments) (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Mar. 31, 2018	Jun. 30, 2018	Dec. 31, 2017	Feb. 20, 2018	Feb. 02, 2018	Jan. 10, 2018	Aug. 09, 2017	Aug. 08, 2017	Feb. 02, 2017	May 27, 2016
Schedule of Investments [Line Items]
Investment Commitment		$ 673,090	$ 523,821
Funded Investment		365,479	213,069	$ 24,754			$ 9,139
Development property investments, Fair Value		302,245	228,233
Bridge loan investments, Fair Value		79,581
Operating property loans, Fair Value		5,862	5,938
Total investments		387,688	234,171
Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment		365,479	213,069
Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		307,611	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
Los Angeles 2 [Member]
Schedule of Investments [Line Items]
Total project cost of an investment		$ 29,500
Percentage of financing provided by a traditional bank		65.00%
Percentage of Financing not offered by the bank		35.00%
Preferred return on investment		6.90%
Ownership percentage on remaining 35% after bank's financing		90.00%
Transaction fee, percentage of total project cost		1.00%
Profits interest, percentage of total project cost		49.90%
Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 583,784	517,839
Development property investments, Fair Value		302,245	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		280,626	207,089
Development Property Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		303,158	310,750
Development Property Investments [Member] | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Commitment		566,051	500,106
Development property investments, Fair Value		$ 286,390	$ 215,860
Percentage of completion of construction		40.00%	40.00%
Ownership percentage on remaining 35% after bank's financing		49.90%
Development Property Investments [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment		$ 264,660	$ 194,597
Development Property Investments [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		301,391	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		15,855	12,373
Development Property Investments [Member] | Construction Loans [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment		15,966	12,492
Development Property Investments [Member] | Construction Loans [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 1,767	$ 5,241
Development Property Investments [Member] | Orlando 1 [Member]
Schedule of Investments [Line Items]
Ownership percentage on remaining 35% after bank's financing									49.90%
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		5,931	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		9,556	10,363
Development Property Investments [Member] | Charlotte 1 [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment		7,357	7,251
Development Property Investments [Member] | Charlotte 1 [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 267	$ 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		9,241	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		8,342	8,231
Development Property Investments [Member] | New Haven [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment		6,600	6,524
Development Property Investments [Member] | New Haven [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 330	$ 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		8,442	5,889
Development Property Investments [Member] | Raleigh [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment		8,176	5,550
Development Property Investments [Member] | Raleigh [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 616	$ 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		8,600	8,782
Development Property Investments [Member] | Austin [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment		7,551	7,297
Development Property Investments [Member] | Austin [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 1,107	$ 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		10,660	5,686
Development Property Investments [Member] | Charlotte 2 [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment		9,497	5,453
Development Property Investments [Member] | Charlotte 2 [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 3,391	$ 7,435
Development Property Investments [Member] | Orlando 2 [Member]
Schedule of Investments [Line Items]
Ownership percentage on remaining 35% after bank's financing								49.90%
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		8,512	5,818
Development Property Investments [Member] | Jacksonville 2 [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment		6,890	4,971
Development Property Investments [Member] | Jacksonville 2 [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 640	$ 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		20,934	18,892
Development Property Investments [Member] | New York City 1 [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment		16,056	14,914
Development Property Investments [Member] | New York City 1 [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 61	$ 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		4,028	2,236
Development Property Investments [Member] | Atlanta 3 [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment		4,212	2,393
Development Property Investments [Member] | Atlanta 3 [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 9,903	$ 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		11,995	7,147
Development Property Investments [Member] | Atlanta 4 [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment		10,206	7,040
Development Property Investments [Member] | Atlanta 4 [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 3,472	$ 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		7,004	3,335
Development Property Investments [Member] | Orlando 3 [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment		5,961	3,144
Development Property Investments [Member] | Orlando 3 [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 2,095	$ 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		4,454	553
Development Property Investments [Member] | New Orleans [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment		4,411	677
Development Property Investments [Member] | New Orleans [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 8,138	$ 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		8,179	4,739
Development Property Investments [Member] | Atlanta 5 [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment		8,262	4,971
Development Property Investments [Member] | Atlanta 5 [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 9,230	$ 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		4,045	1,043
Development Property Investments [Member] | Fort Lauderdale [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment		3,934	1,128
Development Property Investments [Member] | Fort Lauderdale [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 6,018	$ 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		6,388	3,547
Development Property Investments [Member] | Houston [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment		6,079	3,633
Development Property Investments [Member] | Houston [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 7,551	$ 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		6,049	3,083
Development Property Investments [Member] | Louisville 1 [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment		5,255	2,932
Development Property Investments [Member] | Louisville 1 [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 3,268	$ 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		3,587	1,849
Development Property Investments [Member] | Denver 1 [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment		3,706	1,940
Development Property Investments [Member] | Denver 1 [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 6,100	$ 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		9,718	5,849
Development Property Investments [Member] | Denver 2 [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment		8,173	5,442
Development Property Investments [Member] | Denver 2 [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 2,991	$ 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		9,863	4,262
Development Property Investments [Member] | Atlanta 6 [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment		8,658	4,344
Development Property Investments [Member] | Atlanta 6 [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 3,885	$ 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		1,991	1,010
Development Property Investments [Member] | Tampa 2 [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment		2,070	1,086
Development Property Investments [Member] | Tampa 2 [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 6,021	$ 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		4,787	1,335
Development Property Investments [Member] | Tampa 3 [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment		4,379	1,422
Development Property Investments [Member] | Tampa 3 [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 4,845	$ 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		7,187	1,752
Development Property Investments [Member] | Tampa 4 [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment		6,127	1,847
Development Property Investments [Member] | Tampa 4 [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 4,139	$ 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		5,667	3,115
Development Property Investments [Member] | Baltimore [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment		5,584	3,315
Development Property Investments [Member] | Baltimore [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 5,191	$ 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		4,605	1,265
Development Property Investments [Member] | Knoxville [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment		4,367	1,351
Development Property Investments [Member] | Knoxville [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 4,748	$ 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		11,786	4,914
Development Property Investments [Member] | Boston 1 [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment		10,801	4,978
Development Property Investments [Member] | Boston 1 [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 3,302	$ 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		19,759	17,576
Development Property Investments [Member] | New York City 2 [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment		20,356	18,042
Development Property Investments [Member] | New York City 2 [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 6,126	$ 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		4,993	1,053
Development Property Investments [Member] | Jacksonville 3 [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment		4,411	1,134
Development Property Investments [Member] | Jacksonville 3 [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 3,685	$ 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		2,561	1,960
Development Property Investments [Member] | Orlando 4 [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment		2,661	2,059
Development Property Investments [Member] | Orlando 4 [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 6,376	$ 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		7,672	7,398
Development Property Investments [Member] | Los Angeles [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment		7,923	7,533
Development Property Investments [Member] | Los Angeles [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 20,827	$ 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		6,785	5,725
Development Property Investments [Member] | Miami 1 [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment		6,942	5,862
Development Property Investments [Member] | Miami 1 [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 7,715	$ 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		5,861	1,762
Development Property Investments [Member] | Louisville 2 [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment		5,316	1,864
Development Property Investments [Member] | Louisville 2 [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 4,624	$ 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		818	820
Development Property Investments [Member] | Miami 2 [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment		1,062	1,014
Development Property Investments [Member] | Miami 2 [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 8,397	$ 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		3,384	2,294
Development Property Investments [Member] | New York City 3 [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment		3,712	2,595
Development Property Investments [Member] | New York City 3 [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 10,989	$ 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		3,740	3,099
Development Property Investments [Member] | Miami 3 [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment		4,309	3,508
Development Property Investments [Member] | Miami 3 [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 15,859	$ 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		156	1,023
Development Property Investments [Member] | Minneapolis 1 [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment		285	1,150
Development Property Investments [Member] | Minneapolis 1 [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 12,389	$ 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		2,235	1,220
Development Property Investments [Member] | Boston 2 [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment		2,329	1,306
Development Property Investments [Member] | Boston 2 [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 6,442	$ 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		15,855	12,373
Development Property Investments [Member] | Miami [Member] | Construction Loans [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment		15,966	12,492
Development Property Investments [Member] | Miami [Member] | Construction Loans [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 1,767	$ 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		1,168	823
Development Property Investments [Member] | New York City 4 [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment		1,283	927
Development Property Investments [Member] | New York City 4 [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 9,308	$ 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		2,306	2,169
Development Property Investments [Member] | Boston 3 [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment		2,475	2,259
Development Property Investments [Member] | Boston 3 [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 7,699	$ 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		4,945	4,178
Development Property Investments [Member] | New York City 5 [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment		5,101	4,303
Development Property Investments [Member] | New York City 5 [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 10,972	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		3,878
Development Property Investments [Member] | Minneapolis 2 [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment		3,944
Development Property Investments [Member] | Minneapolis 2 [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 6,599
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		3,274
Development Property Investments [Member] | Philadelphia [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment		3,558
Development Property Investments [Member] | Philadelphia [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 10,780
Development Property Investments [Member] | Minneapolis 3 [Member] | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date		4/6/2018
Investment Commitment		$ 12,883
Development property investments, Fair Value		2,489
Development Property Investments [Member] | Minneapolis 3 [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment		2,613
Development Property Investments [Member] | Minneapolis 3 [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 10,270
Development Property Investments [Member] | Miami 9 [Member] | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date		5/1/2018
Investment Commitment		$ 12,421
Development property investments, Fair Value		2,219
Development Property Investments [Member] | Miami 9 [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment		2,448
Development Property Investments [Member] | Miami 9 [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 9,973
Development Property Investments [Member] | Atlanta 7 [Member] | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date		5/15/2018
Investment Commitment		$ 9,418
Development property investments, Fair Value		772
Development Property Investments [Member] | Atlanta 7 [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment		857
Development Property Investments [Member] | Atlanta 7 [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 8,561
Development Property Investments [Member] | Kansas City [Member] | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date		5/23/2018
Investment Commitment		$ 9,968
Development property investments, Fair Value		1,324
Development Property Investments [Member] | Kansas City [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment		1,413
Development Property Investments [Member] | Kansas City [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 8,555
Development Property Investments [Member] | Orlando 5 [Member] | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date		6/7/2018
Investment Commitment		$ 12,969
Development Property Investments [Member] | Orlando 5 [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 12,969
Development Property Investments [Member] | Los Angeles 2 [Member] | Loan investments [Member]
Schedule of Investments [Line Items]
Investment Closing Date		6/12/2018
Investment Commitment		$ 9,298
Development property investments, Fair Value		4,500
Development Property Investments [Member] | Los Angeles 2 [Member] | Loan investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment		4,424
Development Property Investments [Member] | Los Angeles 2 [Member] | Loan investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		4,874
Bridge Loan Investments [Member]
Schedule of Investments [Line Items]
Investment Commitment		83,324
Bridge loan investments, Fair Value		79,581
Bridge Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment		78,873
Bridge Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 4,451
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		20,997
Bridge Loan Investments [Member] | Miami 4 [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment		19,627
Bridge Loan Investments [Member] | Miami 4 [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 574
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		14,009
Bridge Loan Investments [Member] | Miami 5 [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment		16,108
Bridge Loan Investments [Member] | Miami 5 [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 1,630
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		17,129
Bridge Loan Investments [Member] | Miami 6 [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment		$ 13,370
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		14,892
Bridge Loan Investments [Member] | Miami 7 [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment		16,755
Bridge Loan Investments [Member] | Miami 7 [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		$ 1,707
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		12,554
Bridge Loan Investments [Member] | Miami 8 [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment		13,013
Bridge Loan Investments [Member] | Miami 8 [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment Commitment		540
Operating Property Loans [Member]
Schedule of Investments [Line Items]
Investment Commitment		5,982	5,982
Operating property loans, Fair Value		5,862	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		3,402	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		2,460	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 PORTF33

SELF-STORAGE INVESTMENT PORTFOLIO (Schedule of Changes in Fair Value of Investments) (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2018	Dec. 31, 2017	Feb. 20, 2018	Aug. 09, 2017
SELF-STORAGE INVESTMENT PORTFOLIO [Abstract]
Funded principal	$ 365,479	$ 213,069	$ 24,754	$ 9,139
Adjustments:
Unamortized origination fees	(6,389)	(5,081)
Change in fair value of investments	28,682	26,267
Other	(84)	(84)
Fair value of investments	$ 387,688	$ 234,171

SELF-STORAGE INVESTMENT PORTF34

SELF-STORAGE INVESTMENT PORTFOLIO (Schedule of Cost Basis of Real Estate Investment) (Details) - USD ($)	Feb. 20, 2018	Feb. 02, 2018	Jan. 10, 2018	Aug. 09, 2017	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Funded principal	$ 24,754,000			$ 9,139,000	$ 365,479,000		$ 365,479,000		$ 213,069,000
Gain (Loss) on Investments							28,682,000		$ 26,267,000
Unrealized appreciation on investments	10,527,000			3,780,000	8,623,000	$ 4,289,000	12,943,000	$ 5,682,000
Cash consideration, inclusive of transaction costs	9,110,000			2,856,000
Assumed liabilities	1,258,000						1,258,000
Net property working capital acquired	216,000			52,000
Total cost basis	45,865,000			$ 15,827,000
Transaction cost incurred					$ 23,000		$ 23,000
Jacksonville 1 [Member]
Funded principal			$ 5,966,000
Unrealized appreciation on investments			2,947,000
Cash consideration, inclusive of transaction costs			2,625,000
Net property working capital acquired			95,000
Total cost basis			$ 11,633,000
Atlanta 1 [Member]
Funded principal		$ 8,084,000
Unrealized appreciation on investments		2,704,000
Cash consideration, inclusive of transaction costs		2,342,000
Net property working capital acquired		41,000
Total cost basis		13,171,000
Atlanta 2 [Member]
Funded principal		5,766,000
Unrealized appreciation on investments		2,900,000
Cash consideration, inclusive of transaction costs		2,960,000
Net property working capital acquired		40,000
Total cost basis		$ 11,666,000
Pittsburgh [Member]
Funded principal	4,938,000
Unrealized appreciation on investments	1,976,000
Cash consideration, inclusive of transaction costs	1,183,000
Assumed liabilities	1,258,000
Net property working capital acquired	40,000
Total cost basis	$ 9,395,000

SELF-STORAGE INVESTMENT PORTF35

SELF-STORAGE INVESTMENT PORTFOLIO (Real Estate Investment, Impact in Consolidated Balance Sheet , Disclosure) (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Schedule of Investments [Line Items]
Self-storage real estate owned	$ 59,835	$ 15,355
Real Estate Investment [Member]
Schedule of Investments [Line Items]
Land	8,183	1,505
Building and improvements	51,285	13,720
In-place leases	2,223	602
Property equipment	5
Construction-in-progress	200
Accumulated depreciation and amortization	(2,061)	(472)
Self-storage real estate owned	$ 59,835	$ 15,355

SELF-STORAGE INVESTMENT PORTF36

SELF-STORAGE INVESTMENT PORTFOLIO (Real Estate Investment, Impact in Consolidated Statement of Operations, Disclosure) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Schedule of Investments [Line Items]
Rental and other property-related income from real estate owned	$ 805	$ 105	$ 1,428	$ 168
Real Estate Investment [Member]
Schedule of Investments [Line Items]
Rental and other property-related income from real estate owned	805	105	1,428	168
Property operating expenses of real estate owned	(420)	(43)	(731)	(74)
Depreciation and amortization expense	(887)	(38)	(1,589)	(62)
Total expenses of real estate owned	$ (1,307)	$ (81)	$ (2,320)	$ (136)

FAIR VALUE OF FINANCIAL INSTR37

FAIR VALUE OF FINANCIAL INSTRUMENTS (Narrative) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Percentage of construciton completion threshold percentage when most entrepreneurial profit is earned	40.00%
Investment Owned, Unrecognized Unrealized Appreciation (Depreciation), Net	$ 28.7	$ 26.3
Thirteen Properties [Member] | Minimum [Member]
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Percentage of completion of construction	40.00%

FAIR VALUE OF FINANCIAL INSTR38

FAIR VALUE OF FINANCIAL INSTRUMENTS (Summary of Significant Unobservable Inputs Used) (Details)		6 Months Ended	12 Months Ended
		Jun. 30, 2018	Dec. 31, 2017
Development Property Investments [Member] | Minimum [Member] | Income Approach Valuation Technique [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Exit date		3 months	29 days
Market yields/ discount rate		4.81%	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		12.25%	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 14 days	2 years 11 months 15 days
Market yields/ discount rate		9.24%	9.00%
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		51.74%	63.94%
Exit date		3 months	5 months 1 day
Capitalization rate	[1]	5.25%	5.50%
Market yields/ discount rate		8.25%	8.50%
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		92.34%	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		11.20%	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		72.35%	74.08%
Exit date		3 years 8 months 5 days	3 years 1 month 13 days
Capitalization rate	[1]	5.48%	5.51%
Market yields/ discount rate		8.85%	8.51%
Thirty-One Properties [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Percentage of completion of construction		40.00%
Thirty-One 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 5 months 23 days	3 years 11 months 23 days
Market yields/ discount rate		6.47%	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 1 month 24 days	4 years 7 months 24 days
Market yields/ discount rate		7.43%	7.01%
Operating Property Loans [Member] | Weighted Average [Member] | Income Approach Valuation Technique [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Exit date		3 years 10 months 14 days	4 years 4 months 13 days
Market yields/ discount rate		6.87%	6.47%
[1]	Thirty-one 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 INSTR39

FAIR VALUE OF FINANCIAL INSTRUMENTS (Schedule of Change in Fair Value of Investments Due to Change in Market Yield Discount Rates) (Details) - Market Yield and Discount Rate [Member] - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Up 25 Basis Points [Member]
Investments in and Advances to Affiliates [Line Items]
Increase (decrease) in fair value of investments	$ (2)	$ (1.2)
Down 25 Basis Points [Member]
Investments in and Advances to Affiliates [Line Items]
Increase (decrease) in fair value of investments	2.1	1.2
Up 50 basis points [Member]
Investments in and Advances to Affiliates [Line Items]
Increase (decrease) in fair value of investments	(4)	(2.3)
Down 50 Basis Points [Member]
Investments in and Advances to Affiliates [Line Items]
Increase (decrease) in fair value of investments	$ 4.2	$ 2.4

FAIR VALUE OF FINANCIAL INSTR40

FAIR VALUE OF FINANCIAL INSTRUMENTS (Schedule of Change in Fair Value of Investments Due to Change in Capitalization Rates) (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2017
Up 25 Basis Points [Member]
Investments in and Advances to Affiliates [Line Items]
Increase (decrease) in fair value of investments	$ (5.5)	$ (2.8)
Down 25 Basis Points [Member]
Investments in and Advances to Affiliates [Line Items]
Increase (decrease) in fair value of investments	6	3.1
Up 50 basis points [Member]
Investments in and Advances to Affiliates [Line Items]
Increase (decrease) in fair value of investments	(10.6)	(5.3)
Down 50 Basis Points [Member]
Investments in and Advances to Affiliates [Line Items]
Increase (decrease) in fair value of investments	$ 12.7	$ 6.4

FAIR VALUE OF FINANCIAL INSTR41

FAIR VALUE OF FINANCIAL INSTRUMENTS (Changes in Investments that Use Level 3 Inputs) (Details) - USD ($) $ in Thousands	Feb. 20, 2018	Aug. 09, 2017	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract]
Balance as of December 31, 2017					$ 234,171
Unrealized appreciation on investments	$ 10,527	$ 3,780	$ 8,623	$ 4,289	12,943	$ 5,682
Fundings of principal and change in unamortized origination fees					169,702
Repayments of loans					(3,257)
Payment-in-kind interest					9,410
Reclassification of self-storage real estate owned					(35,281)	$ (6,066)
Balance at March 31, 2017			$ 387,688		$ 387,688

INVESTMENT IN SELF-STORAGE RE42

INVESTMENT IN SELF-STORAGE REAL ESTATE VENTURE (Narrative) (Details) $ in Thousands	3 Months Ended	6 Months Ended		12 Months Ended
	Jun. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)property	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Feb. 20, 2018USD ($)	Aug. 09, 2017USD ($)	Mar. 31, 2016USD ($)
Investments Real Estate Properties [Line Items]
Investment in and advances to self-storage real estate venture	$ 14,846	$ 14,846		$ 13,856
Commitment amount	673,090	673,090		523,821
Funded principal	365,479	365,479		213,069		$ 24,754	$ 9,139
SL1 Venture [Member]
Investments Real Estate Properties [Line Items]
Investment in and advances to self-storage real estate venture	$ 2,000	$ 2,000		3,200
Equity method investment, ownership percentage	10.00%	10.00%
Development property investment, assets	$ 126,000	$ 126,000
Transaction and other expenses	200
Development property investment, liabilities	2,100	2,100
Development property investment, operating income (loss)	4,000	$ 9,100
Investment yield percentage on purchase price		4.50%
Commitment amount	123,300	$ 123,300
Joint venture agreement percentage of priority distribution percentage of commited principal amount		1.00%
Number of investments | property			8
Funded principal	12,200	$ 12,200
Return of capital from real estate venture					$ 7,300
Agreement metric, return multiple		1.48
SL1 Venture [Member] | Maximum [Member]
Investments Real Estate Properties [Line Items]
Commitment amount	12,300	$ 12,300
SL1 Venture [Member] | Parent Company [Member]
Investments Real Estate Properties [Line Items]
Investment owned, aggregate committed principal amount								$ 41,900
Investments in joint venture, fair value								7,700
Development property investment, operating income (loss)	400	$ 1,000
Commitment amount			$ 12,300					8,100
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 self-storage real estate venture	$ 110,000	$ 110,000
Equity method investment, ownership percentage	90.00%	90.00%
Transaction and other expenses		$ 2,000		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]
Development property investment, operating income (loss)	$ 3,600	8,100
Commitment amount	111,000	111,000
Development Property Investments [Member]
Investments Real Estate Properties [Line Items]
Commitment amount	583,784	583,784		$ 517,839
Eight Properties [Member] | SL1 Venture [Member]
Investments Real Estate Properties [Line Items]
Commitment amount	$ 81,400	$ 81,400

INVESTMENT IN SELF-STORAGE RE43

INVESTMENT IN SELF-STORAGE REAL ESTATE VENTURE (Equity Method Investments) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Feb. 20, 2018	Feb. 02, 2018	Dec. 31, 2017	Aug. 09, 2017	Mar. 31, 2016
Real Estate Properties [Line Items]
Development property investments	$ 302,245			$ 228,233
Investment Commitment	673,090			523,821
Funded Investment	$ 365,479	$ 24,754		213,069	$ 9,139
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	$ 365,479			213,069
Unfunded Commitment [Member]
Real Estate Properties [Line Items]
Investment Commitment	307,611			$ 310,752
Loan investments [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Development property investments	$ 125,840
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	$ 14,263
Loan investments [Member] | Miami 2 [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Closing Date	5/14/2015
Development property investments	$ 14,137
Loan investments [Member] | Fort Lauderdale [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Closing Date	9/25/2015
Development property investments	$ 13,166
Loan investments [Member] | Washington DC [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Closing Date	4/15/2016
Development property investments	$ 18,980
Loan investments [Member] | Atlanta 1 [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Closing Date	4/29/2016
Development property investments	$ 10,299
Loan investments [Member] | Jacksonville [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Closing Date	7/19/2016
Development property investments	$ 11,594
Loan investments [Member] | New Jersey [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Closing Date	7/21/2016
Development property investments	$ 3,525
Loan investments [Member] | Atlanta 2 [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Closing Date	8/15/2016
Development property investments	$ 9,119
Loan investments [Member] | Denver [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Closing Date	8/25/2016
Development property investments	$ 12,335
Loan investments [Member] | Columbia [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Closing Date	9/28/2016
Development property investments	$ 9,780
Loan investments [Member] | Raleigh [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Closing Date	12/22/2016
Development property investments	$ 8,642
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	106,134
Loan investments [Member] | Funded Investment [Member] | Miami 1 [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Funded Investment	11,829
Loan investments [Member] | Funded Investment [Member] | Miami 2 [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Funded Investment	12,704
Loan investments [Member] | Funded Investment [Member] | Fort Lauderdale [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Funded Investment	11,211
Loan investments [Member] | Funded Investment [Member] | Washington DC [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Funded Investment	16,426
Loan investments [Member] | Funded Investment [Member] | Atlanta 1 [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Funded Investment	9,304
Loan investments [Member] | Funded Investment [Member] | Jacksonville [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Funded Investment	7,378
Loan investments [Member] | Funded Investment [Member] | New Jersey [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Funded Investment	3,493
Loan investments [Member] | Funded Investment [Member] | Atlanta 2 [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Funded Investment	7,982
Loan investments [Member] | Funded Investment [Member] | Denver [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Funded Investment	9,998
Loan investments [Member] | Funded Investment [Member] | Columbia [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Funded Investment	8,566
Loan investments [Member] | Funded Investment [Member] | Raleigh [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Funded Investment	7,243
Loan investments [Member] | Unfunded Commitment [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment	17,139
Loan investments [Member] | Unfunded Commitment [Member] | Miami 1 [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment	2,038
Loan investments [Member] | Unfunded Commitment [Member] | Miami 2 [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment	2,145
Loan investments [Member] | Unfunded Commitment [Member] | Fort Lauderdale [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment	2,019
Loan investments [Member] | Unfunded Commitment [Member] | Washington DC [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment	843
Loan investments [Member] | Unfunded Commitment [Member] | Atlanta 1 [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment	919
Loan investments [Member] | Unfunded Commitment [Member] | Jacksonville [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment	749
Loan investments [Member] | Unfunded Commitment [Member] | New Jersey [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment	4,335
Loan investments [Member] | Unfunded Commitment [Member] | Atlanta 2 [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment	790
Loan investments [Member] | Unfunded Commitment [Member] | Denver [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment	1,034
Loan investments [Member] | Unfunded Commitment [Member] | Columbia [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment	633
Loan investments [Member] | Unfunded Commitment [Member] | Raleigh [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment Commitment	$ 1,634

VARIABLE INTEREST ENTITIES (Nar

VARIABLE INTEREST ENTITIES (Narrative) (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Variable Interest Entity [Line Items]
Assets recorded related to VIEs	$ 381,826	$ 228,233
Investment Commitment	673,090	523,821
Investment in and advances to self-storage real estate venture	14,846	13,856
Investment in Real Estate Venture [Member] | Unfunded Commitment [Member]
Variable Interest Entity [Line Items]
Investment Commitment	1,700	3,400
SL1 Venture [Member]
Variable Interest Entity [Line Items]
Investment Commitment	123,300
Investment in and advances to self-storage real estate venture	$ 2,000	$ 3,200

VARIABLE INTEREST ENTITIES (Sch

VARIABLE INTEREST ENTITIES (Schedule of Variable Interest Entities) (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
VARIABLE INTEREST ENTITIES [Abstract]
Assets recorded related to VIEs	$ 381,826	$ 228,233
Unfunded loan commitments to VIEs	307,609	310,750
Maximum exposure to loss	$ 689,435	$ 538,983

DEBT (Credit Facility) (Narrati

DEBT (Credit Facility) (Narrative) (Details) $ in Thousands	6 Months Ended		11 Months Ended	19 Months Ended	21 Months Ended
	Dec. 31, 2018	Jun. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Jul. 24, 2020	Sep. 30, 2020USD ($)	Dec. 31, 2017USD ($)	Jul. 25, 2017USD ($)
Line of Credit Facility [Line Items]
Proceeds from lines of credit		$ 34,433
Repayments of lines of credit		35,000
KeyBank National Association [Member]
Line of Credit Facility [Line Items]
Commitment by Bank							$ 200,000
Line of credit, current borrowing capacity							$ 100,000
Jernigan Capital Operating Company LLC [Member] | KeyBank National Association [Member]
Line of Credit Facility [Line Items]
Line of credit, current borrowing capacity		$ 90,800	$ 90,800
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 minimum fixed coverage ratio			0.75
Debt instrument covenants consolidated tanible net worth, minimum		$ 183,300	$ 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	50,000
Debt instrument covenants unhedged variable rate maximum percentage		25.00%
Debt instrument covenant debt service coverage ratio		2
Line of credit facility, covenant compliance		As of June 30, 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.
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			1.20
Debt instrument covenants liquidity minimal amount		$ 50,000	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%
Development Property Investments [Member]
Line of Credit Facility [Line Items]
Loans pledged as collateral		$ 60,500	60,500			$ 47,400
Bridge Loan Investments [Member]
Line of Credit Facility [Line Items]
Loans pledged as collateral		78,600	78,600
Operating Property Loans [Member]
Line of Credit Facility [Line Items]
Loans pledged as collateral		6,000	6,000			6,000
Self-Storage Real Owned [Member]
Line of Credit Facility [Line Items]
Loans pledged as collateral		$ 17,600	$ 17,600			$ 4,400

DEBT (Senior Participations) (N

DEBT (Senior Participations) (Narrative) (Details) - USD ($) $ in Thousands	May 27, 2016	Mar. 31, 2018	Jun. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Senior loan participations				$ 718
Commitment amount			$ 673,090	523,821
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]
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
Cash consideration from senior participations	$ 10,000			$ 10,001
Debt instrument, effective interest rate				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%	3.10%
Development Property Investments [Member]
Debt Instrument [Line Items]
Commitment amount			$ 583,784	$ 517,839
Loans pledged as collateral			$ 60,500	47,400
Development Property Investments [Member] | Miami A Note [Member]
Debt Instrument [Line Items]
Loans pledged as collateral				$ 12,500

DEBT (Commitments and Outstandi

DEBT (Commitments and Outstanding Balances of Senior Participations) (Details) - USD ($) $ in Thousands	May 27, 2016	Mar. 31, 2018	Jun. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Amount Borrowed				$ 718
Senior Notes [Member]
Debt Instrument [Line Items]
Unamortized fees				(14)
Net balance				718
Miami A Note [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Commitment by Bank	$ 10,000			10,001
Amount Borrowed				732
Remaining Funds				$ 9,269
Effective Interest Rate				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%	3.10%

STOCKHOLDERS' EQUITY (Narrative

STOCKHOLDERS' EQUITY (Narrative) (Details)	Jun. 14, 2018USD ($)shares	Feb. 28, 2018$ / shares	Jan. 26, 2018USD ($)shares	Jun. 27, 2017USD ($)shares	May 03, 2017shares	Mar. 07, 2017$ / shares	Jun. 30, 2018USD ($)$ / sharesshares	Jun. 30, 2017USD ($)shares	Jun. 30, 2018USD ($)$ / sharesshares	Jun. 30, 2017USD ($)shares	Dec. 31, 2017USD ($)$ / sharesshares	Dec. 31, 2016shares	Dec. 31, 2021shares	Dec. 31, 2020shares	Dec. 31, 2019shares	Dec. 31, 2018shares	Apr. 01, 2018$ / shares	Mar. 31, 2018shares	Mar. 29, 2018USD ($)shares	Jan. 25, 2018shares	Apr. 05, 2017USD ($)	Mar. 31, 2017shares	Jul. 27, 2016USD ($)$ / shares	May 20, 2016USD ($)	Apr. 30, 2015shares
Class of Stock [Line Items]
Common stock, shares issued							19,254,141		19,254,141		14,429,055
Common stock, shares outstanding							19,254,141		19,254,141		14,429,055
Issuance of stock, net of offering costs (in shares)	4,600,000			4,025,000
Net proceeds from issuance of common stock | $	$ 81,100,000			$ 83,900,000					$ 81,831,000	$ 108,235,000
Preferred ATM shares, aggregate maximum offering price | $																			$ 45,000,000
Restricted stock expense, recognized | $									$ 1,200,000	$ 700,000
Number of shares repurchased and retired									213,078
Retirement of common stock | $									$ 3,200,000
Stock repurchase program, remaining authorized amount | $							$ 6,800,000		$ 6,800,000
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, shares issued							110,000		110,000		40,000
Preferred stock, shares outstanding							110,000		110,000		40,000
Preferred stock, shares authorized							300,000		300,000		300,000
Value of shares to be issued prior to expiration of commitment period | $									$ 50,000,000
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, par value | $ / shares							$ 0.01		$ 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 | $									$ 69,963,000
Dividends declared date		Feb. 28, 2018				May 2, 2018
Dividend payable, amount per share | $ / shares		$ 12.12				$ 16.07
Dividends payable date		Apr. 13, 2018				Jul. 13, 2018
Dividends payable, date of record		Apr. 1, 2018				Jul. 1, 2018
Series A Preferred Stock [Member] | Scenario, Plan [Member]
Class of Stock [Line Items]
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				1,571,734		1,571,734		0
Preferred stock, shares outstanding							1,571,734		1,571,734		0
Preferred stock, shares authorized							3,750,000		3,750,000		3,750,000									1,725,000
Preferred stock, par value | $ / shares							$ 0.01		$ 0.01		$ 0.01
Preferred stock, liquidation preferance per share | $ / shares							$ 25		$ 25
Preferred stock, dividend rate									7.00%		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 | $			$ 36,000,000						$ 37,463,000
Preferred stock, dividend rate per share | $ / shares									$ 1.7500
Preferred stock share cap rate | $									2.74876
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							172,499	202,502	172,499	202,502	185,002	120,001						195,502				120,001
Number of shares granted							57,333	111,414	75,333	111,414
Number of shares, vested							80,336	28,913	87,836	28,913
Restricted stock expense, recognized | $							$ 800,000	$ 400,000
Number of shares forfeited
Restricted Stock [Member] | Series A Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, shares issued							110,000		110,000
Proceeds from issuance of preferred stock | $									$ 110,000,000
Non Employee Director [Member] | Restricted Stock [Member]
Class of Stock [Line Items]
Expenses related to restricted stock awards, period for recognition									2 years 3 months 18 days		2 years 3 months 18 days
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $							$ 2,900,000		$ 2,900,000		$ 2,700,000
Equity Incentive Plan 2015 [Member] | Restricted Stock [Member]
Class of Stock [Line Items]
Shares reserved for future issuance																									200,000
Shares reserved for issuance					370,000
Number of shares increased (decreased) related to share base payment plan					170,000
Amended and Restated 2015 Equity Incentive Plan [Member] | Restricted Stock [Member]
Class of Stock [Line Items]
Number of shares granted									363,587		288,254
Amended and Restated 2015 Equity Incentive Plan [Member] | Restricted Stock [Member] | Maximum [Member]
Class of Stock [Line Items]
Equity award vesting period									5 years
Amended and Restated 2015 Equity Incentive Plan [Member] | Restricted Stock [Member] | Minimum [Member]
Class of Stock [Line Items]
Equity award vesting period									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									87,836		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													17,502
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																10,000
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															72,500
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														72,497
ATM Program [Member]
Class of Stock [Line Items]
Issuance of stock, net of offering costs (in shares)									1,323,722
Net proceeds from issuance of common stock | $									$ 28,500,000
Stock repurchase program, authorized amount | $																					$ 50,000,000
Shares issued, price per share | $ / shares							$ 22.24		$ 22.24
ATM Program [Member] | Series B Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, shares issued							71,734		71,734
Preferred stock, shares authorized																			2,025,000
Proceeds from issuance of preferred stock | $									$ 1,500,000
Shares issued, price per share | $ / shares							$ 22.94		$ 22.94
Common Stock [Member]
Class of Stock [Line Items]
Issuance of stock, net of offering costs (in shares)									4,600,000	4,025,000
Issuances of stock-based awards (in shares)									75,333	111,414
Accounting Standards Update 2018-07 [Member]
Class of Stock [Line Items]
Grant date fair value of non-vested awards | $ / shares																	$ 18.10

STOCKHOLDERS' EQUITY (Summary o

STOCKHOLDERS' EQUITY (Summary of Changes in Restricted Shares) (Details) - Restricted Stock [Member] - $ / shares	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Class of Stock [Line Items]
Shares, Nonvested shares at beginning of period	195,502	120,001	185,002	120,001	120,001
Shares, Granted	57,333	111,414	75,333	111,414
Shares, Vested	(80,336)	(28,913)	(87,836)	(28,913)
Shares, Forfeited
Shares, Nonvested shares at end of period	172,499	202,502	172,499	202,502	185,002
Weighted average grant date fair value, Nonvested at beginning of period	$ 21.32	$ 20.10	$ 21.58	$ 20.10	$ 20.10
Weighted average grant date fair value, Granted	19.52	22.59	19.18	22.59
Weighted average grant date fair value, Vested	18.46	21.26	18.53	21.26
Weighted average grant date fair value, Forfeited
Weighted average grant date fair value, Nonvested at end of period	$ 18.37	$ 21.33	$ 18.37	$ 21.33	$ 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		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Share Outstanding [Abstract]
Weighted average common shares - basic	15,274,459	9,850,967	14,763,741	9,356,744
Effect of dilutive securities	289,858	182,062	294,446	151,203
Weighted average common shares, all classes	15,564,317	10,033,029	15,058,187	9,507,947
Calculation of Earnings per Share - basic
Net income	$ 10,797	$ 5,194	$ 16,151	$ 6,977
Net income allocated to preferred stockholders	4,580	177	8,175	723
Net income allocated to unvested restricted shares	72	91	98	99
Net income attributable to common shareholders - two-class method	$ 6,145	$ 4,926	$ 7,878	$ 6,155
Weighted average common shares - basic	15,274,459	9,850,967	14,763,741	9,356,744
Earnings per share - basic	$ 0.40	$ 0.50	$ 0.53	$ 0.66
Calculation of Earnings per Share - diluted
Net income	$ 10,797	$ 5,194	$ 16,151	$ 6,977
Net income allocated to preferred stockholders	4,580	177	8,175	723
Net income attributable to common shareholders - two-class method	$ 6,217	$ 5,017	$ 7,976	$ 6,254
Weighted average common shares - diluted	15,564,317	10,033,029	15,058,187	9,507,947
Earnings per share - diluted	$ 0.40	$ 0.50	$ 0.53	$ 0.66

RELATED PARTY TRANSACTIONS (Nar

RELATED PARTY TRANSACTIONS (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Related Party Transaction [Line Items]
Development property investments	$ 302,245		$ 302,245		$ 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%		0.375%
Expenses reimbursable to Manager	$ 900	$ 600	$ 1,800	$ 1,500
Management fee expense	1,582	707	$ 2,886	1,337
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	435	595	$ 985	1,017
Outstanding fees due to Manager	1,887		1,887		1,484
Investment in and advances to self-storage real estate venture	14,846		14,846		13,856
SL1 Venture [Member]
Related Party Transaction [Line Items]
Income (Loss) from equity method investments	400	1,000	600	1,000
Investment in and advances to self-storage real estate venture	14,800		14,800		13,900
Equity Method Investments [Member]
Related Party Transaction [Line Items]
Development property investments	366,000		366,000		$ 215,900
Accumulated change in fair value from equity method investment and interest income realized	$ 14,700	$ 6,100	$ 23,000	$ 8,700

SUBSEQUENT EVENTS (Narrative) (

SUBSEQUENT EVENTS (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	Jul. 31, 2018	Feb. 28, 2018	Mar. 07, 2017	Jul. 20, 2018	Jun. 30, 2018	Dec. 31, 2017
Subsequent Event [Line Items]
Commitment amount					$ 673,090	$ 523,821
Series A Preferred Stock [Member]
Subsequent Event [Line Items]
Dividends declared date		Feb. 28, 2018	May 2, 2018
Dividend payable, amount per share		$ 12.12	$ 16.07
Dividends payable date		Apr. 13, 2018	Jul. 13, 2018
Dividends payable, date of record		Apr. 1, 2018	Jul. 1, 2018
Series A Preferred Stock [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends declared date	Jul. 31, 2018
Dividends payable date	Oct. 15, 2018
Dividends payable, date of record	Oct. 1, 2018
Series B Preferred Stock [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends declared date	Jul. 31, 2018
Dividend payable, amount per share	$ 0.4375
Dividends payable date	Oct. 15, 2018
Dividends payable, date of record	Oct. 1, 2018
Common Stock [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends declared date	Jul. 31, 2018
Dividend payable, amount per share	$ 0.35
Dividends payable date	Oct. 15, 2018
Dividends payable, date of record	Oct. 1, 2018
Development Property Investments [Member]
Subsequent Event [Line Items]
Commitment amount					$ 583,784	$ 517,839
Boston, Massachusetts MSA [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Commitment amount				$ 3,800