Jernigan Capital (JCAP) 10-K 1 Mar 19 2018 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2018	Feb. 28, 2019	Jun. 30, 2018
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	FY
Entity Registrant Name	Jernigan Capital, Inc.
Entity Central Index Key	1,622,353
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Trading Symbol	jcap
Entity Public Float			$ 350,595,320
Entity Common Stock, Shares Outstanding		20,433,428

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Assets:
Cash and cash equivalents	$ 8,715	$ 46,977
Development property investments at fair value	373,564	228,233
Bridge investments at fair value	84,383
Operating property loans at fair value		5,938
Self-storage real estate owned, net	96,202	15,355
Investment in and advances to real estate venture	14,155	13,856
Other loans, at cost	4,835	1,313
Deferred financing costs	4,619	2,004
Prepaid expenses and other assets	3,702	776
Fixed assets, net	233	182
Total assets	590,408	314,634
Liabilities:
Senior loan participation		718
Secured revolving credit facility
Term loans, net of unamortized costs	24,609
Due to Manager	3,334	1,484
Accounts payable, accrued expenses and other liabilities	2,402	1,138
Dividends payable	12,199	5,474
Total liabilities	42,544	8,814
Equity:
Common stock, $0.01 par value, 500,000,000 shares authorized at December 31, 2018 and 2017; 20,430,218 and 14,429,055 issued and outstanding at December 31, 2018 and 2017, respectively	204	144
Additional paid-in capital	386,394	276,814
Retained earnings (Accumulated deficit)	1,728	(8,902)
Total equity	547,864	305,820
Total liabilities and equity	590,408	314,634
Series A Preferred Stock [Member]
Equity:
Preferred stock	122,137	37,764
Total equity	122,137	$ 37,764
Series B Preferred Stock [Member]
Equity:
Preferred stock	37,401
Total equity	$ 37,401

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	20,430,218	14,429,055
Common stock, shares outstanding	20,430,218	14,429,055
Series A Preferred Stock [Member]
Preferred stock, dividend rate	7.00%	7.00%
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	300,000	300,000
Preferred stock, shares issued	125,000	40,000
Preferred stock, shares outstanding	125,000	40,000
Preferred stock, liquidation preference, Value	$ 125,000,000	$ 40,000,000
Series B Preferred Stock [Member]
Preferred stock, dividend rate	7.00%	7.00%
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	3,750,000
Preferred stock, shares issued	1,571,734	0
Preferred stock, shares outstanding	1,571,734	0
Preferred stock, liquidation preference, Value	$ 39,300,000	$ 0

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenues:
Interest income from investments	$ 27,576	$ 11,457	$ 6,532
Rental and other property-related income from real estate owned	3,499	530
Other revenues	139	204
Total revenues	31,214	12,191	6,532
Costs and expenses:
General and administrative expenses	7,270	5,852	5,574
Fees to Manager	7,442	3,453	1,688
Property operating expenses of real estate owned	1,712	271
Depreciation and amortization of real estate owned	3,425	472
Other expenses	290		2,129
Restructuring costs			54
Deferred termination fee to Manager			239
Total costs and expenses	20,139	10,048	9,684
Operating income (loss)	11,075	2,143	(3,152)
Other income (expense):
Equity in earnings from unconsolidated real estate venture	1,483	2,263	1,278
Realized gain on investments	619
Net unrealized gain on investments	42,945	10,804	18,370
Interest expense	(2,155)	(1,053)	(559)
Loss on modification of debt		(232)
Other interest income	399	634	80
Total other income	43,291	12,416	19,169
Net income	54,366	14,559	16,017
Net income attributable to preferred stockholders	(18,014)	(1,456)	(996)
Net income attributable to common stockholders	$ 36,352	$ 13,103	$ 15,021
Basic earnings per share attributable to common stockholders	$ 2.10	$ 1.10	$ 2.42
Diluted earnings per share attributable to common stockholders	2.10	1.10	2.42
Dividends declared per share of common stock	$ 1.40	$ 1.40	$ 1.40

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]Retained Earnings [Member]	Series A Preferred Stock [Member]	Series B Preferred Stock [Member]Total Stockholders' Equity [Member]	Series B Preferred Stock [Member]Retained Earnings [Member]	Series B Preferred Stock [Member]	Total Stockholders' Equity [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Non-Controlling Interests [Member]	Total
Balance at Dec. 31, 2015							$ 101,300	$ 62	$ 110,634	$ (9,396)	$ 464	$ 101,764
Balance (in shares) at Dec. 31, 2015								6,162,500
Issuance of preferred stock			$ 10,000				10,000					10,000
Issuance of preferred stock (in shares)			10,000
Equity offering costs related to issuance of preferred stock			$ (552)				(552)					(552)
Public offering of common stock or issuance of common stock							56,930	$ 30	56,900			56,930
Public offering of common stock or issuance of common stock (in shares)								2,996,311
Equity offering costs related to issuance of common stock							(3,470)		(3,470)			(3,470)
Repurchase and retirement of shares of common stock							(3,152)	$ (2)	(3,150)			(3,152)
Repurchase and retirement of shares of common stock (in shares)								(213,078)
Repurchase and retirement of shares related to vested restricted stock							(33)		(33)			(33)
Repurchase and retirement of shares related to vested restricted stock (in shares)								(2,052)
Issuances of stock-based awards (in shares)								14,340
Stock-based compensation							1,080		1,080			1,080
Forfeiture and retirement of shares related to stock-based awards (in shares)								(1,667)
Deferred termination fee to Manager											239	239
Effect of Management Agreement Amendment							703		703		$ (703)
Dividends declared on preferred stock							(996)			(996)		(996)
Dividends declared on common stock							(9,465)			(9,465)		(9,465)
Net Income							16,017			16,017		16,017
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
Issuance of preferred stock			$ 30,000				30,000					30,000
Issuance of preferred stock (in shares)			30,000
Equity offering costs related to issuance of preferred stock			$ (1,684)				(1,684)					(1,684)
Stock dividend paid on preferred stock							1,325	$ 1	1,324			1,325
Stock dividend paid on preferred stock (in shares)								64,553
Public offering of common stock or issuance of common stock							83,927	$ 40	83,887			83,927
Public offering of common stock or issuance of common stock (in shares)								4,025,000
At-the-market issuance of common stock, net of offering costs							27,843	$ 12	27,831			27,843
At-the-market issuance of common stock, net of offering costs (in shares)								1,279,706
Repurchase and retirement of shares of common stock							(177)		(177)			(177)
Repurchase and retirement of shares of common stock (in shares)								(7,972)
Issuances of stock-based awards							(9)	$ 1	(10)			(9)
Issuances of stock-based awards (in shares)								111,414
Stock-based compensation							1,295		1,295			1,295
Dividends declared on preferred stock							(1,456)			(1,456)		(1,456)
Dividends declared on common stock							(18,165)			(18,165)		(18,165)
Net Income							14,559			14,559		14,559
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
Issuance of preferred stock			$ 84,373			$ 35,980	120,353					120,353
Issuance of preferred stock (in shares)			85,000			1,500,000
At-the-market issuance of preferred stock, net of offering costs						$ 1,421	1,421					1,421
At-the-market issuance of preferred stock, net of offering costs (in shares)						71,734
Stock dividend paid on preferred stock							6,419	$ 3	6,416			6,419
Stock dividend paid on preferred stock (in shares)								342,943
Public offering of common stock or issuance of common stock							81,143	$ 46	81,097			81,143
Public offering of common stock or issuance of common stock (in shares)								4,600,000
At-the-market issuance of common stock, net of offering costs							20,482	$ 10	20,472			20,482
At-the-market issuance of common stock, net of offering costs (in shares)								1,002,068
Repurchase and retirement of shares of common stock							(333)		(333)			$ (333)
Repurchase and retirement of shares of common stock (in shares)								(17,514)				(213,078)
Issuances of stock-based awards								$ 1	(1)
Issuances of stock-based awards (in shares)								75,333
Stock-based compensation							1,929		1,929			$ 1,929
Forfeiture and retirement of shares related to stock-based awards (in shares)								(1,667)
Dividends declared on preferred stock	$ (15,389)	$ (15,389)	$ (15,389)	$ (2,625)	$ (2,625)	$ (2,625)
Dividends declared on common stock							(25,722)			(25,722)		(25,722)
Net Income							54,366			54,366		54,366
Balance at Dec. 31, 2018			$ 122,137			$ 37,401	$ 547,864	$ 204	$ 386,394	$ 1,728		$ 547,864
Balance (in shares) at Dec. 31, 2018			125,000			1,571,734		20,430,218

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cash flows from operating activities:
Net Income	$ 54,366	$ 14,559	$ 16,017
Adjustments to reconcile net income to net cash used in operating activities:
Interest capitalized on outstanding loans	(22,814)	(8,575)	(3,856)
Realized gain and net unrealized gain on investments	(43,564)	(10,804)	(18,370)
Stock-based compensation	1,929	1,295	1,080
Equity in earnings from unconsolidated real estate venture	(1,473)	(2,253)	(1,224)
Return on investment from unconsolidated joint venture	857	700	995
Deferred termination fee to Manager			239
Depreciation and amortization	3,489	534	112
Amortization of deferred financing costs	877	373	16
Loss on modification of debt		232
Accretion of origination fees	(986)	(629)	(740)
Changes in operating assets and liabilities:
Prepaid expenses and other assets	(1,095)	26	(377)
Due to Manager	1,850	476	310
Accounts payable, accrued expenses, and other liabilities	259	495	(111)
Net cash used in operating activities	(6,305)	(3,571)	(5,909)
Cash flows from investing activities:
Purchase of corporate fixed assets	(115)	(46)	(50)
Purchase of self-storage real estate owned	(16,383)	(2,856)
Capital additions to self-storage real estate owned	(481)
Capital contributions to unconsolidated real estate venture	(2,487)	(6,013)	(2,137)
Return of capital from unconsolidated real estate venture			7,291
Advances to unconsolidated self-storage real estate venture	(16,242)	(50,396)	(18,293)
Repayment of advances to unconsolidated self-storage real estate venture	19,045	49,479	15,998
Proceeds received from settlement of profits interest	619
Capitalized unconsolidated real estate venture costs			(226)
Advances to future development property investments	(1,800)
Origination fees received in cash	1,999	4,566	441
Development property investments and bridge investments	(258,604)	(152,681)	(45,094)
Operating property loans			(429)
Funding of other loans	(4,602)	(10,504)	(15,978)
Repayments of investment portfolio investments	33,047	27,513	15,037
Repayments of other loans	1,174	19,332	5,369
Net cash used in investing activities	(244,830)	(121,606)	(38,071)
Cash flows from financing activities:
Cash received from Credit Facility, net of issuance costs	31,005	285
Cash received from term loans, net of issuance costs	24,567
Borrowings on senior loan participations		1,755	21,845
Repurchase of senior loan participations	(732)	(1,854)	(3,229)
Repayment of Credit Facility	(35,000)	(20,000)
Deferred financing costs			(2,357)
Stock repurchases	(333)	(177)	(3,185)
Net proceeds from issuance of common stock	101,625	111,761	53,460
Dividends paid on common stock	(23,623)	(16,249)	(8,488)
Net cash provided by financing activities	212,873	104,781	67,494
Net change in cash and cash equivalents	(38,262)	(20,396)	23,514
Cash and cash equivalents at the beginning of the period	46,977	67,373	43,859
Cash and cash equivalents at the end of the period	8,715	46,977	67,373
Series A Preferred Stock [Member]
Cash flows from financing activities:
Net proceeds from issuance of preferred stock	84,931	29,964	$ 9,448
Dividends paid on preferred stock	(5,032)	$ (704)
Series B Preferred Stock [Member]
Cash flows from financing activities:
Net proceeds from issuance of preferred stock	37,402
Dividends paid on preferred stock	$ (1,937)

ORGANIZATION AND FORMATION OF T

ORGANIZATION AND FORMATION OF THE COMPANY	12 Months Ended
	Dec. 31, 2018
ORGANIZATION AND FORMATION OF THE COMPANY [Abstract]
ORGANIZATION AND FORMATION OF THE COMPANY	1. ORGANIZATION AND FORMATION OF THE COMPANY Jernigan Capital, Inc. (together with its consolidated subsidiaries, the “Company”) makes debt and equity investments in self-storage development projects and existing self-storage facilities, most of which were recently constructed, and also owns self-storage facilities. The Company is a Maryland corporation that was organized on October 1, 2014 and completed its initial public offering (the “IPO”) on April 1, 2015. 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	12 Months Ended
	Dec. 31, 2018
SIGNIFICANT ACCOUNTING POLICIES [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	2. SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The Company’s consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). 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 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 net unrealized gain on 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 net unrealized gain on 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 the 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. Realized Gains and Net Unrealized Gain on Investments The Company measures realized gains by the difference between the net proceeds resulting from the sale of a self-storage property underlying one of the Company’s loan investments, excluding any prepayment penalties paid to the Company in connection with the repayment of the loan secured by the self-storage property, which are recognized in interest income from investments, and the cost basis of the investment, without regard to unrealized gain or loss previously recognized. Net unrealized gain on investments reflects the unrealized gains and losses recognized on certain investments during the reporting period, including any reversal of previously recorded unrealized gains when gains are realized. All fluctuations in fair value are included in net unrealized gain on investments on the Consolidated Statements of Operations. Prior to the year ended December 31, 2018, a sale of a self-storage property underlying one of the Company’s loan investment had not yet occurred and, thus, the Company had not yet realized any fair value gains on its investments. Accordingly, net increases in fair value of the Company’s investments had previously been reported in a single line item ‘Changes in fair value of investments’ in the Consolidated Statements of Operations. 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 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), the term loans, the senior loan participation, and payables. The following table presents the financial instruments measured at fair value on a recurring basis at December 31, 2018: Fair Value Measurements Using Total Level 1 Level 2 Level 3 Development property investments $ 373,564 $ - $ - $ 373,564 Bridge investments (1) 84,383 - - 84,383 Total investments $ 457,947 $ - $ - $ 457,947 (1) The Company closed its first bridge 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 consists primarily of: (i) the funded principal balance of the loan to the Company, net of unamortized origination fees; (ii) unrealized appreciation recognized as of the acquisition date; and (iii) the cash consideration paid and assumed liabilities, if applicable, to acquire the interests of other equity owners of the project. 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 years ended December 31, 2018 and 2017 . Cash and Cash Equivalents Cash, investments in money market accounts and certificates of deposit with original maturities of three months or less are considered to be cash equivalents. The Company places its cash and cash equivalents primarily with three financial institutions, and the balance at each financial institution exceeds the Federal Deposit Insurance Corporation insurance limit of $250,000 per institution. Other Loans The Company’s other loans balance primarily includes principal balances for certain revolving loan agreements and short-term mortgage loans made by the Company in situations where it was determined that making such loans would benefit the Company’s primary business. As of December 31, 2018, the Company had executed seven revolving loan agreements with an aggregate outstanding principal amount of $0.7 million. Six of the agreements are with individuals who are owners of limited liability companies, one is with a limited liability company, and all are personally guaranteed. Six of these borrowers are either directly or indirectly owners of certain of the Company’s development property investments. 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% or 7.0% per annum and are due in full in two or three years. At December 31, 2017, the Company had executed nine revolving loan agreements with an aggregate outstanding principal amount of $1.0 million. As of December 31, 2018, the Company had a balance of $3.8 million related to one land loan extended to a limited liability company that is under common control with a borrower in certain of the Company’s development property investments. The land loan is secured by a first mortgage on real and personal property, is personally guaranteed, is interest-only with a fixed interest rate of 6.9% per annum, and had an original maturity date of January 20, 2019. The maturity of the loan was based upon the estimated time needed to approve the site for closing into a development loan. These loans are accounted for under the cost method, and fair value approximates cost at December 31, 2018 and 2017. None of these loans are in non-accrual status as of December 31, 2018 and 2017. The Company determined that no allowance for loan loss was necessary at December 31, 2018 and 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, modified, or exchanged 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 accompanying Consolidated Statements of Operations. Debt issuance costs related to the sale of senior participations or term loans are presented in the accompanying 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 accompanying Consolidated Balance Sheets as Deferred Financing Costs. Other expenses Other expenses of $0.3 million during the year ended December 31, 2018 consist of costs related to the termination of an employee contract and have been expensed as incurred. Other expenses of $2.1 million during the year ended December 31, 2016 consist of non-capitalizable advisory fees and other unreimbursed expenses incurred in connection with various financing and investment transactions and were expensed as incurred. The Company incurred no other expense during the year ended December 31, 2017. 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. 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. As of December 31, 2018, the Company has issued and sold $125.0 million in shares of Series A Preferred Stock, and, as a result, may not issue any additional shares of Series A Preferred Stock pursuant to the Purchase Agreement other than in connection with the payment of in-kind dividends. The Company incurred $2.8 million of preferred stock offering costs in conjunction with the execution of the Purchase Agreement. Such costs were presented as deferred costs on the Consolidated Balance Sheets until such time as Series A Preferred Stock was 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 December 31, 2018 and 2017, respectively, and $2.8 million and $2.2 million has reduced the cumulative preferred stock balance on the accompanying Consolidated Balance Sheets at December 31, 2018 and 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 years ended December 31, 2018, 2017 and 2016, comprehensive income equaled net income; therefore, separate Consolidated Statements of Comprehensive Income are not included in the accompanying consolidated financial statements. Segment Reporting The Company does not evaluate performance on a relationship specific or transactional basis and does not distinguish its principal business or group its operations on a geographical basis for purposes of measuring performance. Accordingly, the Company believes it has a single operating segment for reporting purposes in accordance with GAAP. Recent Accounting Pronouncements In 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 year ended December 31, 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. 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. Since adoption of the new guidance, the Company has considered its self-storage facility acquisitions to be asset acquisitions. The costs related to the acquisitions of self-storage facilities that qualify as asset acquisitions are 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, $0.4 million of origination fees received in cash for the year ended December 31, 2016, 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 has assessed the impact this new accounting guidance will have on its consolidated financial statements and does not expect the new accounting guidance to have a material impact 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: Year ended December 31, 2018 2017 2016 Supplemental disclosure of cash flow information: Interest paid $ 1,448 $ 926 $ 484 Supplemental disclosure of non-cash investing and financing activities: Stock dividend paid on preferred stock $ 6,419 $ 1,325 $ - Dividends declared, but not paid, on preferred stock 5,049 423 996 Dividends declared, but not paid, on common stock 7,150 5,051 3,134 Contribution of assets to real estate venture - - 7,693 Reclassification of self-storage real estate owned 66,390 12,919 - Assumed liabilities with acquisition of self-storage real estate owned 252 - - Consideration payable due to acquisition of self-storage real estate owned 100 - - Construction and other costs incurred, but not paid, on self-storage real estate owned 270 - - Other loans paid off with issuance of development property investments 117 1,727 - Other deferred fees paid-in-kind 500 - - Reclassification of deferred costs to cumulative preferred stock 559 1,648 -

SELF-STORAGE INVESTMENT PORTFOL

SELF-STORAGE INVESTMENT PORTFOLIO	12 Months Ended
	Dec. 31, 2018
SELF-STORAGE REAL ESTATE OWNED [Abstract]
SELF-STORAGE REAL ESTATE OWNED	3. SELF-STORAGE INVESTMENT PORTFOLIO The Company’s self-storage investments at December 31, 2018 consisted of the following: Investments reported at fair value · Development Property Investments - The Company had 46 investments totaling an aggregate committed principal amount of approximately $533.3 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. As of December 31, 2018, one of the development property investments totaling $9.3 million of aggregate committed amount was structured as a preferred equity investment, which will be subordinate to a first mortgage loan expected to be procured from a third party lender for 60% to 70% of the cost of the project. Included in development property investments as of December 31, 2018 was one construction loan with a committed principal amount of approximately $17.7 million that is interest-only at a fixed interest rate of 6.9% annum (default rate of 12.9% annum), has no equity participation and is secured by a first priority mortgage on the project. This construction loan had an initial term of 18 months that was extended during the first quarter of 2017 and in 2018. This loan matured and became due and payable on June 30, 2018; however, it has yet to be repaid. Accordingly, this construction loan is in default and was placed on non-accrual status during the three months ended December 31, 2018. Since that time, no interest income has been recognized and will only be recognized if interest is collected in cash. The total unpaid balance of the loan is $17.7 million. As the investment is a collateral dependent loan, the Company considered the fair value of the collateral when determining the fair value of the investment as of December 31, 2018. The fair value of the investment as of December 31, 2018 is $17.7 million. Subsequent to December 31, 2018, the Company commenced proceedings to foreclose on the underlying collateral . · Bridge Investments – The Company had five bridge investments with an aggregate committed principal amount of approximately $83.3 million. Three of these bridge investments 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 of these bridge investments aggregating a committed principal amount of $36.2 million are secured by first priority mortgages on two newly-completed self-storage properties with an aggregate of over 163,000 net rentable square feet, which loans bear interest at an annual rate of 9.5%, with 6.5% payable monthly and 3.0% payment-in-kind (“PIK”) interest 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 investments are all issued and outstanding with a single borrower. As of December 31, 2018, the aggregate committed principal amount of the Company’s development property investments and bridge investments was approximately $634.3 million and outstanding principal was $413. 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): 7/2/2015 Milwaukee (2)(8) $ 7,650 $ 7,648 $ 2 $ 9,057 7/31/2015 New Haven (2)(8) 6,930 6,827 103 8,350 8/14/2015 Raleigh (2)(8) 8,792 8,498 294 8,002 10/27/2015 Austin (2)(8) 8,658 7,817 841 7,763 9/20/2016 Charlotte 2 (2)(8) 12,888 11,445 1,443 12,793 11/17/2016 Jacksonville 2 (2)(8) 7,530 7,157 373 9,122 1/18/2017 Atlanta 3 (3) 14,115 8,711 5,404 9,337 1/31/2017 Atlanta 4 (2) 13,678 12,957 721 16,031 2/24/2017 Orlando 3 (2) 8,056 7,229 827 8,592 2/24/2017 New Orleans (2) 12,549 10,587 1,962 12,221 2/27/2017 Atlanta 5 (3) 17,492 14,095 3,397 15,371 3/1/2017 Fort Lauderdale (2) 9,952 7,604 2,348 10,475 3/1/2017 Houston (3)(7) 14,825 10,936 3,889 13,285 4/14/2017 Louisville 1 (2)(8) 8,523 6,979 1,544 8,540 4/20/2017 Denver 1 (3) 9,806 6,884 2,922 7,706 4/20/2017 Denver 2 (2) 11,164 10,235 929 12,403 5/2/2017 Atlanta 6 (2) 12,543 10,589 1,954 12,774 5/2/2017 Tampa 2 (3) 8,091 5,493 2,598 6,020 5/19/2017 Tampa 3 (2) 9,224 7,154 2,070 8,391 6/12/2017 Tampa 4 (2) 10,266 8,846 1,420 11,419 6/19/2017 Baltimore 1 (2)(4) 10,775 9,177 1,598 10,805 6/28/2017 Knoxville (2)(8) 9,115 7,717 1,398 8,652 6/29/2017 Boston 1 (2)(6) - - - 2,614 6/30/2017 New York City 2 (2)(4) 26,482 24,760 1,722 28,102 7/27/2017 Jacksonville 3 (2) 8,096 6,836 1,260 8,251 8/30/2017 Orlando 4 (2) 9,037 6,769 2,268 8,264 9/14/2017 Los Angeles 1 28,750 8,692 20,058 8,418 9/14/2017 Miami 1 14,657 6,882 7,775 6,562 9/28/2017 Louisville 2 (2)(8) 9,940 8,691 1,249 10,652 10/12/2017 Miami 2 (4) 9,459 1,335 8,124 1,082 10/30/2017 New York City 3 (4) 14,701 4,835 9,866 4,383 11/16/2017 Miami 3 (4) 20,168 4,096 16,072 3,542 11/21/2017 Minneapolis 1 12,674 3,214 9,460 3,070 12/1/2017 Boston 2 (3) 8,771 3,978 4,793 4,246 12/15/2017 New York City 4 10,591 1,777 8,814 1,631 12/27/2017 Boston 3 10,174 2,563 7,611 2,402 12/28/2017 New York City 5 16,073 6,523 9,550 6,400 2/8/2018 Minneapolis 2 (3) 10,543 7,802 2,741 8,773 3/30/2018 Philadelphia (3)(4) 14,338 7,870 6,468 8,093 4/6/2018 Minneapolis 3 12,883 2,333 10,550 2,206 5/1/2018 Miami 9 (4) 12,421 2,803 9,618 2,564 5/15/2018 Atlanta 7 9,418 861 8,557 775 5/23/2018 Kansas City 9,968 1,228 8,740 1,137 6/7/2018 Orlando 5 12,969 800 12,169 673 6/12/2018 Los Angeles 2 (5) 9,298 4,597 4,701 4,581 11/16/2018 Baltimore 2 9,247 390 8,857 301 $ 533,280 $ 314,220 $ 219,060 $ 355,831 Construction loans: 12/23/2015 Miami 17,733 17,733 - 17,733 $ 17,733 $ 17,733 $ - $ 17,733 Total development property investments $ 551,013 $ 331,953 $ 219,060 $ 373,564 Bridge investments (includes a profits interest): 3/2/2018 Miami 4 (2)(8) 20,201 20,201 - 22,823 3/2/2018 Miami 5 (2)(4)(8) 17,738 16,883 855 14,432 3/2/2018 Miami 6 (2)(8) 13,370 13,370 - 17,372 3/2/2018 Miami 7 (2)(4)(8) 18,462 17,581 881 15,971 3/2/2018 Miami 8 (2)(8) 13,553 13,472 81 13,785 Total bridge investments $ 83,324 $ 81,507 $ 1,817 $ 84,383 Total investments reported at fair value $ 634,337 $ 413,460 $ 220,877 $ 457,947 (1) Represents principal balance of loan gross of origination fees. The principal balance includes interest and fees accrued on the investment. (2) Construction at the facility was substantially complete and/or certificate of occupancy had been received as of December 31, 2018. See Note 4, Fair Value of Financial Instruments , for information regarding recognition of entrepreneurial profit. (3) Facility had achieved at least 40% construction completion but construction was not considered substantially complete as of December 31, 2018. See Note 4, Fair Value of Financial Instruments , for information regarding recognition of entrepreneurial profit. (4) These investments contain a higher loan-to-cost (“LTC”) ratio and a higher interest rate, some of which interest is 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 is expected to provide 60-70% of the total cost through a first mortgage construction loan. Of the remaining 30-40% of costs required to complete the project, the Company will provide 90% 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. (6) The Company’s loan was repaid in full through a refinancing initiated by the Company’s partner. The investment represents the Company’s 49.9% Profits Interest which was retained during the transaction. (7) On December 31, 2018, the Company increased the total commitment amount of this loan in exchange for a fee that was immediately advanced on the loan. The fee will be recognized into income in the future as earned and will be received in cash upon the repayment of the loan. (8) As of December 31, 2018, this investment was pledged as collateral to the Company’s Credit Facility. The following table provides a reconciliation of the funded principal to the fair market value of investments at December 31, 2018: Funded principal $ 413,460 Adjustments: Unamortized origination and other fees (6,382) Net unrealized gain on investments 50,953 Other (84) Fair value of investments $ 457,947 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) $ 8,132 $ 8,086 $ 46 $ 10,741 6/19/2015 Tampa 1 (2)(6)(8) 5,369 5,285 84 6,012 6/26/2015 Atlanta 2 (2)(5)(8) 6,050 5,769 281 8,631 6/29/2015 Charlotte 1 (2)(5)(8) 7,624 7,251 373 10,363 7/2/2015 Milwaukee (2)(8) 7,650 7,512 138 8,994 7/31/2015 New Haven (2)(8) 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)(8) 6,445 5,988 457 8,913 10/27/2015 Austin (2)(8) 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)(5) 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 $ $ $ $ Construction loans: 12/23/2015 Miami (8) 17,733 12,492 5,241 12,373 $ $ $ $ Total development property investments $ $ $ $ Operating property loans: 7/7/2015 Newark (7)(8) - 3,447 12/22/2015 Chicago (7)(8) 2,491 Total operating property loans $ $ $ $ Total investments reported at fair value $ $ $ $ (1) Represents principal balance of loan gross of origination fees. (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 LTC 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 year ended December 31, 2018, the Company purchased its partner’s 50.1% Profits Interest in these investments. (6) During the year ended December 31, 2018, the underlying facility of this development property investment was sold to a third party. See further discussion of this transaction in Note 4, Fair Value of Financial Instruments. (7) This investment was fully repaid during the year ended December 31, 2018. (8) As of December 31, 2017, this investment was pledged as collateral to the Company’s Credit Facility or senior loan participation. 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) Net unrealized gain on 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, with the exception of the $17.7 million Miami construction loan, were in non-accrual status as of December 31, 2018, and no loans were in non-accrual status as of December 31, 2017. All of the Company’s development property investments and bridge 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 investments with a Profits Interest, the assets and liabilities of the equity method investees approximated $442.6 million and $395.7 million, respectively, at December 31, 2018. These investees had revenues of approximately $4.9 million and operating expenses of $4.2 million for the year ended December 31, 2018. During the year ended December 31, 2018, no individual investment comprised more than 20% of the Company’s net income. For the year ended December 31, 2017, the total income (interest income and net unrealized gain on investment) from one development property investment with a Profits Interest exceeded 20% of the Company’s net income. The Company recorded total income for the year ended December 31, 2017 of $4.9 million from the New York City 1 MSA development property investment with a Profits Interest. The assets and liabilities of the New York City 1 MSA development property investment with a Profits Interest were $15.8 million and $14.7 million, respectively, at December 31, 2017. The revenues and operating expenses of the New York City 1 MSA development property investment with a Profits Interest were $16,000 and $0.2 million, respectively, for the year ended December 31, 2017. The New York City 1 MSA development property investment with a Profits Interest had not been closed as of December 31, 2016. The assets and liabilities of the equity method investees excluding the New York City 1 MSA development property investment with a Profits Interest approximated $218.9 million and $179.7 million, respectively, at December 31, 2017. The revenues and operating expenses of the equity method investees excluding the New York City 1 MSA development property investment with a Profits Interest were $3.0 million and $2.5 million, respectively, for the year ended December 31, 2017. For the year ended December 31, 2016, the total income (interest income and net unrealized gain on investment) from one development property investment with a Profits Interest exceeded 20% of the Company’s net income. The Company recorded total income for the year ended December 31, 2016 of $3.6 million from the Atlanta 2 MSA development property investment with a Profits Interest. The revenues and operating expenses of the Atlanta 2 MSA development property investment with a Profits Interest were $0.1 million and $0.3 million, respectively, for the year ended December 31, 2016. The revenues and operating expenses of the equity method investees excluding the Atlanta 2 MSA development property investment with a Profits Interest were $0.8 million and $1.5 million, respectively, for the year ended December 31, 2016. For sixteen and thirteen of the Company’s development property investments with a Profits Interest as of December 31, 2018 and 2017, respectively, 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 December 31, 2018 and 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 $1.7 million and assumed liabilities of $0.3 million. Accordingly, as of February 20, 2018, the Company wholly owns and consolidates this investment in the accompanying consolidated financial statements. On August 31, 2018, the Company purchased 100% of the Class A membership units of the limited liability company that owned the Charlotte 1 development property investment with a Profits Interest for $3.1 million. Accordingly, as of August 31, 2018, the Company wholly owns and consolidates this investment in the accompanying consolidated financial statements. On December 21, 2018, the Company purchased 100% of the Class A membership units of the limited liability company that owned the New York City 1 development property investment with a Profits Interest for $3.8 million. Accordingly, as of December 21, 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 owned 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 year ended December 31, 2018: Jacksonville 1 Atlanta 1 Atlanta 2 Pittsburgh Charlotte 1 New York City 1 Totals Development property investment at fair value $ 8,913 $ 10,788 $ 8,666 $ 6,914 $ 9,596 $ 21,513 $ 66,390 Cash consideration, inclusive of transaction costs (1) 2,625 2,342 2,960 1,719 3,061 3,845 16,552 Assumed liabilities (2) - - - 252 - - 252 Net property working capital acquired 95 41 40 40 89 90 395 Total cost basis $ 11,633 $ 13,171 $ 11,666 $ 8,925 $ 12,746 $ 25,448 $ 83,589 (1) Includes $0.1 million of cash consideration payable in nine months and $ 69,000 of transaction costs incurred but not yet paid as of December 31, 2018. (2) Included in accounts payable, accrued expenses and other liabilities in the Consolidated Balance Sheet as of December 31, 2018. The following table shows the Company’s basis as of the date of acquisition for the facility acquired during the year ended December 31, 2017: Development property investment at fair value $ 12,919 Cash consideration paid, 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 December 31, 2018 and 2017: December 31, 2018 December 31, 2017 Land $ 10,797 $ 1,505 Building and improvements 85,067 13,720 In-place leases 3,552 602 Property equipment 13 - Construction-in-progress 670 - Accumulated depreciation and amortization (3,897) (472) Self-storage real estate owned $ 96,202 $ 15,355 The following table shows the impact of these real estate investments on the Company’s accompanying Consolidated Statement of Operations for the years ended December 31, 2018 and 2017: Year ended Year ended December 31, 2018 December 31, 2017 Rental and other property-related income from real estate owned $ 3,499 $ 530 Property operating expenses of real estate owned (1,712) (271) Depreciation and amortization expense (3,425) (472) Total expenses of real estate owned $ (5,137) $ (743)

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2018
FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	4. FAIR VALUE OF FINANCIAL INSTRUMENTS The fair value option under ASC 825‑10 allows companies to elect to report selected financial assets and liabilities at fair value. The Company has elected the fair value option of accounting for its development property investments, bridge 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, term loans, senior loan participation 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 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 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 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 eight development property investments that were 40% complete but for which construction was not substantially complete at December 31, 2018, the Company has estimated the entrepreneurial profit adjustment to the enterprise value input used in the OPM to be equal to one-third of the estimated entrepreneurial profit, allocated on a straight-line basis. Twenty-seven development property and bridge 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 December 31, 2018. For the Company’s development property and bridge 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 December 31, 2018 and 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 December 31, 2018 Unobservable Inputs Primary Valuation Weighted Asset Category Techniques Input Estimated Range Average Development property Income approach analysis Market yields/discount rate 4.72 - 13.09% 9.48% investments and bridge investments (a) Exit date (d) 2.25 - 5.95 years 3.44 years Development property Option pricing model Volatility 53.25 - 94.30% 75.10% investments with a profits interest Exit date (d) 2.25 - 5.95 years 3.44 years and bridge investments (b) Capitalization rate (c) 4.75 - 6.00% 5.42% Discount rate (c) 7.75 - 11.74% 8.83% (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. The significant unobservable inputs associated with the construction loan presented as a development property investment are not included as the fair value was determined based on the fair value of the underlying collateral. The fair value of the underlying collateral was determined using a market comparable approach and an income approach based on a capitalization rate within the range provided above for capitalization rates associated with development property investments 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-five 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 investments are generally the estimated date of stabilization of the underlying property. 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 years 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) December 31, 2018 December 31, 2017 Up 25 basis points $ (1.9) $ (1.2) Down 25 basis points, subject to a minimum yield/rate of 10 basis points 2.0 1.2 Up 50 basis points (3.9) (2.3) Down 50 basis points, subject to a minimum yield/rate of 10 basis points 4.1 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 the Company’s investments: Increase (decrease) in fair value of investments Change in capitalization rates (in millions) December 31, 2018 December 31, 2017 Up 25 basis points $ (8.9) $ (2.8) Down 25 basis points 9.8 3.1 Up 50 basis points (17.0) (5.3) Down 50 basis points 20.5 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 years ended December 31, 2018, 2017 and 2016. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may fluctuate from period to period. Additionally, the fair value of the Company’s investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that the Company may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If the Company was required to liquidate an investment in a forced or liquidation sale, it could realize significantly less than the value at which the Company has recorded it. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned . The following tables present changes in investments that use Level 3 inputs : Year ended December 31, 2018 2017 Balance at beginning of period $ 234,171 $ 105,007 Realized gains (619) - Unrealized gains 43,564 10,804 Fundings of principal and change in unamortized origination fees 257,454 150,217 Repayments of loans (33,047) (27,513) Payment-in-kind interest 22,814 8,575 Reclassification of self-storage real estate owned (66,390) (12,919) Net transfers in or out of Level 3 - - Balance at end of period $ 457,947 $ 234,171 On August 28, 2018, the underlying asset for the Tampa 1 investment was sold to a third party and proceeds were distributed to the Company in settlement of the first mortgage loan and 49.9% Profits Interest. The following tables reflect the various financial components related to the transaction: Tampa 1 investment as of June 30, 2018: Fair value of investment $ 5,931 Funded investment, net of unamortized origination fee 5,260 Unrealized gain recorded as of June 30, 2018 $ 671 Cash received on third party sale $ 6,010 Funded investment (5,285) Value realized 725 Unrealized gain recorded as of June 30, 2018 (671) Income realized in excess of unrealized gain previously recorded $ 54 Value realized: Classification in Statement of Operations Profits interest $ 619 Realized gain on investments Prepayment penalty 106 Interest income on investments $ 725 As of December 31, 2018 and 2017, the total net unrealized appreciation on the investments that use Level 3 inputs was $51.0 million and $26.3 million, respectively. For the years ended December 31, 2018 and 2017, substantially all of the net unrealized gain on 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	12 Months Ended
	Dec. 31, 2018
INVESTMENT IN SELF-STORAGE REAL ESTATE VENTURE [Abstract]
INVESTMENT IN SELF-STORAGE REAL ESTATE VENTURE	5. INVESTMENT IN SELF-STORAGE REAL ESTATE VENTURE On March 7, 2016, the Company, through its Operating Company, entered into the Limited Liability Company Agreement (the “JV Agreement”) of Storage Lenders LLC, a Delaware limited liability company, to form a real estate venture (the “SL1 Venture”) with HVP III Storage Lenders Investor, LLC (“HVP III”), an investment vehicle managed by Heitman Capital Management LLC (“Heitman”). The SL1 Venture was formed for the purpose of providing capital to developers of self-storage facilities identified and underwritten by the Company. Upon formation, HVP III committed $110.0 million for a 90% interest in the SL1 Venture, and the Company committed $12.2 million for a 10% interest . On March 31, 2016, the Company contributed to the SL1 Venture three of its existing development property investments with a Profits Interest located in Miami and Fort Lauderdale, Florida that were not yet under construction. These investments had an aggregate committed principal amount of approximately $41.9 million and an aggregate drawn balance of $8.1 million. In exchange, the Company’s initial funding commitment of $12.2 million was reduced by $8.1 million, representing the Company’s initial “Net Invested Capital” balance as defined in the JV Agreement. The Company accounted for this contribution in accordance with ASC 845, Nonmonetary Transactions , and recorded an investment in the SL1 Venture based on the fair value of the contributed development property investments, which is the same as carryover basis. The fair value of the contributed development property investments as of March 31, 2016 was $7.7 million. Pursuant to the JV Agreement, Heitman, in fulfilling its initial $110.0 million commitment, provides capital to the SL1 Venture as cash is required, including funding draws on the three contributed development property investments. During the year ended December 31, 2016, HVP III and the Company agreed to true up the balances in the respective members’ capital accounts to be in accordance with the 90% commitment and 10% commitment made by HVP III and the Company, respectively. Accordingly, during the year ended December 31, 2016, HVP III contributed cash of $7.3 million to the SL1 Venture, and the Company received a $7.3 million cash distribution as a return of its capital . As of December 31, 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 December 31, 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 December 31, 2018, the SL1 Venture had eleven development property investments with a Profits Interest as described in more detail in the table below: Metropolitan Remaining Statistical Area Total Investment Funded Unfunded Closing Date ("MSA") Commitment Investment (1) Commitment Fair Value 5/14/2015 Miami 1 (2)(3) $ 13,867 $ 12,250 $ 1,617 $ 14,338 5/14/2015 Miami 2 (2)(3) 14,849 13,961 888 14,562 9/25/2015 Fort Lauderdale (2)(3) 13,230 12,352 878 16,409 4/15/2016 Washington DC (3) 17,269 17,005 264 19,200 4/29/2016 Atlanta 1 (3)(4) 10,223 9,915 308 11,352 7/19/2016 Jacksonville (3)(4) 8,127 7,422 705 11,406 7/21/2016 New Jersey (3) 7,828 5,749 2,079 6,717 8/15/2016 Atlanta 2 (3)(4) 8,772 8,293 479 9,004 8/25/2016 Denver (3)(4) 11,032 10,221 811 12,716 9/28/2016 Columbia (3) 9,199 8,868 331 9,972 12/22/2016 Raleigh (3) 8,877 8,432 445 9,450 Total $ 123,273 $ 114,468 $ 8,805 $ 135,126 (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) Construction at the facility was substantially complete and/or certificate of occupancy had been received as of December 31, 2018. See Note 4, Fair Value of Financial Instruments , for information regarding recognition of entrepreneurial profit . (4) On January 28, 2019, the SL1 Venture purchased its developer partner’s 50.1% equity interest in this investment. As a result, the SL1 Venture now wholly owns the self-storage property. On January 28, 2019, the SL1 Venture purchased 100% of the Class A membership units of the LLCs that owned the Atlanta 1, Jacksonville, Atlanta 2, and Denver development property investments with a Profits Interest for an aggregate purchase price of $12.1 million. These purchases increased the SL1 Venture’s ownership interest on each development property investment from 49.9% to 100%. The SL1 Venture now wholly owns the self-storage properties through these LLCs. On February 27, 2019, the SL1 Venture closed on a $36.1 million term loan secured by these four properties. As of December 31, 2018, the SL1 Venture had total assets of $135.2 million and total liabilities of $0.5 million. During the year ended December 31, 2018, the SL1 Venture had net income of $13.8 million, of which $1.5 million was allocated to the Company and $12.3 million was allocated to HVP III under the HLBV method. At December 31, 2018, $0.2 million of transaction expenses were included in the carrying amount of the Company’s investment in the SL1 Venture. Additionally, the Company may from time to time make advances to the SL1 Venture. At December 31, 2018, the Company had $0.4 million in advances to the SL1 Venture, and the related interest on these advances are classified in equity in earnings from unconsolidated real estate venture in the Consolidated Statements of Operations. As of December 31, 2017, the SL1 Venture had total assets of $103.7 million and total liabilities of $3.3 million. During the year ended December 31, 2017, the SL1 Venture had net income of $18.7 million, of which $2.3 million was allocated to the Company and $16.4 million was allocated to HVP III under the HLBV method. At December 31, 2017, $0.2 million of transaction expenses were included in the carrying amount of the Company’s investment in the SL1 Venture. Additionally, the Company may from time to time make advances to the SL1 Venture. At December 31, 2017, the Company had $3.2 million in advances to the SL1 Venture, and the related interest on these advances are classified in equity in earnings from unconsolidated real estate venture in the Consolidated Statements of Operations. During the year ended December 31, 2016, the SL1 Venture had net income of $1.1 million, of which $1.2 million was allocated to the Company and a loss of $0.1 million was allocated to HVP III under the HLBV method. 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 December 31, 2018 and 2017. As of December 31, 2018, all of the development property investments included in the SL1 Venture were open and operating or construction was substantially complete. 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 December 31, 2018 and 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 December 31, 2018 and 2017.

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	12 Months Ended
	Dec. 31, 2018
VARIABLE INTEREST ENTITIES [Abstract]
VARIABLE INTEREST ENTITIES	6. VARIABLE INTEREST ENTITIES Development Property Investments and Bridge Investments The Company holds variable interests in its development property investments and bridge 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 $457. 9 million and $228.2 million at December 31, 2018 and 2017, respectively, for its variable interest in the development property and bridge investment VIEs which is included in the development property investments and bridge 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 investment VIEs is as follows : December 31, 2018 2017 Assets recorded related to VIEs $ 457,947 $ 228,233 Unfunded loan commitments to VIEs 220,877 310,750 Maximum exposure to loss $ 678,824 $ 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 December 31, 2018 and 2017, the Company’s remaining unfunded commitment to the SL1 Venture is $0.9 million and $3.4 million, respectively. At December 31, 2018 and 2017, the Company had $0.4 million and $3.2 million, respectively, in advances to the SL1 Venture.

DEBT

DEBT	12 Months Ended
	Dec. 31, 2018
DEBT [Abstract]
DEBT	7. DEBT Credit Facility On December 28, 2018, the Operating Company entered into an amended and restated senior secured revolving credit facility of up to $235 million with KeyBank National Association, as administrative agent, KeyBanc Capital Markets Inc., Raymond James Bank, N.A. and BMO Capital Markets Corp., as joint lead arrangers and syndication agents, 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 $400 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 December 28, 2018, the Company and certain wholly-owned subsidiaries of the Operating Company (the “Subsidiaries”) 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 made through the Subsidiaries, 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 December 28, 2021, with two one-year extension options to extend the maturity of the facility to December 28, 2023. Borrowings under the Credit Facility are secured by three different pools of collateral: the first consisting of the Company’s mortgage loans extended to developers, the second consisting of certain non-stabilized self-storage properties owned by the Company and the third consisting of certain stabilized self-storage properties owned by the Company or one of its wholly-owned subsidiaries. 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 outstanding balance of the Company mortgage loans and (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. For loans secured by non-stabilized 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 the non-stabilized self-storage properties to be greater than 60% of the as-stabilized value of such non-stabilized self-storage properties, (ii) the maximum principal amount which would not cause the outstanding loans under the Credit Facility to be greater than 75% of the total development cost of the non-stabilized self-storage properties, and (iii) whichever of the following is then applicable: (a) the maximum principal amount that would not cause the ratio of (1) stabilized net operating income from the non-stabilized self-storage properties included in the borrowing base divided by (2) an implied debt service coverage amount to be less than 1.35 to 1.00, (b) for any underlying real estate asset securing the non-stabilized self-storage properties that has been included in the borrowing base for greater than 18 months, the maximum principal amount which would not cause the ratio of (1) actual adjusted net operating income for the underlying real estate asset securing such non-stabilized self-storage properties divided by (2) an implied debt service amount to be less than 0.50 to 1.00, and (c) for any underlying real estate asset securing the non-stabilized self-storage properties that has been included in the borrowing base for greater than 30 months, the maximum principal amount which would not cause the ratio of (1) actual adjusted net operating income for the underlying real estate asset securing such non-stabilized self-storage properties divided by (2) an implied debt service amount to be less than 1.00 to 1.00. For loans secured by stabilized 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 the underlying real estate asset securing the stabilized 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 the underlying real estate asset securing such stabilized 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 bears interest at either, at the Operating Company’s election, (i) a base rate plus a margin of 1.25%, 1.75% or 2.25% or (ii) LIBOR plus a margin of 2.25%, 2.75% or 3.25%, 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 either 0.25% or 0.30% per annum, depending on the amount outstanding under the Credit Facility at the time, 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 1.20 to 1.00 during the period between December 28, 2018 and December 31, 2020, 1.30 to 1.00 during the period between January 1, 2021 and December 31, 2022 and 1.40 to 1.00 during the period between January 1, 2023 through the maturity of the Credit Facility ; · a minimum consolidated tangible net worth (defined as gross asset value less total consolidated indebtedness) of $373.6 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 40% of consolidated total indebtedness; · liquidity of no less than the greater of (a) future funding commitments of us and our subsidiaries for the three months following each date of determination and (b) $50 million for the period between December 31, 2018 and December 31, 2019 or on and after January 1, 2020, liquidity of no less than the greater of (i) future funding commitments of the Company and its subsidiaries for the six months following each date of determination and (ii) $50 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 2.00 to 1.00. The Credit Facility provides for standard events of default, including nonpayment of principal and other amounts when due, non-performance of covenants, breach of representations and warranties, certain bankruptcy or insolvency events, and changes in control. If an event of default occurs and is continuing under the Credit Facility, the lenders may, among other things, terminate their commitments under the Credit Facility and require the immediate payment of all amounts owed thereunder . As of December 31, 2018, the Company had no outstanding borrowings under the Credit Facility and $91.3 million was available for borrowing under the Credit Facility.  As of December 31, 2018, the Company was in compliance with all of its financial covenants of the Credit Facility.  As of December 31, 2018 and 2017, certain of the Company’s development property investments, bridge investments, and operating property loans as described in Note 3, Self-Storage Investment Portfolio, were pledged as collateral against the Credit Facility. In addition, as of December 31, 2018 and 2017, the New York City 1 and the Orlando 1/2 owned properties, respectively, which are included in self-storage real estate owned, net, were pledged as collateral against the Credit Facility. Term Loans On August 17, 2018, the Company entered into loan agreements (the “FirstBank Term Loans”) with FirstBank (“FirstBank”) with respect to three term loans in the aggregate principal amount of $24.9 million. The FirstBank Term Loans are secured by first mortgages on the Company’s three wholly-owned self-storage facilities located in Orlando, Florida and Atlanta, Georgia. As a condition to FirstBank providing the FirstBank Term Loans, the Company has agreed to unconditionally guarantee the subsidiaries’ obligations under the FirstBank Term Loans pursuant to guaranty agreements with FirstBank (the “FirstBank Guaranties”). The FirstBank Term Loans will mature on August 1, 2021. Borrowings under the FirstBank Term Loans bear interest at a floating variable rate of one-month LIBOR plus 2.25%, which is reset monthly. The FirstBank Term Loans contain customary representations and warranties and affirmative and negative covenants. The FirstBank Term Loans contain a financial covenant that requires the Operating Company to maintain a debt service coverage ratio of 1.35 to 1. The debt service coverage ratio will be calculated pursuant to the terms of the Credit Facility. FirstBank is a lender under the Credit Facility. The FirstBank Term Loans also contain a covenant that requires the Operating Company to maintain a loan to value ratio on the outstanding balance of the loan that does not exceed the loan to value ratio at closing. The FirstBank Term Loans provide for standard events of default, including nonpayment of principal and other amounts when due, non-performance of covenants, breach of representations and warranties and certain bankruptcy or insolvency events. If an event of default occurs and is continuing under the FirstBank Term Loans, FirstBank may, among other things, terminate its commitments under the FirstBank Term Loans and require the immediate payment of all amounts owed thereunder. The FirstBank Term Loans each contain cross-default provisions with the Credit Facility, pursuant to which an event of default under the FirstBank Term Loans is triggered by the occurrence of an event of default under the Credit Facility that results in acceleration of the outstanding obligations of the Operating Company under the Credit Facility.  As of December 31, 2018, the Company was in compliance with all of its financial covenants of the FirstBank Term Loans. 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 was not maintained, the interest rate would have increased. 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 Miami A Note as of December 31, 2018. As of December 31, 2017, the Miami development property investment was pledged as collateral against the Company’s senior participation. The table below details the bank commitment and outstanding balance of the Company’s 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% % 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	12 Months Ended
	Dec. 31, 2018
STOCKHOLDERS' EQUITY [Abstract]
STOCKHOLDERS' EQUITY	8. STOCKHOLDERS’ EQUITY The Company had 20,430,218 and 14,429,055 shares of common stock issued and outstanding, which included 159,165 and 185,002 shares of non-vested restricted stock, as of December 31, 2018 and 2017, respectively. The Company had 125,000 and 40,000 shares of Series A Preferred Stock issued and outstanding as of December 31, 2018 and 2017, respectively. The Company also had 1,571,734 shares of Series B Preferred Stock issued and outstanding as of December 31, 2018. Common Stock Offerings On April 5, 2017, the Company entered into an at-the-market continuous equity offering program (“ATM Program”) with an aggregate offering price of up to $50.0 million. On December 7, 2018, the Company entered into a new Equity Distribution Agreement with an aggregate offering price under the ATM Program of up to $75.0 million. As of December 31, 2018, the Company has issued and sold an aggregate of 2,281,774 shares of common stock at a weighted average price of $21.79 per share under the ATM Programs, receiving net proceeds after commissions and other offering costs of $48.3 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 December 31, 2018, the Company had repurchased and retired a total of 213,078 shares of its common stock at an aggregate cost of approximately $3.2 million. As of December 31, 2018, the Company has $6.8 million remaining under the Board’s authorization to repurchase shares of its common stock. Equity Incentive Plan In connection with the IPO, the Company established the 2015 Equity Incentive Plan for the purpose of attracting and retaining directors, executive officers, investment professionals and other key personnel and service providers, including officers and employees of the Manager and other affiliates, and to stimulate their efforts toward the Company’s continued success, long-term growth and profitability. The 2015 Equity Incentive Plan provides for the grant of stock options, share awards (including restricted common stock and restricted stock units), stock appreciation rights, dividend equivalent rights, performance awards, annual incentive cash awards and other equity-based awards, including Long-Term Incentive Plan (“LTIP”) units, which are convertible on a one-for-one basis into Operating Company Units (“OC Units”). A total of 200,000 shares of common stock were reserved for issuance pursuant to the 2015 Equity Incentive Plan, subject to certain adjustments set forth in the plan. On 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 December 31, 2018 and 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, 99,503 vested during the year ended December 31, 2018, 70,834 will vest in 2019, 70,829 will vest in 2020 and 17,502 will vest in 2021. Additionally, 1,667 were forfeited during each of the years ended December 31, 2018 and 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 became 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 $1.9 million, $1.3 million and $1.1 million of stock-based compensation expense for the years ended December 31, 2018, 2017 and 2016, respectively. As of December 31, 2018, 2017 and 2016, the total unrecognized compensation cost related to the Company’s restricted shares was approximately $2.1 million, $2. 7 million and $2.0 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 1.8 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 years ended December 31, 2018 and 2017 is as follows: Year ended December 31, 2018 2017 Weighted Weighted average grant average grant Shares date fair value Shares date fair value Nonvested at beginning of period, 185,002 $ 21.58 120,001 $ 20.10 Granted 75,333 19.18 111,414 22.59 Vested (99,503) 18.48 (46,413) 20.28 Forfeited (1,667) 18.10 - - Nonvested at end of period, 159,165 $ 18.39 185,002 $ 21.58 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 Company has issued all shares of Series A Preferred Stock available for issuance under the Purchase Agreement and the Articles Supplementary except for shares of Series A Preferred Stock issuable as in-kind dividends . 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, (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 and for the year ended December 31, 2018. The Series A Preferred Stock may be redeemed at the Company’s option (i) after five years from the Effective Date at a price equal to 105% of the Liquidation Value per share plus the value of all accumulated and unpaid Cash Distributions and Stock Dividends, and (ii) after six years from the Effective Date at a price equal to 100% of the Liquidation Value per share plus the value of all accumulated and unpaid Cash Distributions and Stock Dividends. In the event of certain change of control events affecting the Company prior to the third anniversary of the Effective Date, the Company must redeem all shares of Series A Preferred Stock for a price equal to (a) the Liquidation Value, plus (b) accumulated and unpaid Cash Distributions and Stock Dividends, plus (c) a make-whole premium designed to provide the holders of the Series A Preferred Stock with a return on the redeemed shares equal to a 14.0% internal rate of return through the third anniversary of the Effective Date . Holders of Series A Preferred Stock will be entitled to a separate class vote with respect to (i) any amendments to the Company’s Amended and Restated Articles of Incorporation (the “Charter”), as supplemented by the Articles Supplementary, or bylaws that would alter or change the rights, preferences, privileges or restrictions of the Series A Preferred Stock so as to materially and adversely affect such Series A Preferred Stock and (ii) reclassification or otherwise, any issuances by the Company of securities that are senior to, or equal in priority with, the Series A Preferred Stock . In the event of any liquidation, dissolution or winding up of the Company, the holders of the Series A Preferred Stock shall be entitled to receive an amount equal to the greater of (i) the Liquidation Value, plus all accumulated but unpaid Cash Distributions and Stock Dividends thereon to, but not including, the date of any liquidation, but excluding any Cash Premium and (ii) the amount that would be paid on such date in the event of a redemption following a change of control . Pursuant to the Series A 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 2019 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 Company’s 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 Executive Chairman of the Board, voluntarily leaves the position (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 CEO (or such person serving as the principal executive officer) of the Company . 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.  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 September 28, 2018, the Company issued the final $15.0 million of Series A Preferred Stock that remained available for issuance under 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.  On July 31, 2018, the Company declared a (i) cash distribution of $15.81 per share of Series A Preferred Stock, payable on October 15, 2018, to holders of Series A Preferred Stock of record on the close of business on October 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 October 15, 2018, to holders of Series A Preferred Stock of record on the close of business on October 1, 2018 . On October 31, 2018, the Company declared a (i) cash distribution of $17.89 per share of Series A Preferred Stock, payable on January 15, 2019, to holders of Series A Preferred Stock of record on the close of business on January 1, 2019, and (ii) distributions payable in kind in a number of shares of Series A Preferred Stock as determined in accordance with the terms of the designation of the Series A Preferred Stock, payable on January 15, 2019, to holders of Series A Preferred Stock of record on the close of business on January 1, 2019 . 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 Company, designating 2,025,000 shares of its previously undesignated preferred stock as Series B Preferred Stock. The Preferred ATM Articles Supplementary increase the number of shares of the Company’s preferred stock designated as Series B Preferred Stock from 1,725,000 to 3,750,000. As of December 31, 2018, the Company has sold 71,734 shares of Series B Preferred Stock at a weighted average price of $22.94, receiving net proceeds after commissions and other offering costs of $1.4 million under the Preferred ATM Program. The Company or the Agent may at any time suspend the offering or terminate the Distribution Agreement pursuant to the terms of the Distribution Agreement. The actual sale of Preferred ATM Shares under the Program will depend on a variety of factors to be determined by the Company from time to time, including, among other things, market conditions, the trading price of the Series B Preferred Stock, capital needs and determinations by the Company of the appropriate sources of funding for the Company. The Company has no obligation to sell any of the Preferred ATM Shares, and may, at any time, suspend offers under the Distribution Agreement or terminate the Distribution Agreement.

DIVIDENDS AND DISTRIBUTIONS

DIVIDENDS AND DISTRIBUTIONS	12 Months Ended
	Dec. 31, 2018
DIVIDENDS AND DISTRIBUTIONS [Abstract]
DIVIDENDS AND DISTRIBUTIONS	9. DIVIDENDS AND DISTRIBUTIONS The following table summarizes the Company’s dividends declared on its common stock during the year ended December 31, 2018: Date declared Record date Payment date Per share amount Total amount February 28, 2018 April 2, 2018 April 13, 2018 $ 0.35 $ 5,056 May 2, 2018 July 2, 2018 July 13, 2018 0.35 6,739 July 31, 2018 October 1, 2018 October 15, 2018 0.35 6,777 October 31, 2018 January 2, 2019 January 15, 2019 0.35 7,150 The following table summarized the Company’s dividends declared on its Series A Preferred Stock during the year ended December 31, 2018: Date declared Record date Payment date Per share amount Total amount Cash dividend: February 28, 2018 April 1, 2018 April 13, 2018 $ 12.12 $ 909 May 2, 2018 July 1, 2018 July 13, 2018 16.07 1,767 July 31, 2018 October 1, 2018 October 15, 2018 15.81 1,977 October 31, 2018 January 1, 2019 January 15, 2019 17.89 2,236 Stock dividend: February 28, 2018 April 1, 2018 April 13, 2018 (1) $ 28.33 $ 2,125 May 2, 2018 July 1, 2018 July 13, 2018 (2) 19.32 2,125 July 31, 2018 October 1, 2018 October 15, 2018 (3) 17.00 2,125 October 31, 2018 January 1, 2019 January 15, 2019 (4) 17.00 2,125 (1) 120,028 shares of common stock were issued at the election of the Holders (2) 111,199 shares of common stock were issued at the election of the Holders (3) 109,494 shares of common stock were issued at the election of the Holders (4) 2,125 shares of Series A Preferred Stock were issued at the election of the Holders The following table summarizes the Company’s dividends declared on its Series B Preferred Stock during the year ended December 31, 2018: Date declared Record date Payment date Per share amount Total amount February 28, 2018 April 2, 2018 April 13, 2018 $ 0.37431 $ 561 May 2, 2018 July 2, 2018 July 13, 2018 0.43750 688 July 31, 2018 October 1, 2018 October 15, 2018 0.43750 688 October 31, 2018 January 2, 2019 January 15, 2019 0.43750 688 The following table summarizes the Company’s dividends declared on its common stock during the year ended December 31, 2017: Date declared Record date Payment date Per share amount Total amount March 7, 2017 April 3, 2017 April 14, 2017 $ 0.35 $ 3,149 May 3, 2017 July 3, 2017 July 14, 2017 0.35 4,983 August 1, 2017 October 2, 2017 October 13, 2017 0.35 4,983 November 1, 2017 January 2, 2018 January 12, 2018 0.35 5,051 The following table summarized the Company’s dividends declared on its Series A Preferred Stock during the year ended December 31, 2017: Date declared Record date Payment date Per share amount Total amount Cash dividend: March 7, 2017 April 1, 2017 April 14, 2017 $ 17.50 $ 175 May 3, 2017 July 1, 2017 July 14, 2017 17.69 177 August 1, 2017 October 1, 2017 October 13, 2017 17.89 179 November 1, 2017 January 1, 2018 January 12, 2018 9.48 379 Stock dividend: March 7, 2017 April 1, 2017 April 15, 2017 (1) $ 37.10 $ 371 May 3, 2017 July 1, 2017 - - - August 1, 2017 October 1, 2017 October 13, 2017 (2) 13.15 131 November 1, 2017 January 1, 2018 January 12, 2018 (3) 1.11 44 (1) 16,497 shares of common stock were issued at the election of the Holders (2) 6,703 shares of common stock were issued at the election of the Holders (3) 2,222 shares of common stock were issued at the election of the Holders

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2018
EARNINGS PER SHARE [Abstract]
EARNINGS PER SHARE	10. 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 the Company’s diluted earnings per share being the more dilutive of the treasury stock or two-class methods. For the years ended December 31, 2018, 2017 and 2016, the Company’s basic earnings per share is computed using the two-class method, and the Company’s diluted earnings per share is computed using the more dilutive of the treasury stock method or two-class method: Year ended December 31, Shares outstanding 2018 2017 2016 Weighted average common shares - basic 17,111,035 11,735,455 6,060,100 Effect of dilutive securities 173,125 173,057 152,548 Weighted average common shares, all classes 17,284,160 11,908,512 6,212,648 Calculation of Earnings per Share - basic Net income $ 54,366 $ 14,559 $ 16,017 Less: Net income allocated to preferred stockholders 18,014 1,456 996 Net income allocated to unvested restricted shares (1) 364 188 345 Net income attributable to common shareholders – two-class method $ 35,988 $ 12,915 $ 14,676 Weighted average common shares - basic 17,111,035 11,735,455 6,060,100 Earnings per share - basic $ 2.10 $ 1.10 $ 2.42 Calculation of Earnings per Share - diluted Net income $ 54,366 $ 14,559 $ 16,017 Less: Net income allocated to preferred stockholders 18,014 1,456 996 Net income attributable to common shareholders – two-class method $ 36,352 $ 13,103 $ 15,021 Weighted average common shares - diluted 17,284,160 11,908,512 6,212,648 Earnings per share - diluted $ 2.10 $ 1.10 $ 2.42 (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 years ended December 31, 2018, 2017 and 2016.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2018
RELATED PARTY TRANSACTIONS [Abstract]
RELATED PARTY TRANSACTIONS	11. RELATED PARTY TRANSACTIONS Equity Method Investments Certain of the Company’s development property investments and bridge investments are equity method investments for which the Company has elected the fair value option of accounting. The fair value of these equity method investments at December 31, 2018 and 2017 were $440.2 million and $215.9 million, respectively. The interest income realized and the net unrealized gain from these equity method investments was $66.2 million, $18.0 million and $21.4 million for the years ended December 31, 2018, 2017 and 2016, respectively. The Company’s investment in the real estate venture, the SL1 Venture, has a carrying amount of $14.2 million and $13.9 million at December 31, 2018 and 2017, respectively, and the earnings from this venture were $1.5 million, $2.3 million and $1.3 million for the years ended December 31, 2018, 2017 and 2016, respectively. Management Agreement As of December 31, 2018, the Company did not have any employees. The Company relies on the personnel, properties and resources of the Manager to conduct its operations. The Company and the Manager are parties to a management agreement (as amended and restated, the “Management Agreement”), which was originally entered into on April 1, 2015 and was amended and restated on May 23, 2016, April 1, 2017 and November 1, 2017. Pursuant to the Management Agreement, the Manager is responsible for (a) the Company’s day-to-day operations (including finance, accounting and investor relations), (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, (d) sourcing, analyzing, procuring and managing the Company’s capital and (e) performing portfolio management duties. The Manager has an Investment Committee that approves investments in accordance with the Company’s investment guidelines, investment strategy, and financing strategy. The initial term of the Management Agreement will 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 will review the Manager’s performance annually. At the end of the initial term and any extension term, the Management Agreement may be terminated upon the affirmative vote of at least two-thirds of the Company’s independent directors if such independent directors determine: (a) the Manager has performed its duties in an unsatisfactory manner that is materially detrimental to the Company; or (b) the compensation payable to the Manager is not fair, subject to the Manager’s right to prevent termination based on unfair compensation by accepting a reduction of compensation agreed to by at least two-thirds of the independent directors. The Company is required to provide the Manager with a minimum 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 in the subsection entitled “Termination of Management Agreement”. 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. Management Fees 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 its IPO (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 its common stock since its IPO. 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. Retained earnings 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 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 its 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 base management fee was $6.7 million, $3.5 million and $1.7 million for the years ended December 31, 2018, 2017 and 2016, respectively. Incentive Fee The Manager may also earn an incentive fee each fiscal quarter (or part thereof that the Management Agreement is in effect) payable in arrears in cash. The incentive fee will be an amount, not less than zero, determined pursuant to the following formula: Incentive Fee = .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, any incentive fee earned shall not 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 NYSE (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 (1) net income (loss) determined under GAAP, plus (2) non-cash equity compensation expense, the incentive fee, depreciation and amortization, plus (3) any unrealized losses or other non-cash expense items reflected in GAAP net income (loss), less (4) any unrealized gains reflected in GAAP net income (including any unrealized appreciation with respect to self-storage facilities that the Company has not yet acquired). The 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. In addition, with respect to any self-storage facility acquired by the Company with respect to which it 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 one of the Company’s loans 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 its acquisition of a self-storage facility without such facility being sold to a third party buyer in the open market. The Manager computes the incentive fee each quarter within 45 days after the end of the fiscal quarter that is currently payable and if an incentive fee results, promptly delivers such calculation to the Company’s Board of Directors. The amount of any incentive fee 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 incentive fee earned for the year ended December 31, 2018 was $0.7 million, is primarily due to the purchases of developer interests in six self-storage projects during the year, and is presented in the Fees to Manager line item in the Company’s Consolidated Statements of Operations. No incentive fee was earned for any quarter in the years ended December 31, 2017 and 2016. At December 31, 2018 and 2017, the Company had outstanding fees due to Manager of $3.3 million and $1.5 million, respectively, consisting of the management fees payable, incentive fees payable, and certain reimbursable expenses. Expense Reimbursement In addition to Management Fees and Incentive Fees as described above, the Management Agreement provides that the Company will reimburse payroll, occupancy, business development, marketing and other expenses of the Manager for conducting the business of the Company, excluding the salaries and cash bonuses of the Manager’s CEO and Chief Financial Officer (“CFO”), 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. Under the 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; however, 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 are reduced dollar-for-dollar by the amount of any such payment or reimbursement. Amounts reimbursable to the Manager for expenses are included in general and administrative expenses in the Consolidated Statements of Operations and totaled $3.8 million, $3.0 million and $3.3 million for the years ended December 31, 2018, 2017 and 2016, respectively. Termination of Management Agreement In the event that the Company terminates the Management Agreement per the terms of the agreement, other than for cause or the Company being required to register as an investment company, there will be a Termination Fee due to the Manager. If the Management Agreement terminates other than for Cause, voluntary non-renewal by the Manager or the Company being required to register as an investment company under the 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) a price, 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 our achieved total annual return, and (b) the Company’s equity market capitalization multiplied by a specific percentage, or Capitalization Percentage, depending on our achieved total return (the “Internalization Price”). The EBITDA and Capitalization Percentage are as follows based on our total annual return: Total Annual Return EBITDA Multiple Capitalization % <8% 5x 5% 8% to 12% 5.5x 5.5% >12% 6x 6% 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 our 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 Executive Chairman and the current CEO 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. Internalization of Manager 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 Operating Company at the end of the initial term all of the assets or equity interests in the Manager (an “Internalization Transaction”). Such offer shall specify an internalization price and such terms and conditions as the Manager shall determine. 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. Under the 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 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 Company’s Board of Directors 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 Company’s closing market price of the common stock for the ten consecutive trading days immediately preceding the date with respect to which value must be determined. However, if the Company’s common stock 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 Company’s Board of Directors and the Manager or, in the absence of such agreement, the Internalization Price shall be paid in cash.

RESTRUCTURING COSTS

RESTRUCTURING COSTS	12 Months Ended
	Dec. 31, 2018
RESTRUCTURING COSTS [Abstract]
RESTRUCTURING COSTS	12. RESTRUCTURING COSTS On August 11, 2015, the Company’s Board of Directors approved consolidating its offices and moving the corporate headquarters to Memphis, Tennessee. In connection with the consolidation and moving of the Company’s headquarters, the Company added legal, accounting, loan administration and business development personnel in Memphis and closed its offices in Miami, Florida and Cleveland, Ohio. The consolidation was completed by the end of the third quarter of 2015. Restructuring costs reflected in the accompanying Consolidated Statements of Operations relate primarily to one-time termination benefits and lease termination costs. The Company recognizes these severance and other charges when the requirements of ASC 420, Exit or Disposal Cost Obligations , have been met regarding a plan of termination and when communication has been made to employees. During the years ended December 31, 2018 and 2017, the Company incurred no restructuring costs. During the year ended December 31, 2016, the Company incurred $54,000 in restructuring costs in the Consolidated Statements of Operations. Year ended December 31, 2018 Total cumulative restructuring costs Restructuring Restructuring incurred or costs liability at Restructuring Cash Non-cash costs liability at expected to be Cost Type December 31, 2017 costs incurred payments activity December 31, 2018 incurred Severance $ - $ - $ - $ - $ - $ 97 Fixed asset disposal - - - - - 33 Lease termination 36 - (36) - - 187 Other - - - - - 13 Total restructuring costs $ 36 $ - $ (36) $ - $ - $ 330 Year ended December 31, 2017 Total cumulative restructuring costs Restructuring Restructuring incurred or costs liability at Restructuring Cash Non-cash costs liability at expected to be Cost Type December 31, 2016 costs incurred payments activity December 31, 2017 incurred Severance $ - $ - $ - $ - $ - $ 97 Fixed asset disposal - - - - - 33 Lease termination 79 - (43) - 36 187 Other - - - - - 13 Total restructuring costs $ 79 $ - $ (43) $ - $ 36 $ 330 Year ended December 31, 2016 Total cumulative restructuring costs Restructuring Restructuring incurred or costs liability at Restructuring Cash Non-cash costs liability at expected to be Cost Type December 31, 2015 costs incurred payments activity December 31, 2016 incurred Severance $ - $ - $ - $ - $ - $ 97 Fixed asset disposal - - - - - 33 Lease termination 85 64 (70) - 79 187 Other 10 - - (10) - 13 Total restructuring costs $ 95 $ 64 $ (70) $ (10) $ 79 $ 330

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2018
COMMITMENTS AND CONTINGENCIES [Abstract]
COMMITMENTS AND CONTINGENCIES	13. COMMITMENTS AND CONTINGENCIES As described in Note 3, Self-Storage Investment Portfolio , the Company has $220.9 million of unfunded loan commitments related to its investment portfolio. As described in Note 5, Investment in Real Estate Venture , the Company has $0.9 million of unfunded loan commitments to the SL1 Venture. As described in Note 2, Significant Accounting Policies , the Company has $2.2 million of unfunded loan commitments related to seven revolving loan agreements. The following table summarizes the maturities of the Company’s FirstBank Term Loans as of December 31, 2018: Contractual Obligations 2019 2020 2021 2022 2023 Thereafter Total Long-term debt obligations (1)(2)(3) $ - $ - $ 24,900 $ - $ - $ - $ 24,900 (1) Represents principal payments gross of discounts and debt issuance costs. (2) Amount excludes interest, which is variable based on 30‑day LIBOR plus a spread of 2.25%. (3) Does not reflect any borrowings under the Company’s Credit Facility as there were no amounts outstanding under the Credit Facility as of December 31, 2018. The Credit Facility has a maturity date of December 28, 2021, with two one-year extension options to extend the maturity date to December 28, 2023. The Company from time to time may be party to litigation relating to claims arising in the normal course of business. The Company is not aware of any legal claims that could materially impact its financial position, results of operations, or cash flows.

QUARTERLY FINANCIAL DATA

QUARTERLY FINANCIAL DATA	12 Months Ended
	Dec. 31, 2018
QUARTERLY FINANCIAL DATA [Abstract]
QUARTERLY FINANCIAL DATA	14. QUARTERLY FINANCIAL DATA (UNAUDITED) The following table summarizes the Company’s quarterly financial results for each quarter of the year ended December 31, 2018: For the three month period ended, March 31 June 30 September 30 December 31 2018: Total revenues $ 5,216 $ 7,241 $ 9,091 $ 9,666 Net income $ 5,354 $ 10,797 $ 15,964 $ 22,251 Net income attributable to common stockholders $ 1,759 $ 6,217 $ 11,174 $ 17,202 Net income per common share - basic $ 0.12 $ 0.40 $ 0.58 $ 0.87 Net income per common share - diluted $ 0.12 $ 0.40 $ 0.57 $ 0.87 The following table summarizes the Company’s quarterly financial results for each quarter of the year ended December 31, 2017: For the three month period ended, March 31 June 30 September 30 December 31 2017: Total revenue $ 2,301 $ 2,599 $ 3,361 $ 3,930 Net income $ 1,783 $ 5,194 $ 4,457 $ 3,125 Net income attributable to common stockholders $ 1,237 $ 5,017 $ 4,147 $ 2,702 Net income per common share - basic $ 0.14 $ 0.50 $ 0.29 $ 0.19 Net income per common share - diluted $ 0.14 $ 0.50 $ 0.29 $ 0.19

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2018
SUBSEQUENT EVENTS [Abstract]
SUBSEQUENT EVENTS	15. SUBSEQUENT EVENTS The Company’s management has evaluated subsequent events through the date of issuance of the consolidated financial statements included herein. Other than those disclosed below, there have been no subsequent events that occurred during such period that require disclosure or recognition in the accompanying consolidated financial statements as of and for the year ended December 31, 2018. Investment Activity On January 28, 2019, the SL1 Venture purchased 100% of the Class A membership units of the LLCs that owned the Atlanta 1, Jacksonville, Atlanta 2, and Denver development property investments with a Profits Interest for an aggregate purchase price of $12.1 million. These purchases increased the SL1 Venture’s ownership interest on each development property investment from 49.9% to 100%. The SL1 Venture now wholly owns the self-storage properties through these LLCs. On February 27, 2019, the SL1 Venture closed on a $36.1 million term loan secured by these four properties. Subsequent to December 31, 2018, the Company closed on the following development property investment with a Profits Interest: Total Investment Closing Date MSA Commitment 3/1/2019 New York City 6 $ 18,796 Total $ 18,796 Capital Activities As of December 31, 2018, the Company had no borrowings under the Credit Facility. As of February 28, 2019, the Company has $21.0 million outstanding of $118.0 million in total availability under the Credit Facility. On January 18, 2019, one of the Company’s wholly-owned subsidiaries entered into a loan agreement with respect to a term loan with a principal amount of $9.2 million. This loan is secured by a first mortgage on the Company’s wholly-owned self-storage facility located in Charlotte, North Carolina. As a condition to the lender providing the loan, the Company has agreed to unconditionally guarantee the subsidiary’s obligations under the loan pursuant to guaranty agreements with the lender. First Quarter Dividend Declarations On February 22, 2019, 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 March 31, 2019. The dividends are payable on April 15, 2019 to holders of Series A Preferred Stock of record on April 1, 2019. On February 22, 2019, 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 March 31, 2019. The dividends are payable on April 15, 2019 to holders of Series B Preferred Stock of record on April 1, 2019. On February 22, 2019, the Company’s Board of Directors declared a cash dividend of $0.35 per share of common stock for the quarter ending March 31, 2019. The dividend is payable on April 15, 2019 to stockholders of record on April 1, 2019.

SCHEDULE III - REAL ESTATE AND

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
	Dec. 31, 2018
SCHEDULE III - REAL ESTATE AND ACCUMULATED [Abstract]
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION	JERNIGAN CAPITAL, INC. Schedule III Real Estate and Accumulated Depreciation December 31, 2018 (Dollars in thousands) Gross Carrying Amount at Initial Cost December 31, 2018 Square Buildings and Costs Subsequent Buildings and Accumulated Year Description Footage Debt Land Improvements to Acquisition Land Improvements Total Depreciation (1) Acquired Ocoee, FL 93,965 9,150 1,505 14,322 1 1,505 14,323 15,828 1,177 2017 Marietta, GA 66,187 7,125 1,500 10,166 3 1,500 10,169 11,669 645 2018 Alpharetta, GA 71,718 8,625 3,407 9,764 3 3,407 9,767 13,174 659 2018 Fleming Island, FL 59,848 - 1,438 10,195 5 1,438 10,200 11,638 835 2018 Pittsburgh, PA 47,794 - 316 8,609 671 316 9,280 9,596 274 2018 Mallard Creek, NC 85,350 - 1,445 11,301 - 1,445 11,301 12,746 267 2018 Bay Shore, NY 105,347 - 1,186 24,262 - 1,186 24,262 25,448 40 2018 (1) The costs of building and improvements are generally depreciated using the straight-line method based on a useful life of 40 years. December 31, 2018 Self-storage real estate owned: Balance at beginning of period $ 15,827 Acquisitions & improvements 83,602 Construction in progress 670 Balance at end of period $ 100,099 Accumulated Depreciation: Balance at beginning of period $ 472 Depreciation expense 3,425 Dispositions and other - Balance at end of period $ 3,897

SCHEDULE IV - MORTGAGE LOANS ON

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE	12 Months Ended
	Dec. 31, 2018
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE [Abstract]
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE	JERNIGAN CAPITAL, INC. Schedule IV Mortgage Loans on Real Estate December 31, 2018 (Dollars in thousands) Column A Column B Column C Column D Column E Column F Column G Column H Principal Amount Periodic Face Carrying of Loans Subject Interest Final Maturity Payment Amount of Amount of to Delinquent Description Location (6) Rate Date Terms Prior Liens Loans Loans (1) Principal or Interest Development property investments: Development investments with a profits interest Self-storage development project Milwaukee 6.90 % 1-Aug-21 (2)(8) - 7,648 9,057 - Self-storage development project New Haven 6.90 % 1-Sep-21 (2)(9) - 6,827 8,350 - Self-storage development project Raleigh 6.90 % 1-Sep-21 (2)(8) - 8,498 8,002 - Self-storage development project Austin 6.90 % 27-Oct-21 (2)(8) - 7,817 7,763 - Self-storage development project Charlotte 6.90 % 20-Sep-22 (2)(8) - 11,445 12,793 - Self-storage development project Jacksonville 6.90 % 17-Nov-22 (3)(8) - 7,157 9,122 - Self-storage development project Atlanta 6.90 % 1-Feb-23 (3)(8) - 8,711 9,337 - Self-storage development project Atlanta 6.90 % 1-Feb-23 (3)(8) - 12,957 16,031 - Self-storage development project Orlando 6.90 % 24-Feb-23 (3)(8) - 7,229 8,592 - Self-storage development project New Orleans 6.90 % 24-Feb-23 (3)(8) - 10,587 12,221 - Self-storage development project Atlanta 6.90 % 27-Feb-23 (3)(8) - 14,095 15,371 - Self-storage development project Fort Lauderdale 6.90 % 28-Feb-23 (3)(8) - 7,604 10,475 - Self-storage development project Houston 6.90 % 28-Feb-23 (3)(8) - 10,936 13,285 - Self-storage development project Louisville 6.90 % 14-Apr-23 (3)(8) - 6,979 8,540 - Self-storage development project Denver 6.90 % 20-Apr-23 (3)(8) - 6,884 7,706 - Self-storage development project Denver 6.90 % 20-Apr-23 (3)(8) - 10,235 12,403 - Self-storage development project Atlanta 6.90 % 1-Jun-23 (3)(8) - 10,589 12,774 - Self-storage development project Tampa 6.90 % 1-Jun-23 (3)(8) - 5,493 6,020 - Self-storage development project Tampa 6.90 % 1-Jun-23 (3)(8) - 7,154 8,391 - Self-storage development project Tampa 6.90 % 1-Jul-23 (3)(8) - 8,846 11,419 - Self-storage development project Baltimore 9.50 % 1-Jul-23 (3)(5)(8) - 9,177 10,805 - Self-storage development project Knoxville 6.90 % 28-Jun-23 (3)(8) - 7,717 8,652 - Self-storage development project New York City 9.50 % 1-Jul-23 (4)(5)(8) - 24,760 28,102 - Self-storage development project Jacksonville 6.90 % 27-Jul-23 (3)(8) - 6,836 8,251 - Self-storage development project Orlando 6.90 % 1-Sep-23 (3)(8) - 6,769 8,264 - Self-storage development project Los Angeles 6.90 % 30-Sep-24 (12)(14) - 8,692 8,418 - Self-storage development project Miami 6.90 % 14-Sep-23 (3)(8) - 6,882 6,562 - Self-storage development project Louisville 6.90 % 30-Sep-23 (3)(8) - 8,691 10,652 - Self-storage development project Miami 9.50 % 1-Nov-23 (3)(5)(8) - 1,335 1,082 - Self-storage development project New York City 9.50 % 1-Nov-23 (3)(5)(8) - 4,835 4,383 - Self-storage development project Miami 9.50 % 1-Dec-23 (3)(5)(8) - 4,096 3,542 - Self-storage development project Minneapolis 6.90 % 21-Nov-23 (3)(8) - 3,214 3,070 - Self-storage development project Boston 6.90 % 1-Jan-24 (3)(8) - 3,978 4,246 - Self-storage development project New York City 6.90 % 15-Dec-23 (3)(8) - 1,777 1,631 - Self-storage development project Boston 6.90 % 27-Dec-23 (3)(11) - 2,563 2,402 - Self-storage development project New York City 6.90 % 1-Jan-24 (8)(14) - 6,523 6,400 - Self-storage development project Minneapolis 6.90 % 8-Feb-24 (3)(8) - 7,802 8,773 - Self-storage development project Philadelphia 9.50 % 1-Apr-24 (3)(5)(8) - 7,870 8,093 - Self-storage development project Minneapolis 6.90 % 6-Apr-24 (3)(8) - 2,333 2,206 - Self-storage development project Miami 9.50 % 1-Jun-24 (3)(5)(8) - 2,803 2,564 - Self-storage development project Atlanta 6.90 % 1-Jun-24 (3)(8) - 861 775 - Self-storage development project Kansas City 6.90 % 1-Jun-24 (3)(8) - 1,228 1,137 - Self-storage development project Orlando 6.90 % 7-Jun-24 (3)(8) - 800 673 - Self-storage development project Baltimore 6.90 % 16-Nov-24 (3)(7) - 390 301 - $ - $ 309,623 $ 348,636 $ - Construction loans - first mortgages Self-storage development project Miami 12.90 % 30-Jun-18 (13)(15) - 17,733 17,733 17,733 $ - $ 17,733 $ 17,733 $ 17,733 Bridge investments Self-storage property Miami 6.90 % 1-Apr-23 (10) - 20,201 22,823 - Self-storage property Miami 9.50 % 1-Apr-23 (5)(10) - 16,883 14,432 - Self-storage property Miami 6.90 % 1-Apr-23 (10) - 13,370 17,372 - Self-storage property Miami 9.50 % 1-Apr-23 (5)(10) - 17,581 15,971 - Self-storage property Miami 6.90 % 1-Apr-23 (10) - 13,472 13,785 - $ - $ 81,507 $ 84,383 $ - $ - $ 408,863 $ 450,752 $ 17,733 (1) The face amount of loans in Column F approximate the aggregate cost for federal income tax purposes. (2) Development property investments with a Profits Interest are comprised of a construction loan secured by a first mortgage on the development project and a mezzanine loan secured by a first priority security interest in the membership interests of the owners of the project. These loans are entered into simultaneously and are valued as a single instrument for accounting purposes. (3) Development property investments with a Profits Interest are comprised of a construction loan secured by a first mortgage on the development project. (4) Development property investments with a Profits Interest are comprised of a construction lending facility secured by a first mortgage on the development project. This project is located in New York state, and in order to comply with the New York lien law, our typical investment commitment amount was divided into three tranches with three individual promissory notes, each secured by the first mortgage on the development project. The first note is comprised of land costs only, the second is comprised of construction hard costs only, and the third is comprised of all the remaining costs in the project, with the total amount of all three notes equaling our total investment commitment amount. (5) For this investment, interest accrues at a rate of 9.5% per annum, with 6.5% payable monthly from interest reserves and the remaining 3.0% accruing but not payable until the loan matures or is paid off. (6) Represents the MSA of the development project. (7) Interest only monthly (funded from interest reserve until the project is generating positive cash flows, in which case, all or a portion of the interest is paid in cash); balloon payment due at maturity; prepayment penalty – Prior to 49th month, 3%; on or after 49th month but prior to 61st month, 2%; on or after 61st month but prior to 70th month, 1%; on or after 70th month - no prepayment premium. (8) Interest only monthly (funded from interest reserve until the project is generating positive cash flows, in which case, all or a portion of the interest is paid in cash); balloon payment due at maturity; prepayment penalty - On or before 37th month - no prepayment permitted; on or after 37th month but prior to 49th month, 3%; on or after 49th month but prior to 61st month, 2%; on or after 61st month but prior to 70th month, 1%; on or after 70th month - no prepayment premium. (9) Interest only monthly (funded from interest reserve until the project is generating positive cash flows, in which case, all or a portion of the interest is paid in cash); balloon payment due at maturity; prepayment penalty – Prior to completion date – no prepayment permitted; prior to 19th month following completion - no prepayment premium; on or after 19th month but prior to 31st month following completion, 3%; on or after 31st month but prior to 43rd month following completion, 2%; on or after 43rd month but prior to 55th month following completion, 1%; on or after 55th month following completion - no prepayment premium. (10) Interest only monthly (funded from interest reserve until the project is generating positive cash flows, in which case, all or a portion of the interest is paid in cash); balloon payment due at maturity; prepayment penalty – Prior to completion date – no prepayment permitted; prior to 19th month following completion - no prepayment premium; on or after 18th month but prior to 30th month following completion, 2%; on or after 30th month but prior to 42nd month following completion, 1%; on or after 43rd month following completion - no prepayment premium. (11) Interest only monthly (funded from interest reserve); balloon payment due at maturity; prepayment penalty - On or before 37th month, 4%; on or after 37th month but prior to 49th month, 3%; on or after 49th month but prior to 61st month, 2%; on or after 61st month but prior to 67th month, 1%; on or after 67th month - no prepayment premium. (12) Interest only monthly (funded from interest reserve); balloon payment due at maturity; prepayment penalty - On or before 37th month - no prepayment permitted; on or after 37th month but prior to 49th month, 2%; on or after 49th month but prior to 70th month, 1%; on or after 70th month - no prepayment premium. (13) Interest only monthly (funded from interest reserve); balloon payment due at maturity; no prepayment permitted for all or any portion of the loan prior to completion of construction and receipt of certificate of occupancy. (14) This development property investment with a Profits Interest is a mezzanine loan secured by a first priority security interest in the membership interest of the developer partner of the project. (15) This construction loan had an initial term of 18 months that was extended during the first quarter of 2017 and in 2018. This loan matured and became due and payable on June 30, 2018; however, it has yet to be repaid. Accordingly, this construction loan is in default and was placed on non-accrual status during the three months ended December 31, 2018. Since that time, no interest income has been recognized and will only be recognized if interest is collected in cash. The following table sets forth the activity of mortgage loans for the year ended December 31, 2018. The following table sets forth the activity of mortgage loans for the year ended December 31, 2018: Balance as of December 31, 2017 $ 234,171 Fundings of principal, net of unamortized origination fees 253,030 Reclassification of self-storage real estate owned (66,390) Payment-in-kind interest 22,641 Repayments of principal (33,047) Profits interest fair value on Boston 1 (2,614) Net unrealized gains 42,961 Balance as of December 31, 2018 $ 450,752

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2018
SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Basis of Presentation	Basis of Presentation The Company’s consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). 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 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 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 net unrealized gain on 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 net unrealized gain on 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 the 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.
Realized Gains and Net Unrealized Gain on Investments	Realized Gains and Net Unrealized Gain on Investments The Company measures realized gains by the difference between the net proceeds resulting from the sale of a self-storage property underlying one of the Company’s loan investments, excluding any prepayment penalties paid to the Company in connection with the repayment of the loan secured by the self-storage property, which are recognized in interest income from investments, and the cost basis of the investment, without regard to unrealized gain or loss previously recognized. Net unrealized gain on investments reflects the unrealized gains and losses recognized on certain investments during the reporting period, including any reversal of previously recorded unrealized gains when gains are realized. All fluctuations in fair value are included in net unrealized gain on investments on the Consolidated Statements of Operations. Prior to the year ended December 31, 2018, a sale of a self-storage property underlying one of the Company’s loan investment had not yet occurred and, thus, the Company had not yet realized any fair value gains on its investments. Accordingly, net increases in fair value of the Company’s investments had previously been reported in a single line item ‘Changes in fair value of investments’ in the Consolidated Statements of Operations.
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 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), the term loans, the senior loan participation, and payables. The following table presents the financial instruments measured at fair value on a recurring basis at December 31, 2018: Fair Value Measurements Using Total Level 1 Level 2 Level 3 Development property investments $ 373,564 $ - $ - $ 373,564 Bridge investments (1) 84,383 - - 84,383 Total investments $ 457,947 $ - $ - $ 457,947 (1) The Company closed its first bridge 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 consists primarily of: (i) the funded principal balance of the loan to the Company, net of unamortized origination fees; (ii) unrealized appreciation recognized as of the acquisition date; and (iii) the cash consideration paid and assumed liabilities, if applicable, to acquire the interests of other equity owners of the project. 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 years ended December 31, 2018 and 2017 .
Cash and Cash Equivalents	Cash and Cash Equivalents Cash, investments in money market accounts and certificates of deposit with original maturities of three months or less are considered to be cash equivalents. The Company places its cash and cash equivalents primarily with three financial institutions, and the balance at each financial institution exceeds the Federal Deposit Insurance Corporation insurance limit of $250,000 per institution.
Other Loans	Other Loans The Company’s other loans balance primarily includes principal balances for certain revolving loan agreements and short-term mortgage loans made by the Company in situations where it was determined that making such loans would benefit the Company’s primary business. As of December 31, 2018, the Company had executed seven revolving loan agreements with an aggregate outstanding principal amount of $0.7 million. Six of the agreements are with individuals who are owners of limited liability companies, one is with a limited liability company, and all are personally guaranteed. Six of these borrowers are either directly or indirectly owners of certain of the Company’s development property investments. 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% or 7.0% per annum and are due in full in two or three years. At December 31, 2017, the Company had executed nine revolving loan agreements with an aggregate outstanding principal amount of $1.0 million. As of December 31, 2018, the Company had a balance of $3.8 million related to one land loan extended to a limited liability company that is under common control with a borrower in certain of the Company’s development property investments. The land loan is secured by a first mortgage on real and personal property, is personally guaranteed, is interest-only with a fixed interest rate of 6.9% per annum, and had an original maturity date of January 20, 2019. The maturity of the loan was based upon the estimated time needed to approve the site for closing into a development loan. These loans are accounted for under the cost method, and fair value approximates cost at December 31, 2018 and 2017. None of these loans are in non-accrual status as of December 31, 2018 and 2017. The Company determined that no allowance for loan loss was necessary at December 31, 2018 and 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, modified, or exchanged 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 accompanying Consolidated Statements of Operations. Debt issuance costs related to the sale of senior participations or term loans are presented in the accompanying 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 accompanying Consolidated Balance Sheets as Deferred Financing Costs.
Other Expenses	Other expenses Other expenses of $0.3 million during the year ended December 31, 2018 consist of costs related to the termination of an employee contract and have been expensed as incurred. Other expenses of $2.1 million during the year ended December 31, 2016 consist of non-capitalizable advisory fees and other unreimbursed expenses incurred in connection with various financing and investment transactions and were expensed as incurred. The Company incurred no other expense during the year ended December 31, 2017.
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. 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. As of December 31, 2018, the Company has issued and sold $125.0 million in shares of Series A Preferred Stock, and, as a result, may not issue any additional shares of Series A Preferred Stock pursuant to the Purchase Agreement other than in connection with the payment of in-kind dividends. The Company incurred $2.8 million of preferred stock offering costs in conjunction with the execution of the Purchase Agreement. Such costs were presented as deferred costs on the Consolidated Balance Sheets until such time as Series A Preferred Stock was 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 December 31, 2018 and 2017, respectively, and $2.8 million and $2.2 million has reduced the cumulative preferred stock balance on the accompanying Consolidated Balance Sheets at December 31, 2018 and 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 years ended December 31, 2018, 2017 and 2016, comprehensive income equaled net income; therefore, separate Consolidated Statements of Comprehensive Income are not included in the accompanying consolidated financial statements.
Segment Reporting	Segment Reporting The Company does not evaluate performance on a relationship specific or transactional basis and does not distinguish its principal business or group its operations on a geographical basis for purposes of measuring performance. Accordingly, the Company believes it has a single operating segment for reporting purposes in accordance with GAAP.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In 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 year ended December 31, 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. 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. Since adoption of the new guidance, the Company has considered its self-storage facility acquisitions to be asset acquisitions. The costs related to the acquisitions of self-storage facilities that qualify as asset acquisitions are 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, $0.4 million of origination fees received in cash for the year ended December 31, 2016, 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 has assessed the impact this new accounting guidance will have on its consolidated financial statements and does not expect the new accounting guidance to have a material impact 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 POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2018
SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Financial Instruments Measured at Fair Value on a Recurring Basis	The following table presents the financial instruments measured at fair value on a recurring basis at December 31, 2018: Fair Value Measurements Using Total Level 1 Level 2 Level 3 Development property investments $ 373,564 $ - $ - $ 373,564 Bridge investments (1) 84,383 - - 84,383 Total investments $ 457,947 $ - $ - $ 457,947 (1) The Company closed its first bridge 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
Consolidated Statements of Cash Flows - Supplemental Disclosures	The following table provides supplemental disclosures related to the Consolidated Statements of Cash Flows: Year ended December 31, 2018 2017 2016 Supplemental disclosure of cash flow information: Interest paid $ 1,448 $ 926 $ 484 Supplemental disclosure of non-cash investing and financing activities: Stock dividend paid on preferred stock $ 6,419 $ 1,325 $ - Dividends declared, but not paid, on preferred stock 5,049 423 996 Dividends declared, but not paid, on common stock 7,150 5,051 3,134 Contribution of assets to real estate venture - - 7,693 Reclassification of self-storage real estate owned 66,390 12,919 - Assumed liabilities with acquisition of self-storage real estate owned 252 - - Consideration payable due to acquisition of self-storage real estate owned 100 - - Construction and other costs incurred, but not paid, on self-storage real estate owned 270 - - Other loans paid off with issuance of development property investments 117 1,727 - Other deferred fees paid-in-kind 500 - - Reclassification of deferred costs to cumulative preferred stock 559 1,648 -

SELF-STORAGE INVESTMENT PORTF_2

SELF-STORAGE INVESTMENT PORTFOLIO (Tables)	12 Months Ended
	Dec. 31, 2018
SELF-STORAGE REAL ESTATE OWNED [Abstract]
Schedule of Investments	As of December 31, 2018, the aggregate committed principal amount of the Company’s development property investments and bridge investments was approximately $634.3 million and outstanding principal was $413. 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): 7/2/2015 Milwaukee (2)(8) $ 7,650 $ 7,648 $ 2 $ 9,057 7/31/2015 New Haven (2)(8) 6,930 6,827 103 8,350 8/14/2015 Raleigh (2)(8) 8,792 8,498 294 8,002 10/27/2015 Austin (2)(8) 8,658 7,817 841 7,763 9/20/2016 Charlotte 2 (2)(8) 12,888 11,445 1,443 12,793 11/17/2016 Jacksonville 2 (2)(8) 7,530 7,157 373 9,122 1/18/2017 Atlanta 3 (3) 14,115 8,711 5,404 9,337 1/31/2017 Atlanta 4 (2) 13,678 12,957 721 16,031 2/24/2017 Orlando 3 (2) 8,056 7,229 827 8,592 2/24/2017 New Orleans (2) 12,549 10,587 1,962 12,221 2/27/2017 Atlanta 5 (3) 17,492 14,095 3,397 15,371 3/1/2017 Fort Lauderdale (2) 9,952 7,604 2,348 10,475 3/1/2017 Houston (3)(7) 14,825 10,936 3,889 13,285 4/14/2017 Louisville 1 (2)(8) 8,523 6,979 1,544 8,540 4/20/2017 Denver 1 (3) 9,806 6,884 2,922 7,706 4/20/2017 Denver 2 (2) 11,164 10,235 929 12,403 5/2/2017 Atlanta 6 (2) 12,543 10,589 1,954 12,774 5/2/2017 Tampa 2 (3) 8,091 5,493 2,598 6,020 5/19/2017 Tampa 3 (2) 9,224 7,154 2,070 8,391 6/12/2017 Tampa 4 (2) 10,266 8,846 1,420 11,419 6/19/2017 Baltimore 1 (2)(4) 10,775 9,177 1,598 10,805 6/28/2017 Knoxville (2)(8) 9,115 7,717 1,398 8,652 6/29/2017 Boston 1 (2)(6) - - - 2,614 6/30/2017 New York City 2 (2)(4) 26,482 24,760 1,722 28,102 7/27/2017 Jacksonville 3 (2) 8,096 6,836 1,260 8,251 8/30/2017 Orlando 4 (2) 9,037 6,769 2,268 8,264 9/14/2017 Los Angeles 1 28,750 8,692 20,058 8,418 9/14/2017 Miami 1 14,657 6,882 7,775 6,562 9/28/2017 Louisville 2 (2)(8) 9,940 8,691 1,249 10,652 10/12/2017 Miami 2 (4) 9,459 1,335 8,124 1,082 10/30/2017 New York City 3 (4) 14,701 4,835 9,866 4,383 11/16/2017 Miami 3 (4) 20,168 4,096 16,072 3,542 11/21/2017 Minneapolis 1 12,674 3,214 9,460 3,070 12/1/2017 Boston 2 (3) 8,771 3,978 4,793 4,246 12/15/2017 New York City 4 10,591 1,777 8,814 1,631 12/27/2017 Boston 3 10,174 2,563 7,611 2,402 12/28/2017 New York City 5 16,073 6,523 9,550 6,400 2/8/2018 Minneapolis 2 (3) 10,543 7,802 2,741 8,773 3/30/2018 Philadelphia (3)(4) 14,338 7,870 6,468 8,093 4/6/2018 Minneapolis 3 12,883 2,333 10,550 2,206 5/1/2018 Miami 9 (4) 12,421 2,803 9,618 2,564 5/15/2018 Atlanta 7 9,418 861 8,557 775 5/23/2018 Kansas City 9,968 1,228 8,740 1,137 6/7/2018 Orlando 5 12,969 800 12,169 673 6/12/2018 Los Angeles 2 (5) 9,298 4,597 4,701 4,581 11/16/2018 Baltimore 2 9,247 390 8,857 301 $ 533,280 $ 314,220 $ 219,060 $ 355,831 Construction loans: 12/23/2015 Miami 17,733 17,733 - 17,733 $ 17,733 $ 17,733 $ - $ 17,733 Total development property investments $ 551,013 $ 331,953 $ 219,060 $ 373,564 Bridge investments (includes a profits interest): 3/2/2018 Miami 4 (2)(8) 20,201 20,201 - 22,823 3/2/2018 Miami 5 (2)(4)(8) 17,738 16,883 855 14,432 3/2/2018 Miami 6 (2)(8) 13,370 13,370 - 17,372 3/2/2018 Miami 7 (2)(4)(8) 18,462 17,581 881 15,971 3/2/2018 Miami 8 (2)(8) 13,553 13,472 81 13,785 Total bridge investments $ 83,324 $ 81,507 $ 1,817 $ 84,383 Total investments reported at fair value $ 634,337 $ 413,460 $ 220,877 $ 457,947 (1) Represents principal balance of loan gross of origination fees. The principal balance includes interest and fees accrued on the investment. (2) Construction at the facility was substantially complete and/or certificate of occupancy had been received as of December 31, 2018. See Note 4, Fair Value of Financial Instruments , for information regarding recognition of entrepreneurial profit. (3) Facility had achieved at least 40% construction completion but construction was not considered substantially complete as of December 31, 2018. See Note 4, Fair Value of Financial Instruments , for information regarding recognition of entrepreneurial profit. (4) These investments contain a higher loan-to-cost (“LTC”) ratio and a higher interest rate, some of which interest is 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 is expected to provide 60-70% of the total cost through a first mortgage construction loan. Of the remaining 30-40% of costs required to complete the project, the Company will provide 90% 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. (6) The Company’s loan was repaid in full through a refinancing initiated by the Company’s partner. The investment represents the Company’s 49.9% Profits Interest which was retained during the transaction. (7) On December 31, 2018, the Company increased the total commitment amount of this loan in exchange for a fee that was immediately advanced on the loan. The fee will be recognized into income in the future as earned and will be received in cash upon the repayment of the loan. (8) As of December 31, 2018, this investment was pledged as collateral to the Company’s Credit Facility. 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) $ 8,132 $ 8,086 $ 46 $ 10,741 6/19/2015 Tampa 1 (2)(6)(8) 5,369 5,285 84 6,012 6/26/2015 Atlanta 2 (2)(5)(8) 6,050 5,769 281 8,631 6/29/2015 Charlotte 1 (2)(5)(8) 7,624 7,251 373 10,363 7/2/2015 Milwaukee (2)(8) 7,650 7,512 138 8,994 7/31/2015 New Haven (2)(8) 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)(8) 6,445 5,988 457 8,913 10/27/2015 Austin (2)(8) 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)(5) 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 $ $ $ $ Construction loans: 12/23/2015 Miami (8) 17,733 12,492 5,241 12,373 $ $ $ $ Total development property investments $ $ $ $ Operating property loans: 7/7/2015 Newark (7)(8) - 3,447 12/22/2015 Chicago (7)(8) 2,491 Total operating property loans $ $ $ $ Total investments reported at fair value $ $ $ $ (1) Represents principal balance of loan gross of origination fees. (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 LTC 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 year ended December 31, 2018, the Company purchased its partner’s 50.1% Profits Interest in these investments. (6) During the year ended December 31, 2018, the underlying facility of this development property investment was sold to a third party. See further discussion of this transaction in Note 4, Fair Value of Financial Instruments. (7) This investment was fully repaid during the year ended December 31, 2018. (8) As of December 31, 2017, this investment was pledged as collateral to the Company’s Credit Facility or senior loan participation.
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 December 31, 2018: Funded principal $ 413,460 Adjustments: Unamortized origination and other fees (6,382) Net unrealized gain on investments 50,953 Other (84) Fair value of investments $ 457,947 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) Net unrealized gain on 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 year ended December 31, 2018: Jacksonville 1 Atlanta 1 Atlanta 2 Pittsburgh Charlotte 1 New York City 1 Totals Development property investment at fair value $ 8,913 $ 10,788 $ 8,666 $ 6,914 $ 9,596 $ 21,513 $ 66,390 Cash consideration, inclusive of transaction costs (1) 2,625 2,342 2,960 1,719 3,061 3,845 16,552 Assumed liabilities (2) - - - 252 - - 252 Net property working capital acquired 95 41 40 40 89 90 395 Total cost basis $ 11,633 $ 13,171 $ 11,666 $ 8,925 $ 12,746 $ 25,448 $ 83,589 (1) Includes $0.1 million of cash consideration payable in nine months and $ 69,000 of transaction costs incurred but not yet paid as of December 31, 2018. (2) Included in accounts payable, accrued expenses and other liabilities in the Consolidated Balance Sheet as of December 31, 2018. The following table shows the Company’s basis as of the date of acquisition for the facility acquired during the year ended December 31, 2017: Development property investment at fair value $ 12,919 Cash consideration paid, 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 December 31, 2018 and 2017: December 31, 2018 December 31, 2017 Land $ 10,797 $ 1,505 Building and improvements 85,067 13,720 In-place leases 3,552 602 Property equipment 13 - Construction-in-progress 670 - Accumulated depreciation and amortization (3,897) (472) Self-storage real estate owned $ 96,202 $ 15,355
Real Estate Investment, Impact in Consolidated Statement of Operations, Disclosure	The following table shows the impact of these real estate investments on the Company’s accompanying Consolidated Statement of Operations for the years ended December 31, 2018 and 2017: Year ended Year ended December 31, 2018 December 31, 2017 Rental and other property-related income from real estate owned $ 3,499 $ 530 Property operating expenses of real estate owned (1,712) (271) Depreciation and amortization expense (3,425) (472) Total expenses of real estate owned $ (5,137) $ (743)

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2018
FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract]
Summary of Valuation Techniques and Inputs Used to Measure the Fair Value	The following table summarizes the instruments categorized in Level 3 of the fair value hierarchy and the valuation techniques and inputs used to measure their fair value. Instrument Valuation technique and assumptions Hierarchy classification Development property investments Valuations are determined using an Income Approach analysis, using the discounted cash flow method model, capturing the prepayment penalty / call price schedule as applicable. The valuation models are calibrated to the total investment net drawn amount as of the issuance date. Level 3 Development property investments with a profits interest and bridge 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 to Value Investments	The following tables summarize the significant unobservable inputs the Company used to value its investments categorized within Level 3 as of December 31, 2018 and 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 December 31, 2018 Unobservable Inputs Primary Valuation Weighted Asset Category Techniques Input Estimated Range Average Development property Income approach analysis Market yields/discount rate 4.72 - 13.09% 9.48% investments and bridge investments (a) Exit date (d) 2.25 - 5.95 years 3.44 years Development property Option pricing model Volatility 53.25 - 94.30% 75.10% investments with a profits interest Exit date (d) 2.25 - 5.95 years 3.44 years and bridge investments (b) Capitalization rate (c) 4.75 - 6.00% 5.42% Discount rate (c) 7.75 - 11.74% 8.83% (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. The significant unobservable inputs associated with the construction loan presented as a development property investment are not included as the fair value was determined based on the fair value of the underlying collateral. The fair value of the underlying collateral was determined using a market comparable approach and an income approach based on a capitalization rate within the range provided above for capitalization rates associated with development property investments 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-five 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 investments are generally the estimated date of stabilization of the underlying property. 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 years 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	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) December 31, 2018 December 31, 2017 Up 25 basis points $ (1.9) $ (1.2) Down 25 basis points, subject to a minimum yield/rate of 10 basis points 2.0 1.2 Up 50 basis points (3.9) (2.3) Down 50 basis points, subject to a minimum yield/rate of 10 basis points 4.1 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 the Company’s investments: Increase (decrease) in fair value of investments Change in capitalization rates (in millions) December 31, 2018 December 31, 2017 Up 25 basis points $ (8.9) $ (2.8) Down 25 basis points 9.8 3.1 Up 50 basis points (17.0) (5.3) Down 50 basis points 20.5 6.4
Changes in Investments that Use Level 3 Inputs	The following tables present changes in investments that use Level 3 inputs : Year ended December 31, 2018 2017 Balance at beginning of period $ 234,171 $ 105,007 Realized gains (619) - Unrealized gains 43,564 10,804 Fundings of principal and change in unamortized origination fees 257,454 150,217 Repayments of loans (33,047) (27,513) Payment-in-kind interest 22,814 8,575 Reclassification of self-storage real estate owned (66,390) (12,919) Net transfers in or out of Level 3 - - Balance at end of period $ 457,947 $ 234,171
Schedule Of Financial Components Related To Sale Of Investment [Table Text Block]	The following tables reflect the various financial components related to the transaction: Tampa 1 investment as of June 30, 2018: Fair value of investment $ 5,931 Funded investment, net of unamortized origination fee 5,260 Unrealized gain recorded as of June 30, 2018 $ 671 Cash received on third party sale $ 6,010 Funded investment (5,285) Value realized 725 Unrealized gain recorded as of June 30, 2018 (671) Income realized in excess of unrealized gain previously recorded $ 54 Value realized: Classification in Statement of Operations Profits interest $ 619 Realized gain on investments Prepayment penalty 106 Interest income on investments $ 725

INVESTMENT IN SELF-STORAGE RE_2

INVESTMENT IN SELF-STORAGE REAL ESTATE VENTURE (Tables)	12 Months Ended
	Dec. 31, 2018
INVESTMENT IN SELF-STORAGE REAL ESTATE VENTURE [Abstract]
Equity Method Investments	As of December 31, 2018, the SL1 Venture had eleven development property investments with a Profits Interest as described in more detail in the table below: Metropolitan Remaining Statistical Area Total Investment Funded Unfunded Closing Date ("MSA") Commitment Investment (1) Commitment Fair Value 5/14/2015 Miami 1 (2)(3) $ 13,867 $ 12,250 $ 1,617 $ 14,338 5/14/2015 Miami 2 (2)(3) 14,849 13,961 888 14,562 9/25/2015 Fort Lauderdale (2)(3) 13,230 12,352 878 16,409 4/15/2016 Washington DC (3) 17,269 17,005 264 19,200 4/29/2016 Atlanta 1 (3)(4) 10,223 9,915 308 11,352 7/19/2016 Jacksonville (3)(4) 8,127 7,422 705 11,406 7/21/2016 New Jersey (3) 7,828 5,749 2,079 6,717 8/15/2016 Atlanta 2 (3)(4) 8,772 8,293 479 9,004 8/25/2016 Denver (3)(4) 11,032 10,221 811 12,716 9/28/2016 Columbia (3) 9,199 8,868 331 9,972 12/22/2016 Raleigh (3) 8,877 8,432 445 9,450 Total $ 123,273 $ 114,468 $ 8,805 $ 135,126 (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) Construction at the facility was substantially complete and/or certificate of occupancy had been received as of December 31, 2018. See Note 4, Fair Value of Financial Instruments , for information regarding recognition of entrepreneurial profit . (4) On January 28, 2019, the SL1 Venture purchased its developer partner’s 50.1% equity interest in this investment. As a result, the SL1 Venture now wholly owns the self-storage property.

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	12 Months Ended
	Dec. 31, 2018
VARIABLE INTEREST ENTITIES [Abstract]
Schedule of Variable Interest Entities	The Company’s maximum exposure to loss as a result of its involvement with the development property and bridge investment VIEs is as follows : December 31, 2018 2017 Assets recorded related to VIEs $ 457,947 $ 228,233 Unfunded loan commitments to VIEs 220,877 310,750 Maximum exposure to loss $ 678,824 $ 538,983

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Dec. 31, 2018
DEBT [Abstract]
Bank Commitments and Outstanding Balances of Senior Participations	The table below details the bank commitment and outstanding balance of the Company’s 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% % 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)	12 Months Ended
	Dec. 31, 2018
STOCKHOLDERS' EQUITY [Abstract]
Summary of Changes in Restricted Shares	A summary of changes in the Company’s restricted shares of common stock for the years ended December 31, 2018 and 2017 is as follows: Year ended December 31, 2018 2017 Weighted Weighted average grant average grant Shares date fair value Shares date fair value Nonvested at beginning of period, 185,002 $ 21.58 120,001 $ 20.10 Granted 75,333 19.18 111,414 22.59 Vested (99,503) 18.48 (46,413) 20.28 Forfeited (1,667) 18.10 - - Nonvested at end of period, 159,165 $ 18.39 185,002 $ 21.58

DIVIDENDS AND DISTRIBUTIONS (Ta

DIVIDENDS AND DISTRIBUTIONS (Tables)	12 Months Ended
	Dec. 31, 2018
Common Stock Class [Member]
Summary of Dividends Declared	The following table summarizes the Company’s dividends declared on its common stock during the year ended December 31, 2018: Date declared Record date Payment date Per share amount Total amount February 28, 2018 April 2, 2018 April 13, 2018 $ 0.35 $ 5,056 May 2, 2018 July 2, 2018 July 13, 2018 0.35 6,739 July 31, 2018 October 1, 2018 October 15, 2018 0.35 6,777 October 31, 2018 January 2, 2019 January 15, 2019 0.35 7,150 The following table summarizes the Company’s dividends declared on its common stock during the year ended December 31, 2017: Date declared Record date Payment date Per share amount Total amount March 7, 2017 April 3, 2017 April 14, 2017 $ 0.35 $ 3,149 May 3, 2017 July 3, 2017 July 14, 2017 0.35 4,983 August 1, 2017 October 2, 2017 October 13, 2017 0.35 4,983 November 1, 2017 January 2, 2018 January 12, 2018 0.35 5,051
Series A Preferred Stock [Member]
Summary of Dividends Declared	The following table summarized the Company’s dividends declared on its Series A Preferred Stock during the year ended December 31, 2018: Date declared Record date Payment date Per share amount Total amount Cash dividend: February 28, 2018 April 1, 2018 April 13, 2018 $ 12.12 $ 909 May 2, 2018 July 1, 2018 July 13, 2018 16.07 1,767 July 31, 2018 October 1, 2018 October 15, 2018 15.81 1,977 October 31, 2018 January 1, 2019 January 15, 2019 17.89 2,236 Stock dividend: February 28, 2018 April 1, 2018 April 13, 2018 (1) $ 28.33 $ 2,125 May 2, 2018 July 1, 2018 July 13, 2018 (2) 19.32 2,125 July 31, 2018 October 1, 2018 October 15, 2018 (3) 17.00 2,125 October 31, 2018 January 1, 2019 January 15, 2019 (4) 17.00 2,125 (1) 120,028 shares of common stock were issued at the election of the Holders (2) 111,199 shares of common stock were issued at the election of the Holders (3) 109,494 shares of common stock were issued at the election of the Holders (4) 2,125 shares of Series A Preferred Stock were issued at the election of the Holders The following table summarized the Company’s dividends declared on its Series A Preferred Stock during the year ended December 31, 2017: Date declared Record date Payment date Per share amount Total amount Cash dividend: March 7, 2017 April 1, 2017 April 14, 2017 $ 17.50 $ 175 May 3, 2017 July 1, 2017 July 14, 2017 17.69 177 August 1, 2017 October 1, 2017 October 13, 2017 17.89 179 November 1, 2017 January 1, 2018 January 12, 2018 9.48 379 Stock dividend: March 7, 2017 April 1, 2017 April 15, 2017 (1) $ 37.10 $ 371 May 3, 2017 July 1, 2017 - - - August 1, 2017 October 1, 2017 October 13, 2017 (2) 13.15 131 November 1, 2017 January 1, 2018 January 12, 2018 (3) 1.11 44 (1) 16,497 shares of common stock were issued at the election of the Holders (2) 6,703 shares of common stock were issued at the election of the Holders (3) 2,222 shares of common stock were issued at the election of the Holders
Series B Preferred Stock [Member]
Summary of Dividends Declared	The following table summarizes the Company’s dividends declared on its Series B Preferred Stock during the year ended December 31, 2018: Date declared Record date Payment date Per share amount Total amount February 28, 2018 April 2, 2018 April 13, 2018 $ 0.37431 $ 561 May 2, 2018 July 2, 2018 July 13, 2018 0.43750 688 July 31, 2018 October 1, 2018 October 15, 2018 0.43750 688 October 31, 2018 January 2, 2019 January 15, 2019 0.43750 688

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2018
EARNINGS PER SHARE [Abstract]
Schedule of Earnings per Share, Basic and Diluted	For the years ended December 31, 2018, 2017 and 2016, the Company’s basic earnings per share is computed using the two-class method, and the Company’s diluted earnings per share is computed using the more dilutive of the treasury stock method or two-class method: Year ended December 31, Shares outstanding 2018 2017 2016 Weighted average common shares - basic 17,111,035 11,735,455 6,060,100 Effect of dilutive securities 173,125 173,057 152,548 Weighted average common shares, all classes 17,284,160 11,908,512 6,212,648 Calculation of Earnings per Share - basic Net income $ 54,366 $ 14,559 $ 16,017 Less: Net income allocated to preferred stockholders 18,014 1,456 996 Net income allocated to unvested restricted shares (1) 364 188 345 Net income attributable to common shareholders – two-class method $ 35,988 $ 12,915 $ 14,676 Weighted average common shares - basic 17,111,035 11,735,455 6,060,100 Earnings per share - basic $ 2.10 $ 1.10 $ 2.42 Calculation of Earnings per Share - diluted Net income $ 54,366 $ 14,559 $ 16,017 Less: Net income allocated to preferred stockholders 18,014 1,456 996 Net income attributable to common shareholders – two-class method $ 36,352 $ 13,103 $ 15,021 Weighted average common shares - diluted 17,284,160 11,908,512 6,212,648 Earnings per share - diluted $ 2.10 $ 1.10 $ 2.42 (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 years ended December 31, 2018, 2017 and 2016.

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2018
RELATED PARTY TRANSACTIONS [Abstract]
Schedule of EBITDA and Capitalization	The EBITDA and Capitalization Percentage are as follows based on our total annual return: Total Annual Return EBITDA Multiple Capitalization % <8% 5x 5% 8% to 12% 5.5x 5.5% >12% 6x 6%

RESTRUCTURING COSTS (Tables)

RESTRUCTURING COSTS (Tables)	12 Months Ended
	Dec. 31, 2018
RESTRUCTURING COSTS [Abstract]
Restructuring and Related Costs	During the year ended December 31, 2016, the Company incurred $54,000 in restructuring costs in the Consolidated Statements of Operations. Year ended December 31, 2018 Total cumulative restructuring costs Restructuring Restructuring incurred or costs liability at Restructuring Cash Non-cash costs liability at expected to be Cost Type December 31, 2017 costs incurred payments activity December 31, 2018 incurred Severance $ - $ - $ - $ - $ - $ 97 Fixed asset disposal - - - - - 33 Lease termination 36 - (36) - - 187 Other - - - - - 13 Total restructuring costs $ 36 $ - $ (36) $ - $ - $ 330 Year ended December 31, 2017 Total cumulative restructuring costs Restructuring Restructuring incurred or costs liability at Restructuring Cash Non-cash costs liability at expected to be Cost Type December 31, 2016 costs incurred payments activity December 31, 2017 incurred Severance $ - $ - $ - $ - $ - $ 97 Fixed asset disposal - - - - - 33 Lease termination 79 - (43) - 36 187 Other - - - - - 13 Total restructuring costs $ 79 $ - $ (43) $ - $ 36 $ 330 Year ended December 31, 2016 Total cumulative restructuring costs Restructuring Restructuring incurred or costs liability at Restructuring Cash Non-cash costs liability at expected to be Cost Type December 31, 2015 costs incurred payments activity December 31, 2016 incurred Severance $ - $ - $ - $ - $ - $ 97 Fixed asset disposal - - - - - 33 Lease termination 85 64 (70) - 79 187 Other 10 - - (10) - 13 Total restructuring costs $ 95 $ 64 $ (70) $ (10) $ 79 $ 330

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2018
COMMITMENTS AND CONTINGENCIES [Abstract]
Summary of the Maturities of Senior Participation and Future Minimum Payments	The following table summarizes the maturities of the Company’s FirstBank Term Loans as of December 31, 2018: Contractual Obligations 2019 2020 2021 2022 2023 Thereafter Total Long-term debt obligations (1)(2)(3) $ - $ - $ 24,900 $ - $ - $ - $ 24,900 (1) Represents principal payments gross of discounts and debt issuance costs. (2) Amount excludes interest, which is variable based on 30‑day LIBOR plus a spread of 2.25%. (3) Does not reflect any borrowings under the Company’s Credit Facility as there were no amounts outstanding under the Credit Facility as of December 31, 2018. The Credit Facility has a maturity date of December 28, 2021, with two one-year extension options to extend the maturity date to December 28, 2023.

QUARTERLY FINANCIAL DATA (UNAUD

QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2018
QUARTERLY FINANCIAL DATA [Abstract]
Summary of Quarterly Financial Results	The following table summarizes the Company’s quarterly financial results for each quarter of the year ended December 31, 2018: For the three month period ended, March 31 June 30 September 30 December 31 2018: Total revenues $ 5,216 $ 7,241 $ 9,091 $ 9,666 Net income $ 5,354 $ 10,797 $ 15,964 $ 22,251 Net income attributable to common stockholders $ 1,759 $ 6,217 $ 11,174 $ 17,202 Net income per common share - basic $ 0.12 $ 0.40 $ 0.58 $ 0.87 Net income per common share - diluted $ 0.12 $ 0.40 $ 0.57 $ 0.87 The following table summarizes the Company’s quarterly financial results for each quarter of the year ended December 31, 2017: For the three month period ended, March 31 June 30 September 30 December 31 2017: Total revenue $ 2,301 $ 2,599 $ 3,361 $ 3,930 Net income $ 1,783 $ 5,194 $ 4,457 $ 3,125 Net income attributable to common stockholders $ 1,237 $ 5,017 $ 4,147 $ 2,702 Net income per common share - basic $ 0.14 $ 0.50 $ 0.29 $ 0.19 Net income per common share - diluted $ 0.14 $ 0.50 $ 0.29 $ 0.19

SUBSEQUENT EVENTS (Tables)

SUBSEQUENT EVENTS (Tables)	12 Months Ended
	Dec. 31, 2018
SUBSEQUENT EVENTS [Abstract]
Schedule of Subsequent Investments	Subsequent to December 31, 2018, the Company closed on the following development property investment with a Profits Interest: Total Investment Closing Date MSA Commitment 3/1/2019 New York City 6 $ 18,796 Total $ 18,796

ORGANIZATION AND FORMATION OF_2

ORGANIZATION AND FORMATION OF THE COMPANY (Narrative) (Details)	12 Months Ended
	Dec. 31, 2018
ORGANIZATION AND FORMATION OF THE COMPANY [Abstract]
Operations commenced date	Oct. 1, 2014
Initial public offering	initial public offering (the "IPO") on April 1, 2015

SIGNIFICANT ACCOUNTING POLICI_4

SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	Jul. 27, 2016	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Significant Accounting Policies [Line Items]
Self-Storage Real Estate Owned, impairment loss		$ 0	$ 0
Operating property loans				$ 429
Other expenses		300	0	2,100
Allowance for Loan and Lease Losses, Real Estate		0	0
Origination fees received in cash		1,999	4,566	441
Prepaid expenses and other assets		2
Repurchase of senior loan participations		$ 732	1,854	$ 3,229
Share based compensation, grant date fair value		$ 18.10
Agreement Seven [Member]
Significant Accounting Policies [Line Items]
Loans outstanding		$ 700
Nine Revolving Loan Agreements [Member]
Significant Accounting Policies [Line Items]
Loans outstanding			1,000
One Land Loan [Member]
Significant Accounting Policies [Line Items]
Loans outstanding		$ 3,800
Interest rate on committed loans		6.90%
Loan maturity date		Jan. 20, 2019
Customer Relationships [Member]
Significant Accounting Policies [Line Items]
Finite-lived intangible asset, useful life		1 year
Intangible assets		$ 0
Assets Leased to Others [Member]
Significant Accounting Policies [Line Items]
Property, plant and equipment, useful life		40 years
Property, plant and equipment, depreciation methods		straight-line method
Furniture, Office, Computer Equipment and Software [Member]
Significant Accounting Policies [Line Items]
Property, plant and equipment, depreciation methods		straight-line basis
Series A Preferred Stock [Member]
Significant Accounting Policies [Line Items]
Preferred stock liquidation preference value		$ 125,000	40,000
Preferred stock offering costs		2,800
Deferred offering cost			600
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 Investment [Member]
Significant Accounting Policies [Line Items]
Equity method investment, ownership percentage		49.90%
Maximum [Member] | Agreement Seven [Member]
Significant Accounting Policies [Line Items]
Loans receivable period		3 years
Interest rate on committed loans		7.00%
Maximum [Member] | Furniture, Office, Computer Equipment and Software [Member]
Significant Accounting Policies [Line Items]
Property, plant and equipment, useful life		7 years
Minimum [Member] | Agreement Seven [Member]
Significant Accounting Policies [Line Items]
Loans receivable period		2 years
Interest rate on committed loans		6.90%
Minimum [Member] | Furniture, Office, Computer Equipment and Software [Member]
Significant Accounting Policies [Line Items]
Property, plant and equipment, useful life		3 years

SIGNIFICANT ACCOUNTING POLICI_5

SIGNIFICANT ACCOUNTING POLICIES (Financial Instruments Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Development property investments at fair value	$ 373,564	$ 228,233
Bridge investments at fair value	84,383
Operating property loans		5,938
Total investments	457,947	234,171
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Development property investments at fair value	373,564	228,233
Bridge investments at fair value	84,383
Operating property loans		5,938
Total investments	$ 457,947	$ 234,171

SIGNIFICANT ACCOUNTING POLICI_6

SIGNIFICANT ACCOUNTING POLICIES (Schedule of Consolidated Statements of Cash Flows - Supplemental Disclosures) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Supplemental disclosure of cash flow information:
Interest paid	$ 1,448	$ 926	$ 484
Supplemental disclosure of non-cash investing and financing activities:
Stock dividend paid on preferred stock	6,419	1,325
Dividends declared, but not paid, on preferred stock	5,049	423	996
Dividends declared, but not yet paid, on common stock	7,150	5,051	3,134
Contribution of assets to real estate venture			$ 7,693
Reclassification of self-storage real estate owned	66,390	12,919
Assumed liabilities with acquisition of self-storage real estate owned	252
Consideration payable due to acquisition of self-storage real estate owned	100
Construction and other costs incurred, but not paid, on self-storage real estate owned	270
Other loans paid off with issuance of development property investments	117	1,727
Other deferred fees paid-in-kind	500
Reclassification of deferred costs to cumulative preferred stock	$ 559	$ 1,648

SELF-STORAGE REAL ESTATE OWNED

SELF-STORAGE REAL ESTATE OWNED (Narrative) (Details)

Dec. 21, 2018USD ($)

Aug. 31, 2018USD ($)

Feb. 20, 2018USD ($)

Feb. 02, 2018USD ($)

Jan. 10, 2018USD ($)

Aug. 09, 2017USD ($)

Feb. 03, 2017USD ($)

Dec. 31, 2018USD ($)ft²property

Dec. 31, 2017USD ($)

Dec. 31, 2016USD ($)

Mar. 01, 2019USD ($)

Aug. 08, 2017

Feb. 02, 2017

Schedule of Investments [Line Items]

Payments to acquire development property

$ 258,604,000

$ 152,681,000

$ 45,094,000

Investment commitment

634,337,000

523,821,000

Funded Investment, outstanding

413,460,000

213,069,000

Development property investment, assets

103,700,000

Development property investment, liabilities

3,300,000

Development property investment, income (loss)

18,700,000

Development property investments, Fair Value

373,564,000

228,233,000

Development Property Investments [Member]

Schedule of Investments [Line Items]

Investment commitment

551,013,000

517,839,000

Development property investments, Fair Value

$ 373,564,000

228,233,000

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

Development Property Investments [Member] | Orlando 1 [Member]

Schedule of Investments [Line Items]

Equity method investment, ownership percentage

100.00%

74.90%

74.90%

49.90%

Payments to acquire development property

$ 1,300,000

Development Property Investments [Member] | Orlando 2 [Member]

Schedule of Investments [Line Items]

Equity method investment, ownership percentage

100.00%

49.90%

Payments to acquire development property

$ 1,600,000

Development Property Investments [Member] | Class A Membership Units [Member] | New York City 1 [Member]

Schedule of Investments [Line Items]

Equity method investment, ownership percentage

100.00%

Payments to acquire development property

$ 3,800,000

Development Property Investments [Member] | Class A Membership Units [Member] | Atlanta 1 [Member]

Schedule of Investments [Line Items]

Equity method investment, ownership percentage

100.00%

Payments to acquire development property

$ 2,400,000

Development Property Investments [Member] | Class A Membership Units [Member] | Atlanta 2 [Member]

Schedule of Investments [Line Items]

Payments to acquire development property

$ 3,000,000

Development Property Investments [Member] | Class A Membership Units [Member] | Jacksonville 1 [Member]

Schedule of Investments [Line Items]

Equity method investment, ownership percentage

100.00%

Payments to acquire development property

$ 2,700,000

Development Property Investments [Member] | Class A Membership Units [Member] | Pittsburgh [Member]

Schedule of Investments [Line Items]

Equity method investment, ownership percentage

100.00%

Payments to acquire development property

$ 1,700,000

Development property investment, liabilities

$ 300,000

Development Property Investments [Member] | Class A Membership Units [Member] | Charlotte 1 [Member]

Schedule of Investments [Line Items]

Equity method investment, ownership percentage

100.00%

Payments to acquire development property

$ 3,100,000

Development Property Investments [Member] | Class A Membership Units [Member] | Orlando 1 [Member]

Schedule of Investments [Line Items]

Equity method investment, ownership percentage

50.00%

50.00%

Development Property Investments [Member] | Loan Investments [Member]

Schedule of Investments [Line Items]

Equity method investment, ownership percentage

49.90%

Mortgage loans on real estate, interest rate

6.90%

Investment commitment

$ 533,280,000

500,106,000

Mortgage loans on real estate, periodic payment terms

have a term of 72 months

Number of investments | property

46

Development property investment, assets

$ 442,600,000

Development property investment, liabilities

395,700,000

Development property investment, revenue

4,900,000

Development property investment, operating expenses

4,200,000

Development property investments, Fair Value

$ 355,831,000

215,860,000

Development Property Investments [Member] | Loan Investments [Member] | Subsequent Event [Member]

Schedule of Investments [Line Items]

Investment commitment

$ 18,796,000

Development Property Investments [Member] | Loan Investments [Member] | New York City 1 [Member]

Schedule of Investments [Line Items]

Mortgage loans on real estate, interest rate

9.50%

Investment commitment

16,117,000

Development property investment, total income

4,900,000

Development property investment, assets

15,800,000

Development property investment, liabilities

14,700,000

Development property investment, revenue

16,000

Development property investment, operating expenses

200,000

Development property investments, Fair Value

$ 18,892,000

Development Property Investments [Member] | Loan Investments [Member] | New York City 1 [Member] | Concentration Related to Net Income [Member]

Schedule of Investments [Line Items]

Concentration risk percentage

20.00%

Development Property Investments [Member] | Loan Investments [Member] | Other Development Property Investments, Excluding New York City 1 [Member]

Schedule of Investments [Line Items]

Development property investment, assets

$ 218,900,000

Development property investment, liabilities

179,700,000

Development property investment, revenue

3,000,000

Development property investment, operating expenses

2,500,000

Development Property Investments [Member] | Loan Investments [Member] | Atlanta 1 [Member]

Schedule of Investments [Line Items]

Mortgage loans on real estate, interest rate

6.90%

Investment commitment

8,132,000

Development property investments, Fair Value

10,741,000

Development Property Investments [Member] | Loan Investments [Member] | Atlanta 2 [Member]

Schedule of Investments [Line Items]

Mortgage loans on real estate, interest rate

6.90%

Investment commitment

6,050,000

Development property investment, total income

3,600,000

Development property investment, revenue

100,000

Development property investment, operating expenses

$ 300,000

Development property investments, Fair Value

8,631,000

Development Property Investments [Member] | Loan Investments [Member] | Atlanta 2 [Member] | Concentration Related to Net Income [Member]

Schedule of Investments [Line Items]

Concentration risk percentage

20.00%

Development Property Investments [Member] | Loan Investments [Member] | Other Development Property Investments Excluding Atlanta 2 [Member]

Schedule of Investments [Line Items]

Development property investment, revenue

$ 800,000

Development property investment, operating expenses

$ 1,500,000

Development Property Investments [Member] | Loan Investments [Member] | Jacksonville 1 [Member]

Schedule of Investments [Line Items]

Mortgage loans on real estate, interest rate

6.90%

Investment commitment

6,445,000

Development property investments, Fair Value

8,913,000

Development Property Investments [Member] | Loan Investments [Member] | Pittsburgh [Member]

Schedule of Investments [Line Items]

Investment commitment

5,266,000

Development property investments, Fair Value

6,774,000

Development Property Investments [Member] | Loan Investments [Member] | Charlotte 1 [Member]

Schedule of Investments [Line Items]

Investment commitment

7,624,000

Development property investments, Fair Value

10,363,000

Development Property Investments [Member] | Loan Investments [Member] | Orlando 1 [Member]

Schedule of Investments [Line Items]

Mortgage loans on real estate, interest rate

6.90%

Development Property Investments [Member] | Loan Investments [Member] | Orlando 2 [Member]

Schedule of Investments [Line Items]

Mortgage loans on real estate, interest rate

6.90%

Development Property Investments [Member] | Construction Loans [Member]

Schedule of Investments [Line Items]

Mortgage loans on real estate, interest rate

6.90%

Mortgage loans on real estate default interest rate

12.90%

Investment commitment

$ 17,733,000

17,733,000

Development property investments, Fair Value

17,733,000

12,373,000

Development Property Investments [Member] | Construction Loans [Member] | Miami [Member]

Schedule of Investments [Line Items]

Investment commitment

$ 17,733,000

17,733,000

Mortgage loans on real estate, periodic payment terms

had an initial term of 18 months

Development property investments, Fair Value

$ 17,733,000

12,373,000

One Development Property Investments [Member] | Loan Investments [Member]

Schedule of Investments [Line Items]

Investment commitment

$ 9,300,000

One Development Property Investments [Member] | Loan Investments [Member] | Minimum [Member]

Schedule of Investments [Line Items]

Development property investment, percentage of cost expected to be procured from lender

60.00%

One Development Property Investments [Member] | Loan Investments [Member] | Maximum [Member]

Schedule of Investments [Line Items]

Development property investment, percentage of cost expected to be procured from lender

70.00%

Bridge Loan Investments [Member]

Schedule of Investments [Line Items]

Investment commitment

$ 83,324,000

Number of investments | property

5

Operating Property Loans [Member]

Schedule of Investments [Line Items]

Investment commitment

$ 5,982,000

Five Bridge Loans [Member] | Bridge Loan Investments [Member]

Schedule of Investments [Line Items]

Mortgage loans on real estate, periodic payment terms

mature five years from the date of closing, with the borrower having two extension options for one year each

Three Bridge Loans Member [Member] | Bridge Loan Investments [Member]

Schedule of Investments [Line Items]

Equity method investment, ownership percentage

49.90%

Mortgage loans on real estate, interest rate

6.90%

Funded Investment, outstanding

$ 47,100,000

Three Bridge Loans Member [Member] | Bridge Loan Investments [Member] | Minimum [Member]

Schedule of Investments [Line Items]

Net rentable area | ft²

203,000

Two Bridge Loans [Member] | Bridge Loan Investments [Member]

Schedule of Investments [Line Items]

Equity method investment, ownership percentage

49.90%

Mortgage loans on real estate, interest rate

9.50%

Funded Investment, outstanding

$ 36,200,000

Net rentable area | ft²

163,000

Amount of preferential payments for loan

$ 1,000,000

Two Bridge Loans [Member] | Bridge Loan Investments [Member] | Payable Upon Maturity of Loan [Member]

Schedule of Investments [Line Items]

Mortgage loans on real estate, interest rate

3.00%

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%

SELF-STORAGE REAL ESTATE OWNE_2

SELF-STORAGE REAL ESTATE OWNED (Schedule of Investments) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Mar. 01, 2019	Jun. 30, 2018	Aug. 09, 2017	Aug. 08, 2017	Feb. 03, 2017	Feb. 02, 2017
Schedule of Investments [Line Items]
Investment commitment	$ 634,337	$ 523,821
Funded Investment	413,460	213,069
Development property investments, Fair Value	373,564	228,233
Bridge investments at fair value	84,383
Operating property loans, Fair Value		5,938
Total investments	457,947	234,171
Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	413,460	213,069
Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	220,877	310,752
Tampa 1 [Member]
Schedule of Investments [Line Items]
Funded Investment				$ 5,260
Development property investments, Fair Value				$ 5,931
Boston 1 [Member]
Schedule of Investments [Line Items]
Development property investments, Fair Value	2,614
Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment commitment	551,013	517,839
Development property investments, Fair Value	373,564	228,233
Development Property Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	331,953	207,089
Development Property Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	219,060	310,750
Development Property Investments [Member] | Loan Investments [Member]
Schedule of Investments [Line Items]
Investment commitment	533,280	500,106
Development property investments, Fair Value	$ 355,831	$ 215,860
Equity Method Investment, Ownership Percentage	49.90%
Percentage of completion of construction	40.00%	40.00%
Development Property Investments [Member] | Loan Investments [Member] | Subsequent Event [Member]
Schedule of Investments [Line Items]
Investment commitment			$ 18,796
Development Property Investments [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	$ 314,220	$ 194,597
Development Property Investments [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	219,060	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	17,733	12,373
Development Property Investments [Member] | Construction Loans [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	$ 17,733	12,492
Development Property Investments [Member] | Construction Loans [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment		$ 5,241
Development Property Investments [Member] | Orlando 1 [Member]
Schedule of Investments [Line Items]
Equity Method Investment, Ownership Percentage					100.00%	74.90%	74.90%	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
Investment commitment		$ 5,369
Development property investments, Fair Value		6,012
Equity method investment percentage of additional equity acquired	50.10%
Development Property Investments [Member] | Tampa 1 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment		5,285
Development Property Investments [Member] | Tampa 1 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment		$ 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
Investment commitment		$ 7,624
Development property investments, Fair Value		10,363
Development Property Investments [Member] | Charlotte 1 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment		7,251
Development Property Investments [Member] | Charlotte 1 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment		$ 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	9,057	8,994
Development Property Investments [Member] | Milwaukee [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	7,648	7,512
Development Property Investments [Member] | Milwaukee [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 2	$ 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	8,350	8,231
Development Property Investments [Member] | New Haven [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	6,827	6,524
Development Property Investments [Member] | New Haven [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 103	$ 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	8,002	5,889
Development Property Investments [Member] | Raleigh [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	8,498	5,550
Development Property Investments [Member] | Raleigh [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 294	$ 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	7,763	8,782
Development Property Investments [Member] | Austin [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	7,817	7,297
Development Property Investments [Member] | Austin [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 841	$ 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	12,793	5,686
Development Property Investments [Member] | Charlotte 2 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	11,445	5,453
Development Property Investments [Member] | Charlotte 2 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 1,443	$ 7,435
Development Property Investments [Member] | Orlando 2 [Member]
Schedule of Investments [Line Items]
Equity Method Investment, Ownership Percentage					100.00%	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	9,122	5,818
Development Property Investments [Member] | Jacksonville 2 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	7,157	4,971
Development Property Investments [Member] | Jacksonville 2 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 373	$ 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
Investment commitment		$ 16,117
Development property investments, Fair Value		18,892
Development Property Investments [Member] | New York City 1 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment		14,914
Development Property Investments [Member] | New York City 1 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment		$ 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	9,337	2,236
Development Property Investments [Member] | Atlanta 3 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	8,711	2,393
Development Property Investments [Member] | Atlanta 3 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 5,404	$ 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	16,031	7,147
Development Property Investments [Member] | Atlanta 4 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	12,957	7,040
Development Property Investments [Member] | Atlanta 4 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 721	$ 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	8,592	3,335
Development Property Investments [Member] | Orlando 3 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	7,229	3,144
Development Property Investments [Member] | Orlando 3 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 827	$ 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	12,221	553
Development Property Investments [Member] | New Orleans [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	10,587	677
Development Property Investments [Member] | New Orleans [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 1,962	$ 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	15,371	4,739
Development Property Investments [Member] | Atlanta 5 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	14,095	4,971
Development Property Investments [Member] | Atlanta 5 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 3,397	$ 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	10,475	1,043
Development Property Investments [Member] | Fort Lauderdale [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	7,604	1,128
Development Property Investments [Member] | Fort Lauderdale [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 2,348	$ 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	$ 14,825	$ 13,630
Development property investments, Fair Value	13,285	3,547
Development Property Investments [Member] | Houston [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	10,936	3,633
Development Property Investments [Member] | Houston [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 3,889	$ 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	8,540	3,083
Development Property Investments [Member] | Louisville 1 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	6,979	2,932
Development Property Investments [Member] | Louisville 1 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 1,544	$ 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	7,706	1,849
Development Property Investments [Member] | Denver 1 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	6,884	1,940
Development Property Investments [Member] | Denver 1 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 2,922	$ 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	12,403	5,849
Development Property Investments [Member] | Denver 2 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	10,235	5,442
Development Property Investments [Member] | Denver 2 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 929	$ 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	12,774	4,262
Development Property Investments [Member] | Atlanta 6 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	10,589	4,344
Development Property Investments [Member] | Atlanta 6 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 1,954	$ 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	6,020	1,010
Development Property Investments [Member] | Tampa 2 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	5,493	1,086
Development Property Investments [Member] | Tampa 2 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 2,598	$ 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	8,391	1,335
Development Property Investments [Member] | Tampa 3 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	7,154	1,422
Development Property Investments [Member] | Tampa 3 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 2,070	$ 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	11,419	1,752
Development Property Investments [Member] | Tampa 4 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	8,846	1,847
Development Property Investments [Member] | Tampa 4 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 1,420	$ 8,419
Development Property Investments [Member] | Baltimore [Member] | Loan Investments [Member]
Schedule of Investments [Line Items]
Investment closing date		6/19/2017
Investment commitment		$ 10,775
Development property investments, Fair Value		3,115
Development Property Investments [Member] | Baltimore [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment		3,315
Development Property Investments [Member] | Baltimore [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment		$ 7,460
Development Property Investments [Member] | Baltimore 1 [Member] | Loan Investments [Member]
Schedule of Investments [Line Items]
Investment closing date	6/19/2017
Investment commitment	$ 10,775
Development property investments, Fair Value	10,805
Development Property Investments [Member] | Baltimore 1 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	9,177
Development Property Investments [Member] | Baltimore 1 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 1,598
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	8,652	1,265
Development Property Investments [Member] | Knoxville [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	7,717	1,351
Development Property Investments [Member] | Knoxville [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 1,398	$ 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
Development property investments, Fair Value	$ 2,614	4,914
Profits interest, percentage of total project cost	49.90%
Development Property Investments [Member] | Boston 1 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment		4,978
Development Property Investments [Member] | Boston 1 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment		$ 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	28,102	17,576
Development Property Investments [Member] | New York City 2 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	24,760	18,042
Development Property Investments [Member] | New York City 2 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 1,722	$ 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	8,251	1,053
Development Property Investments [Member] | Jacksonville 3 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	6,836	1,134
Development Property Investments [Member] | Jacksonville 3 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 1,260	$ 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	8,264	1,960
Development Property Investments [Member] | Orlando 4 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	6,769	2,059
Development Property Investments [Member] | Orlando 4 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 2,268	$ 6,978
Development Property Investments [Member] | Los Angeles [Member] | Loan Investments [Member]
Schedule of Investments [Line Items]
Investment closing date		9/14/2017
Investment commitment		$ 28,750
Development property investments, Fair Value		7,398
Development Property Investments [Member] | Los Angeles [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment		7,533
Development Property Investments [Member] | Los Angeles [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment		$ 21,217
Development Property Investments [Member] | Los Angeles 1 [Member] | Loan Investments [Member]
Schedule of Investments [Line Items]
Investment closing date	9/14/2017
Investment commitment	$ 28,750
Development property investments, Fair Value	8,418
Development Property Investments [Member] | Los Angeles 1 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	8,692
Development Property Investments [Member] | Los Angeles 1 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 20,058
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	6,562	5,725
Development Property Investments [Member] | Miami 1 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	6,882	5,862
Development Property Investments [Member] | Miami 1 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 7,775	$ 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	10,652	1,762
Development Property Investments [Member] | Louisville 2 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	8,691	1,864
Development Property Investments [Member] | Louisville 2 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 1,249	$ 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	1,082	820
Development Property Investments [Member] | Miami 2 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	1,335	1,014
Development Property Investments [Member] | Miami 2 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 8,124	$ 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	4,383	2,294
Development Property Investments [Member] | New York City 3 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	4,835	2,595
Development Property Investments [Member] | New York City 3 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 9,866	$ 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	3,542	3,099
Development Property Investments [Member] | Miami 3 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	4,096	3,508
Development Property Investments [Member] | Miami 3 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 16,072	$ 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	3,070	1,023
Development Property Investments [Member] | Minneapolis 1 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	3,214	1,150
Development Property Investments [Member] | Minneapolis 1 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 9,460	$ 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	4,246	1,220
Development Property Investments [Member] | Boston 2 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	3,978	1,306
Development Property Investments [Member] | Boston 2 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 4,793	$ 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
Development property investments, Fair Value	17,733	12,373
Development Property Investments [Member] | Miami [Member] | Construction Loans [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	$ 17,733	12,492
Development Property Investments [Member] | Miami [Member] | Construction Loans [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment		$ 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	1,631	823
Development Property Investments [Member] | New York City 4 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	1,777	927
Development Property Investments [Member] | New York City 4 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 8,814	$ 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	2,402	2,169
Development Property Investments [Member] | Boston 3 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	2,563	2,259
Development Property Investments [Member] | Boston 3 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 7,611	$ 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	6,400	4,178
Development Property Investments [Member] | New York City 5 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	6,523	4,303
Development Property Investments [Member] | New York City 5 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 9,550	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	8,773
Development Property Investments [Member] | Minneapolis 2 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	7,802
Development Property Investments [Member] | Minneapolis 2 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 2,741
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	8,093
Development Property Investments [Member] | Philadelphia [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	7,870
Development Property Investments [Member] | Philadelphia [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 6,468
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	2,206
Development Property Investments [Member] | Minneapolis 3 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	2,333
Development Property Investments [Member] | Minneapolis 3 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 10,550
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	2,564
Development Property Investments [Member] | Miami 9 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	2,803
Development Property Investments [Member] | Miami 9 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 9,618
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	775
Development Property Investments [Member] | Atlanta 7 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	861
Development Property Investments [Member] | Atlanta 7 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 8,557
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	1,137
Development Property Investments [Member] | Kansas City [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	1,228
Development Property Investments [Member] | Kansas City [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 8,740
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, Fair Value	673
Development Property Investments [Member] | Orlando 5 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	800
Development Property Investments [Member] | Orlando 5 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 12,169
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	$ 4,581
Equity Method Investment, Ownership Percentage	90.00%
Total project cost of an investment	$ 29,500
Preferred return on investment, percentage	6.90%
Transaction fee, percentage of total project cost	1.00%
Profits interest, percentage of total project cost	49.90%
Development Property Investments [Member] | Los Angeles 2 [Member] | Loan Investments [Member] | Minimum [Member]
Schedule of Investments [Line Items]
Percentage of financing provided by a traditional bank	60.00%
Percentage of Financing not offered by the bank	30.00%
Development Property Investments [Member] | Los Angeles 2 [Member] | Loan Investments [Member] | Maximum [Member]
Schedule of Investments [Line Items]
Percentage of financing provided by a traditional bank	70.00%
Percentage of Financing not offered by the bank	40.00%
Development Property Investments [Member] | Los Angeles 2 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	$ 4,597
Development Property Investments [Member] | Los Angeles 2 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 4,701
Development Property Investments [Member] | Baltimore 2 [Member] | Loan Investments [Member]
Schedule of Investments [Line Items]
Investment closing date	11/16/2018
Investment commitment	$ 9,247
Development property investments, Fair Value	301
Development Property Investments [Member] | Baltimore 2 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	390
Development Property Investments [Member] | Baltimore 2 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	8,857
Bridge Loan Investments [Member]
Schedule of Investments [Line Items]
Investment commitment	83,324
Bridge investments at fair value	84,383
Bridge Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	81,507
Bridge Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 1,817
Bridge Loan Investments [Member] | Miami 4 [Member]
Schedule of Investments [Line Items]
Investment closing date	3/2/2018
Investment commitment	$ 20,201
Bridge investments at fair value	22,823
Bridge Loan Investments [Member] | Miami 4 [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	$ 20,201
Bridge Loan Investments [Member] | Miami 5 [Member]
Schedule of Investments [Line Items]
Investment closing date	3/2/2018
Investment commitment	$ 17,738
Bridge investments at fair value	14,432
Bridge Loan Investments [Member] | Miami 5 [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	16,883
Bridge Loan Investments [Member] | Miami 5 [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 855
Bridge Loan Investments [Member] | Miami 6 [Member]
Schedule of Investments [Line Items]
Investment closing date	3/2/2018
Investment commitment	$ 13,370
Bridge investments at fair value	17,372
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 investments at fair value	15,971
Bridge Loan Investments [Member] | Miami 7 [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	17,581
Bridge Loan Investments [Member] | Miami 7 [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 881
Bridge Loan Investments [Member] | Miami 8 [Member]
Schedule of Investments [Line Items]
Investment closing date	3/2/2018
Investment commitment	$ 13,553
Bridge investments at fair value	13,785
Bridge Loan Investments [Member] | Miami 8 [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	13,472
Bridge Loan Investments [Member] | Miami 8 [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 81
Operating Property Loans [Member]
Schedule of Investments [Line Items]
Investment commitment		5,982
Operating property loans, Fair Value		5,938
Operating Property Loans [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment		5,980
Operating Property Loans [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment		$ 2
Operating Property Loans [Member] | Newark [Member]
Schedule of Investments [Line Items]
Investment closing date		7/7/2015
Investment commitment		$ 3,480
Operating property loans, Fair Value		3,447
Operating Property Loans [Member] | Newark [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment		$ 3,480
Operating Property Loans [Member] | Chicago [Member]
Schedule of Investments [Line Items]
Investment closing date		12/22/2015
Investment commitment		$ 2,502
Operating property loans, Fair Value		2,491
Operating Property Loans [Member] | Chicago [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment		2,500
Operating Property Loans [Member] | Chicago [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment		$ 2

SELF-STORAGE REAL ESTATE OWNE_3

SELF-STORAGE REAL ESTATE OWNED (Schedule of Changes in Fair Value of Investments) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
SELF-STORAGE REAL ESTATE OWNED [Abstract]
Funded investment, net of unamortized origination fee	$ 413,460	$ 213,069
Adjustments:
Unamortized origination and other fees	(6,382)	(5,081)
Net unrealized gain on investments	50,953	26,267
Other	(84)	(84)
Total investments	$ 457,947	$ 234,171

SELF-STORAGE REAL ESTATE OWNE_4

SELF-STORAGE REAL ESTATE OWNED (Schedule of Cost Basis of Real Estate Investment) (Details) - USD ($)	Feb. 20, 2018	Dec. 31, 2018	Dec. 21, 2018	Aug. 31, 2018	Feb. 02, 2018	Jan. 10, 2018	Dec. 31, 2017
Schedule of Investments [Line Items]
Development property investment at fair value		$ 66,390,000					$ 12,919,000
Cash consideration paid		16,552,000					2,856,000
Assumed liabilities with acquisition of self-storage real estate owned		252,000
Net property working capital acquired		395,000					52,000
Total cost basis		83,589,000					$ 15,827,000
Cash consideration payable		100,000
Transaction cost incurred		$ 69,000
Jacksonville 1 [Member]
Schedule of Investments [Line Items]
Development property investment at fair value						$ 8,913,000
Cash consideration paid						2,625,000
Net property working capital acquired						95,000
Total cost basis						$ 11,633,000
Atlanta 1 [Member]
Schedule of Investments [Line Items]
Development property investment at fair value					$ 10,788,000
Cash consideration paid					2,342,000
Net property working capital acquired					41,000
Total cost basis					13,171,000
Atlanta 2 [Member]
Schedule of Investments [Line Items]
Development property investment at fair value					8,666,000
Cash consideration paid					2,960,000
Net property working capital acquired					40,000
Total cost basis					$ 11,666,000
Pittsburgh [Member]
Schedule of Investments [Line Items]
Development property investment at fair value	$ 6,914,000
Cash consideration paid	1,719,000
Assumed liabilities with acquisition of self-storage real estate owned	252,000
Net property working capital acquired	40,000
Total cost basis	$ 8,925,000
Charlotte 1 [Member]
Schedule of Investments [Line Items]
Development property investment at fair value				$ 9,596,000
Cash consideration paid				3,061,000
Net property working capital acquired				89,000
Total cost basis				$ 12,746,000
New York City 1 [Member]
Schedule of Investments [Line Items]
Development property investment at fair value			$ 21,513,000
Cash consideration paid			3,845,000
Net property working capital acquired			90,000
Total cost basis			$ 25,448,000

SELF-STORAGE REAL ESTATE OWNE_5

SELF-STORAGE REAL ESTATE OWNED (Real Estate Investment, Impact in Consolidated Balance Sheet , Disclosure) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Schedule of Investments [Line Items]
Prepaid Expense and Other Assets	$ 2
Self-storage real estate owned	96,202	$ 15,355
Real Estate Investment [Member]
Schedule of Investments [Line Items]
Land	10,797	1,505
Building and improvements	85,067	13,720
In-place leases	3,552	602
Property equipment	13
Construction-in-progress	670
Accumulated depreciation and amortization	(3,897)	(472)
Self-storage real estate owned	$ 96,202	$ 15,355

SELF-STORAGE REAL ESTATE OWNE_6

SELF-STORAGE REAL ESTATE OWNED (Real Estate Investment, Impact in Consolidated Statement of Operations, Disclosure) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Schedule of Investments [Line Items]
Rental and other property-related income from real estate owned	$ 3,499	$ 530
Real Estate Investment [Member]
Schedule of Investments [Line Items]
Rental and other property-related income from real estate owned	3,499	530
Property operating expenses of real estate owned	(1,712)	(271)
Depreciation and amortization expense	(3,425)	(472)
Total expenses of real estate owned	$ (5,137)	$ (743)

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Percentage of construction completion threshold percentage when most entrepreneurial profit is earned	40.00%
Investment owned, unrecognized unrealized appreciation (depreciation), net	$ 51	$ 26.3
Eight Properties [Member]
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Percentage of completion of construction	40.00%
Minimum [Member] | Thirty Five Properties [Member]
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Percentage of completion of construction	40.00%
Minimum [Member] | Eighteen Properties [Member]
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Percentage of completion of construction		40.00%
Maximum [Member] | Thirty Five Properties [Member]
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Percentage of completion of construction	100.00%
Maximum [Member] | Eighteen Properties [Member]
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Percentage of completion of construction		100.00%

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS (Summary of Significant Unobservable Inputs used to Value Investments) (Details)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Development Property Investments [Member] | Income Approach Valuation Technique [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Primary valuation techniques	Income approach analysis
Development Property Investments [Member] | Minimum [Member] | Income Approach Valuation Technique [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Market yields/ discount rate	4.72%	7.83%
Exit date	2 years 3 months	29 days
Development Property Investments [Member] | Maximum [Member] | Income Approach Valuation Technique [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Market yields/ discount rate	13.09%	10.62%
Exit date	5 years 11 months 12 days	6 years 8 months 16 days
Development Property Investments [Member] | Weighted Average [Member] | Income Approach Valuation Technique [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Market yields/ discount rate	9.48%	9.00%
Exit date	3 years 5 months 9 days	2 years 11 months 15 days
Development Property Investments [Member] | Loan Investments With Profits Interest [Member] | Option pricing model [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Primary valuation techniques	Option pricing model
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]
Market yields/ discount rate	7.75%	8.50%
Volatility	53.25%	63.94%
Exit date	2 years 3 months	5 months 1 day
Capitalization rate	4.75%	5.50%
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]
Market yields/ discount rate	11.74%	9.15%
Volatility	94.30%	94.03%
Exit date	5 years 11 months 12 days	6 years 8 months 16 days
Capitalization rate	6.00%	6.15%
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]
Market yields/ discount rate	8.83%	8.51%
Volatility	75.10%	74.08%
Exit date	3 years 5 months 9 days	3 years 1 month 13 days
Capitalization rate	5.42%	5.51%
Operating Property Loans [Member] | Minimum [Member] | Income Approach Valuation Technique [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Market yields/ discount rate		6.08%
Exit date		3 years 11 months 23 days
Operating Property Loans [Member] | Maximum [Member] | Income Approach Valuation Technique [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Market yields/ discount rate		7.01%
Exit date		4 years 7 months 24 days
Operating Property Loans [Member] | Weighted Average [Member] | Income Approach Valuation Technique [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Market yields/ discount rate		6.47%
Exit date		4 years 4 months 13 days

FAIR VALUE OF FINANCIAL INSTR_5

FAIR VALUE OF FINANCIAL INSTRUMENTS (Schedule of Change in Fair Value of Investments Due to Change in Market Yield Discount Rates) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Up 25 Basis Points [Member]
Investments in and Advances to Affiliates [Line Items]
Increase (decrease) in fair value of investments	$ (1,900)	$ (1,200)
Down 25 Basis Points [Member]
Investments in and Advances to Affiliates [Line Items]
Increase (decrease) in fair value of investments	2,000	1,200
Up 50 basis points [Member]
Investments in and Advances to Affiliates [Line Items]
Increase (decrease) in fair value of investments	(3,900)	(2,300)
Down 50 Basis Points [Member]
Investments in and Advances to Affiliates [Line Items]
Increase (decrease) in fair value of investments	$ 4,100	$ 2,400

FAIR VALUE OF FINANCIAL INSTR_6

FAIR VALUE OF FINANCIAL INSTRUMENTS (Schedule of Change in Fair Value of Investments Due to Change in Capitalization Rates) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Up 25 Basis Points [Member]
Investments in and Advances to Affiliates [Line Items]
Increase (decrease) in fair value of investments	$ (8,900)	$ (2,800)
Down 25 Basis Points [Member]
Investments in and Advances to Affiliates [Line Items]
Increase (decrease) in fair value of investments	9,800	3,100
Up 50 basis points [Member]
Investments in and Advances to Affiliates [Line Items]
Increase (decrease) in fair value of investments	(17,000)	(5,300)
Down 50 Basis Points [Member]
Investments in and Advances to Affiliates [Line Items]
Increase (decrease) in fair value of investments	$ 20,500	$ 6,400

FAIR VALUE OF FINANCIAL INSTR_7

FAIR VALUE OF FINANCIAL INSTRUMENTS (Changes in Investments that Use Level 3 Inputs) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Net unrealized gains	$ 42,945	$ 10,804	$ 18,370
Fundings of principal and change in unamortized origination fees	253,030
Repayments of loans	(33,047)
Payment-in-kind interest	22,641
Reclassification of self-storage real estate owned	(66,390)	(12,919)
Fair Value, Inputs, Level 3 [Member]
Balance as of beginning of period	234,171	105,007
Realized gains	619
Net unrealized gains	43,564	10,804
Fundings of principal and change in unamortized origination fees	257,454	150,217
Repayments of loans	(33,047)	(27,513)
Payment-in-kind interest	22,814	8,575
Reclassification of self-storage real estate owned	(66,390)	(12,919)
Balance at end of period	$ 457,947	$ 234,171	$ 105,007

FAIR VALUE OF FINANCIAL INSTR_8

FAIR VALUE OF FINANCIAL INSTRUMENTS (Schedule of Financial Components Related to the Sale of Investment) (Details) - USD ($) $ in Thousands	Aug. 28, 2018	Jun. 30, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Fair value of investments			$ 373,564	$ 228,233
Funded investment, net of unamortized origination fee			413,460	213,069
Net unrealized gain on investments			42,945	10,804	$ 18,370
Cash received on third party sale			619
Unrealized gain recorded as of June 30, 2018			(42,945)	(10,804)	(18,370)
Profits interest			619
Prepayment penalty			$ 399	$ 634	$ 80
Tampa 1 [Member]
Fair value of investments		$ 5,931
Funded investment, net of unamortized origination fee		5,260
Net unrealized gain on investments		671
Cash received on third party sale		6,010
Funded investment		(5,285)
Value realized	$ 725	725
Unrealized gain recorded as of June 30, 2018		(671)
Income realized in excess of fair value previously recorded		$ 54
Gain (Loss) on Investments [Member] | Tampa 1 [Member]
Profits interest	619
Interest Income [Member] | Tampa 1 [Member]
Prepayment penalty	$ 106

INVESTMENT IN SELF-STORAGE RE_3

INVESTMENT IN SELF-STORAGE REAL ESTATE VENTURE (Narrative) (Details) $ in Thousands	Feb. 27, 2019USD ($)	Jan. 28, 2019USD ($)	Dec. 31, 2018USD ($)property	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Mar. 31, 2019	Mar. 01, 2019USD ($)	Mar. 31, 2016USD ($)	Mar. 07, 2016USD ($)
Investment In Real Estate Venture [Line Items]
Investment in and advances to real estate venture			$ 14,155	$ 13,856
Development property investment, assets				103,700
Development property investment, liabilities				3,300
Development property investment, net income (loss)				18,700
Investment commitment			634,337	523,821
Funded investment, net of unamortized origination fee			413,460	213,069
Return of capital from unconsolidated real estate venture					$ 7,291
Development Property Investments [Member]
Investment In Real Estate Venture [Line Items]
Investment commitment			551,013	517,839
Parent Company [Member]
Investment In Real Estate Venture [Line Items]
Development property investment, net income (loss)				2,300
SL1 Venture [Member]
Investment In Real Estate Venture [Line Items]
Equity method investment, ownership percentage									10.00%
Development property investment, assets			135,200
Development property investment, liabilities			500
Development property investment, net income (loss)			13,800		1,100
Investment commitment			123,300
Advances made to joint venture			$ 200	200
Investment yield percentage on purchase price			4.50%
Investments in joint venture, distribution terms			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.
Funded investment, net of unamortized origination fee									$ 12,200
Return of capital from unconsolidated real estate venture					7,300
SL1 Venture [Member] | Eight Properties [Member]
Investment In Real Estate Venture [Line Items]
Investment commitment			$ 81,400
Number of investments | property			8
SL1 Venture [Member] | Parent Company [Member]
Investment In Real Estate Venture [Line Items]
Equity method investment, ownership percentage			10.00%
Investment owned, aggregate committed principal amount								$ 41,900
Development property investment, net income (loss)			$ 1,500		1,200
Investment commitment			12,300					8,100
Investment in joint venture, fair value								7,700
Funded investment, net of unamortized origination fee								8,100
Heitman And Large Institutional Co-Investor [Member] | SL1 Venture [Member]
Investment In Real Estate Venture [Line Items]
Investment in and advances to real estate venture									$ 110,000
Equity method investment, ownership percentage									90.00%
Advances made to joint venture			$ 400	3,200
HVP III Storage Lenders Investor, LLC [Member]
Investment In Real Estate Venture [Line Items]
Payment to acquire interest in joint venture					7,300
Development property investment, net income (loss)				16,400
HVP III Storage Lenders Investor, LLC [Member] | SL1 Venture [Member]
Investment In Real Estate Venture [Line Items]
Equity method investment, ownership percentage			90.00%
Development property investment, net income (loss)			$ (12,300)		$ (100)
Investment commitment			$ 111,000
Subsequent Event [Member] | SL1 Venture [Member]
Investment In Real Estate Venture [Line Items]
Equity method investment, ownership percentage						50.10%
Loan Investments [Member] | Development Property Investments [Member]
Investment In Real Estate Venture [Line Items]
Equity method investment, ownership percentage			49.90%
Development property investment, assets			$ 442,600
Development property investment, liabilities			395,700
Investment commitment			$ 533,280	$ 500,106
Number of investments | property			46
Loan Investments [Member] | SL1 Venture [Member]
Investment In Real Estate Venture [Line Items]
Investment commitment			$ 123,273
Funded investment, net of unamortized origination fee								$ 8,100
Loan Investments [Member] | SL1 Venture [Member] | Four Properties [Member]
Investment In Real Estate Venture [Line Items]
Equity method investment, ownership percentage			49.90%
Loan Investments [Member] | Subsequent Event [Member] | Development Property Investments [Member]
Investment In Real Estate Venture [Line Items]
Investment commitment							$ 18,796
Loan Investments [Member] | Subsequent Event [Member] | SL1 Venture [Member] | Four Properties [Member]
Investment In Real Estate Venture [Line Items]
Equity method investment, ownership percentage		100.00%
Payment to acquire interest in joint venture		$ 12,100
Loan Investments [Member] | Subsequent Event [Member] | SL1 Venture [Member] | Four Properties [Member] | Term Loans [Member]
Investment In Real Estate Venture [Line Items]
Issuance of debt, aggregate loan proceeds	$ 36,100

INVESTMENT IN SELF-STORAGE RE_4

INVESTMENT IN SELF-STORAGE REAL ESTATE VENTURE (Equity Method Investments) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Mar. 31, 2016	Mar. 07, 2016
Real Estate Properties [Line Items]
Investment commitment	$ 634,337	$ 523,821
Funded Investment	413,460	213,069
Development property investments, Fair Value	373,564	228,233
Funded Investment [Member]
Real Estate Properties [Line Items]
Funded Investment	413,460	213,069
Unfunded Commitment [Member]
Real Estate Properties [Line Items]
Investment commitment	220,877	$ 310,752
SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment commitment	123,300
Funded Investment				$ 12,200
SL1 Venture [Member] | Loan Investments [Member]
Real Estate Properties [Line Items]
Investment commitment	123,273
Funded Investment			$ 8,100
Development property investments, Fair Value	$ 135,126
SL1 Venture [Member] | Loan Investments [Member] | Miami 1 [Member]
Real Estate Properties [Line Items]
Investment Closing Date	5/14/2015
Investment commitment	$ 13,867
Development property investments, Fair Value	$ 14,338
SL1 Venture [Member] | Loan Investments [Member] | Miami 2 [Member]
Real Estate Properties [Line Items]
Investment Closing Date	5/14/2015
Investment commitment	$ 14,849
Development property investments, Fair Value	$ 14,562
SL1 Venture [Member] | Loan Investments [Member] | Fort Lauderdale [Member]
Real Estate Properties [Line Items]
Investment Closing Date	9/25/2015
Investment commitment	$ 13,230
Development property investments, Fair Value	$ 16,409
SL1 Venture [Member] | Loan Investments [Member] | Washington DC [Member]
Real Estate Properties [Line Items]
Investment Closing Date	4/15/2016
Investment commitment	$ 17,269
Development property investments, Fair Value	$ 19,200
SL1 Venture [Member] | Loan Investments [Member] | Atlanta 1 [Member]
Real Estate Properties [Line Items]
Investment Closing Date	4/29/2016
Investment commitment	$ 10,223
Development property investments, Fair Value	$ 11,352
SL1 Venture [Member] | Loan Investments [Member] | Jacksonville [Member]
Real Estate Properties [Line Items]
Investment Closing Date	7/19/2016
Investment commitment	$ 8,127
Development property investments, Fair Value	$ 11,406
SL1 Venture [Member] | Loan Investments [Member] | New Jersey [Member]
Real Estate Properties [Line Items]
Investment Closing Date	7/21/2016
Investment commitment	$ 7,828
Development property investments, Fair Value	$ 6,717
SL1 Venture [Member] | Loan Investments [Member] | Atlanta 2 [Member]
Real Estate Properties [Line Items]
Investment Closing Date	8/15/2016
Investment commitment	$ 8,772
Development property investments, Fair Value	$ 9,004
SL1 Venture [Member] | Loan Investments [Member] | Denver [Member]
Real Estate Properties [Line Items]
Investment Closing Date	8/25/2016
Investment commitment	$ 11,032
Development property investments, Fair Value	$ 12,716
SL1 Venture [Member] | Loan Investments [Member] | Columbia [Member]
Real Estate Properties [Line Items]
Investment Closing Date	9/28/2016
Investment commitment	$ 9,199
Development property investments, Fair Value	$ 9,972
SL1 Venture [Member] | Loan Investments [Member] | Raleigh [Member]
Real Estate Properties [Line Items]
Investment Closing Date	12/22/2016
Investment commitment	$ 8,877
Development property investments, Fair Value	9,450
SL1 Venture [Member] | Loan Investments [Member] | Funded Investment [Member]
Real Estate Properties [Line Items]
Funded Investment	114,468
SL1 Venture [Member] | Loan Investments [Member] | Funded Investment [Member] | Miami 1 [Member]
Real Estate Properties [Line Items]
Funded Investment	12,250
SL1 Venture [Member] | Loan Investments [Member] | Funded Investment [Member] | Miami 2 [Member]
Real Estate Properties [Line Items]
Funded Investment	13,961
SL1 Venture [Member] | Loan Investments [Member] | Funded Investment [Member] | Fort Lauderdale [Member]
Real Estate Properties [Line Items]
Funded Investment	12,352
SL1 Venture [Member] | Loan Investments [Member] | Funded Investment [Member] | Washington DC [Member]
Real Estate Properties [Line Items]
Funded Investment	17,005
SL1 Venture [Member] | Loan Investments [Member] | Funded Investment [Member] | Atlanta 1 [Member]
Real Estate Properties [Line Items]
Funded Investment	9,915
SL1 Venture [Member] | Loan Investments [Member] | Funded Investment [Member] | Jacksonville [Member]
Real Estate Properties [Line Items]
Funded Investment	7,422
SL1 Venture [Member] | Loan Investments [Member] | Funded Investment [Member] | New Jersey [Member]
Real Estate Properties [Line Items]
Funded Investment	5,749
SL1 Venture [Member] | Loan Investments [Member] | Funded Investment [Member] | Atlanta 2 [Member]
Real Estate Properties [Line Items]
Funded Investment	8,293
SL1 Venture [Member] | Loan Investments [Member] | Funded Investment [Member] | Denver [Member]
Real Estate Properties [Line Items]
Funded Investment	10,221
SL1 Venture [Member] | Loan Investments [Member] | Funded Investment [Member] | Columbia [Member]
Real Estate Properties [Line Items]
Funded Investment	8,868
SL1 Venture [Member] | Loan Investments [Member] | Funded Investment [Member] | Raleigh [Member]
Real Estate Properties [Line Items]
Funded Investment	8,432
SL1 Venture [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Real Estate Properties [Line Items]
Investment commitment	8,805
SL1 Venture [Member] | Loan Investments [Member] | Unfunded Commitment [Member] | Miami 1 [Member]
Real Estate Properties [Line Items]
Investment commitment	1,617
SL1 Venture [Member] | Loan Investments [Member] | Unfunded Commitment [Member] | Miami 2 [Member]
Real Estate Properties [Line Items]
Investment commitment	888
SL1 Venture [Member] | Loan Investments [Member] | Unfunded Commitment [Member] | Fort Lauderdale [Member]
Real Estate Properties [Line Items]
Investment commitment	878
SL1 Venture [Member] | Loan Investments [Member] | Unfunded Commitment [Member] | Washington DC [Member]
Real Estate Properties [Line Items]
Investment commitment	264
SL1 Venture [Member] | Loan Investments [Member] | Unfunded Commitment [Member] | Atlanta 1 [Member]
Real Estate Properties [Line Items]
Investment commitment	308
SL1 Venture [Member] | Loan Investments [Member] | Unfunded Commitment [Member] | Jacksonville [Member]
Real Estate Properties [Line Items]
Investment commitment	705
SL1 Venture [Member] | Loan Investments [Member] | Unfunded Commitment [Member] | New Jersey [Member]
Real Estate Properties [Line Items]
Investment commitment	2,079
SL1 Venture [Member] | Loan Investments [Member] | Unfunded Commitment [Member] | Atlanta 2 [Member]
Real Estate Properties [Line Items]
Investment commitment	479
SL1 Venture [Member] | Loan Investments [Member] | Unfunded Commitment [Member] | Denver [Member]
Real Estate Properties [Line Items]
Investment commitment	811
SL1 Venture [Member] | Loan Investments [Member] | Unfunded Commitment [Member] | Columbia [Member]
Real Estate Properties [Line Items]
Investment commitment	331
SL1 Venture [Member] | Loan Investments [Member] | Unfunded Commitment [Member] | Raleigh [Member]
Real Estate Properties [Line Items]
Investment commitment	$ 445

VARIABLE INTEREST ENTITIES (Nar

VARIABLE INTEREST ENTITIES (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Variable Interest Entity [Line Items]
Assets recorded related to VIEs	$ 457,947	$ 228,233
Investment commitment	634,337	523,821
Advances to SL1 venture	16,242	50,396	$ 18,293
Investment in Real Estate Venture [Member]
Variable Interest Entity [Line Items]
Investment commitment	900	3,400
SL1 Venture [Member]
Variable Interest Entity [Line Items]
Investment commitment	123,300
SL1 Venture [Member] | Investment in Real Estate Venture [Member]
Variable Interest Entity [Line Items]
Advances to SL1 venture	$ 400	$ 3,200

VARIABLE INTEREST ENTITIES (Sch

VARIABLE INTEREST ENTITIES (Schedule of Variable Interest Entities) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
VARIABLE INTEREST ENTITIES [Abstract]
Assets recorded related to VIEs	$ 457,947	$ 228,233
Unfunded loan commitments to VIEs	220,877	310,750
Maximum exposure to loss	$ 678,824	$ 538,983

DEBT (Credit Facility) (Narrati

DEBT (Credit Facility) (Narrative) (Details) - USD ($)	12 Months Ended		24 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2019	Dec. 28, 2018
Line of Credit Facility [Line Items]
Proceeds from lines of credit	$ 31,005,000	$ 285,000
Repayments of lines of credit	35,000,000	$ 20,000,000
Long-term line of credit	$ 0
KeyBank National Association [Member]
Line of Credit Facility [Line Items]
Line of credit, current borrowing capacity				$ 235,000,000
Commitment by bank				$ 400,000,000
Debt maturity date	Dec. 28, 2021
Debt instrument maturity, description	on December 28, 2021, with two one-year extension options to extend the maturity of the facility to December 28, 2023
Company loans secured by mortgage loans underlying real estate fair value minimum percentage to maximum principal amount borrowed	50.00%
Debt instrument covenants consolidated tangible net worth, minimum	$ 373,600,000
Debt instrument covenants any additional net offering proceeds percentage included in consolidated tangible net worth	75.00%
Debt instrument covenants threshold amount that limits unhedged variable rate	$ 50,000,000
Debt instrument covenants unhedged variable rate maximum percentage	40.00%
Debt instrument covenant debt service coverage ratio	2
Line of credit facility, covenant compliance	As of December 31, 2018, the Company was in compliance with all of its financial covenants of the Credit Facility
KeyBank National Association [Member] | Jernigan Capital Operating Company Limited Liability Company [Member]
Line of Credit Facility [Line Items]
Line of credit, current borrowing capacity	$ 91,300,000
KeyBank National Association [Member] | Included in the borrowing base for Greater than 30 months [Member]
Line of Credit Facility [Line Items]
Debt instrument covenant related to debt service amount, ratio	1
KeyBank National Association [Member] | December 28, 2018 and December 31, 2020 [Member]
Line of Credit Facility [Line Items]
Debt instrument covenants minimum fixed coverage ratio	1.20
KeyBank National Association [Member] | January 1, 2021 and December 31, 2022 [Member]
Line of Credit Facility [Line Items]
Debt instrument covenants minimum fixed coverage ratio	1.30
KeyBank National Association [Member] | January 1, 2023 through the Maturity [Member]
Line of Credit Facility [Line Items]
Debt instrument covenants minimum fixed coverage ratio	1.40
KeyBank National Association [Member] | Scenario, Plan [Member]
Line of Credit Facility [Line Items]
Debt instrument covenants liquidity minimal amount			$ 50,000,000
Debt instrument covenant additional amount included onto total unfunded loan commitments			$ 50,000,000
KeyBank National Association [Member] | Base Rate, Tranche One [Member]
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	1.25%
KeyBank National Association [Member] | Base Rate, Tranche Two [Member]
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	1.75%
KeyBank National Association [Member] | Base Rate, Tranche Three [Member]
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	2.25%
KeyBank National Association [Member] | LIBOR Rate, Tranche One [Member]
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	2.25%
KeyBank National Association [Member] | LIBOR Rate, Tranche Two [Member]
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	2.75%
KeyBank National Association [Member] | LIBOR Rate, Tranche Three [Member]
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	3.25%
Maximum [Member] | KeyBank National Association [Member]
Line of Credit Facility [Line Items]
Company loans secured by mortgage loans borrowing base availability maximum percentage	60.00%
Debt instrument covenant related to debt service amount, ratio	1.35
Debt instrument per diem fee rate percentage	0.30%
Maximum [Member] | KeyBank National Association [Member] | Included in the borrowing base for Greater than 18 months [Member]
Line of Credit Facility [Line Items]
Debt instrument covenant related to debt service coverage amount ratio, maximum	0.50
Maximum [Member] | KeyBank National Association [Member] | Secured by Stabilized Self-Storage Properties [Member]
Line of Credit Facility [Line Items]
Debt instrument covenant related to debt service amount, ratio	1.30
Minimum [Member] | KeyBank National Association [Member]
Line of Credit Facility [Line Items]
Company loans secured by mortgage loans underlying real estate fair value minimum percentage to maximum principal amount borrowed	50.00%
Loans secured by non-stabilized self-storage properties, percentage of borrowing base availability	$ 60
Percentage of total development cost of the non-stabilized self-storage properties	75.00%
Debt instrument per diem fee rate percentage	0.25%
Minimum [Member] | KeyBank National Association [Member] | Included in the borrowing base for Greater than 18 months [Member]
Line of Credit Facility [Line Items]
Mortgage loans minimal months inclusion in borrowing base period	18 months
Minimum [Member] | KeyBank National Association [Member] | Included in the borrowing base for Greater than 30 months [Member]
Line of Credit Facility [Line Items]
Mortgage loans minimal months inclusion in borrowing base period	30 months
Minimum [Member] | KeyBank National Association [Member] | Secured by Stabilized Self-Storage Properties [Member]
Line of Credit Facility [Line Items]
Company loans secured by self-storage properties underlying real estate fair value minimum percentage to maximum principal amount borrowed	65.00%

DEBT (Term Loans) (Narrative) (

DEBT (Term Loans) (Narrative) (Details) $ in Thousands	Aug. 17, 2018USD ($)	Dec. 31, 2018USD ($)
Debt Instrument [Line Items]
Term loans principal amount		$ 24,609
First Bank Term Loans [Member]
Debt Instrument [Line Items]
Term loans principal amount	$ 24,900
Debt maturity date	Aug. 1, 2021
Description of variable rate basis		Borrowings under the FirstBank Term Loans bear interest at a floating variable rate of one-month LIBOR plus 2.25%, which is reset monthly.
Term loans, financial covenant		The FirstBank Term Loans contain a financial covenant that requires the Operating Company to maintain a debt service coverage ratio of 1.35 to 1
Debt instrument covenant related to debt service coverage amount ratio, maximum		1.35
London Interbank Offered Rate (LIBOR) [Member] | First Bank Term Loans [Member]
Debt Instrument [Line Items]
Interest Rate in addition to 30-day LIBOR		2.25%

DEBT (Senior Participations) (N

DEBT (Senior Participations) (Narrative) (Details) - USD ($) $ in Thousands	May 27, 2016	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Senior loan participation				$ 718
Senior Notes [Member]
Debt Instrument [Line Items]
Senior loan participation				718
Miami A Note [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Amount committed by the bank	$ 17,700			$ 10,001
Cash consideration from senior participations	10,000
Debt instrument threshold amount outstanding related to senior notes.	$ 7,700
Debt instrument, effective interest rate				4.66%
Debt maturity date		Jul. 1, 2017	Jun. 30, 2018	Jan. 31, 2018
Debt instrument fee amount			$ 100
Debt instrument fee, description			The Company also paid a loan fee of 100 basis points, or $0.1 million upon closing of the loan.
Minimum amount of cash required in depository or money market accounts			$ 500
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%

DEBT (Commitments and Outstandi

DEBT (Commitments and Outstanding Balances of Senior Participations) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	May 27, 2016
Debt Instrument [Line Items]
Amount Borrowed		$ 24,900
Net balance			$ 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			10,001	$ 17,700
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 (Common St

STOCKHOLDERS' EQUITY (Common Stock Offerings and Repurchase Plan) (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 14, 2018	Jun. 27, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 07, 2018	Sep. 28, 2018	Apr. 05, 2017	May 20, 2016
Nonvested restricted stock			159,165	185,002
Common stock, shares issued			20,430,218	14,429,055
Common stock, shares outstanding			20,430,218	14,429,055
Net proceeds from issuance of common stock	$ 81,100	$ 83,900	$ 101,625	$ 111,761	$ 53,460
Issuance of shares, net of offering costs (in shares)	4,600,000	4,025,000
Number of shares repurchased and retired			213,078
Retirement of common stock			$ 333	$ 177	$ 3,152
Stock repurchase program, remaining authorized amount			6,800
ATM Program [Member]
Net proceeds from issuance of common stock			$ 48,300
Issuance of shares, net of offering costs (in shares)			2,281,774
Equity offering program, maximum aggregate offering price								$ 50,000
Shares issued, price per share			$ 21.79
Maximum [Member]
Stock repurchase program, authorized amount									$ 10,000
Maximum [Member] | ATM Program [Member]
Equity offering program, increase in aggregate offering price						$ 75,000
Series A Preferred Stock [Member]
Preferred stock, shares issued			125,000	40,000			15,000,000
Preferred stock, shares outstanding			125,000	40,000
Series B Preferred Stock [Member]
Preferred stock, shares issued			1,571,734	0
Preferred stock, shares outstanding			1,571,734	0
Series B Preferred Stock [Member] | ATM Program [Member]
Preferred stock, shares issued			71,734
Shares issued, price per share			$ 22.94

STOCKHOLDERS' EQUITY (Equity In

STOCKHOLDERS' EQUITY (Equity Incentive Plan and Restricted Stock Awards) (Narrative) (Details) - Restricted Stock [Member] - USD ($) $ / shares in Units, $ in Millions	May 03, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Apr. 01, 2018	Apr. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted		75,333	111,414
Number of shares forfeited		1,667
Restricted stock expense, recognized		$ 1.9	$ 1.3	$ 1.1
Unrecognized share based compensation expense		$ 2.1	$ 2.7	$ 2
Share based compensation expense, period for recognition		1 year 9 months 18 days
Equity Incentive Plan 2015 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for future issuance									200,000
Amended and Restated 2015 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for future issuance	370,000
Number of shares increase (decrease) related to share base payment plan	170,000
Equity incentive plan expiration date		May 2, 2027
Number of shares granted		363,587	288,254
Number of vested or expected to vest shares		99,503	46,413	55,172
Number of shares forfeited		1,667		1,667
Grant date fair value of non-vested awards								$ 18.10
Share-based Compensation Award, Tranche One [Member] | Scenario, Plan [Member] | Amended and Restated 2015 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of vested or expected to vest shares							70,834
Share-based Compensation Award, Tranche Two [Member] | Scenario, Plan [Member] | Amended and Restated 2015 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of vested or expected to vest shares						70,829
Share-based Compensation Award, Tranche Three [Member] | Scenario, Plan [Member] | Amended and Restated 2015 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of vested or expected to vest shares					17,502
Maximum [Member] | Amended and Restated 2015 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity award vesting period		5 years
Minimum [Member] | Amended and Restated 2015 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity award vesting period		3 years

STOCKHOLDERS' EQUITY (Preferred

STOCKHOLDERS' EQUITY (Preferred Stock) (Narrative) (Details)

Oct. 31, 2018$ / shares

Jul. 31, 2018$ / shares

May 02, 2018$ / shares

Feb. 28, 2018$ / shares

Jan. 26, 2018USD ($)shares

Nov. 01, 2017$ / shares

Aug. 01, 2017$ / shares

May 03, 2017$ / shares

Mar. 07, 2017$ / shares

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

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

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

Dec. 31, 2016USD ($)

Sep. 28, 2018shares

Mar. 29, 2018USD ($)shares

Jan. 25, 2018shares

Class of Stock [Line Items]

Common stock, par value (in dollars per share)

$ 0.01

$ 0.01

Series A Preferred Stock [Member]

Class of Stock [Line Items]

Preferred stock, shares authorized | shares

300,000

300,000

Preferred stock, par value (in dollars per share)

$ 0.01

$ 0.01

$ 0.01

Preferred stock, liquidation preference per share

$ 1,000

Preferred stock, redemption terms

The Series A Preferred Stock may be redeemed at the Company's option (i) after five years from the Effective Date at a price equal to 105% of the Liquidation Value per share plus the value of all accumulated and unpaid Cash Distributions and Stock Dividends, and (ii) after six years from the Effective Date at a price equal to 100% of the Liquidation Value per share plus the value of all accumulated and unpaid Cash Distributions and Stock Dividends. In the event of certain change of control events affecting the Company prior to the third anniversary of the Effective Date, the Company must redeem all shares of Series A Preferred Stock for a price equal to (a) the Liquidation Value, plus (b) accumulated and unpaid Cash Distributions and Stock Dividends, plus (c) a make-whole premium designed to provide the holders of the Series A Preferred Stock with a return on the redeemed shares equal to a 14.0% internal rate of return through the third anniversary of the Effective Date.

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

$ 50,000,000

Preferred stock, dividend rate

7.00%

7.00%

Percentage of increase in book value

25.00%

Internal rate of return to the preferred shareholders

14.00%

Debt instrument covenant debt to total intangible asset ratio

0.4

Net proceeds from issuance of preferred stock | $

$ 84,931,000

$ 29,964,000

$ 9,448,000

Preferred stock, shares issued | shares

125,000

40,000

15,000,000

Dividends declared date

Oct. 31, 2018

Jul. 31, 2018

May 2, 2018

Feb. 28, 2018

Nov. 1, 2017

Aug. 1, 2017

May 3, 2017

Mar. 7, 2017

Dividend payable, amount per share

$ 17.89

$ 15.81

$ 16.07

$ 12.12

$ 9.48

$ 17.89

$ 17.69

$ 17.50

Dividends payable date

Jan. 15, 2019

Oct. 15, 2018

Jul. 13, 2018

Apr. 13, 2018

Jan. 12, 2018

Oct. 13, 2017

Jul. 14, 2017

Apr. 14, 2017

Dividends payable, date of record

Jan. 1, 2019

Oct. 1, 2018

Jul. 1, 2018

Apr. 1, 2018

Jan. 1, 2018

Oct. 1, 2017

Jul. 1, 2017

Apr. 1, 2017

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

Class of Stock [Line Items]

Dividends declared date

Oct. 31, 2018

Jul. 31, 2018

May 2, 2018

Feb. 28, 2018

Nov. 1, 2017

Aug. 1, 2017

May 3, 2017

Mar. 7, 2017

Dividend payable, amount per share

$ 17

$ 17

$ 19.32

$ 28.33

$ 1.11

$ 13.15

$ 37.10

Dividends payable date

Jan. 15, 2019

Oct. 15, 2018

Jul. 13, 2018

Apr. 13, 2018

Jan. 12, 2018

Oct. 13, 2017

Apr. 15, 2017

Dividends payable, date of record

Jan. 1, 2019

Oct. 1, 2018

Jul. 1, 2018

Apr. 1, 2018

Jan. 1, 2018

Oct. 1, 2017

Jul. 1, 2017

Apr. 1, 2017

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

Class of Stock [Line Items]

Preferred Stock Forecasted Dividend Payable | $

$ 2,125,000

Percentage of increase in book value

25.00%

Internal rate of return to the preferred shareholders

14.00%

Series A Preferred Stock [Member] | Five Years From the Effective Date [Member]

Class of Stock [Line Items]

Percentage of Preferred stock redemption

105.00%

Series A Preferred Stock [Member] | Six Years From the Effective Date [Member]

Class of Stock [Line Items]

Percentage of Preferred stock redemption

100.00%

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] | After Third Anniversary [Member]

Class of Stock [Line Items]

Internal rate of return to the preferred shareholders

14.00%

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 authorized | shares

3,750,000

1,725,000

Preferred stock, par value (in dollars per share)

$ 0.01

$ 0.01

Preferred stock, liquidation preference per share

$ 25

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

Preferred stock redemption price per share

$ 25

Preferred stock, dividend rate

7.00%

7.00%

Preferred stock, dividend declared per share

$ 1.7500

Issuances of stock-based awards (in shares) | shares

1,500,000

Net proceeds from issuance of preferred stock | $

$ 36,000,000

$ 37,402,000

Preferred stock, shares issued | shares

1,571,734

0

Preferred ATM shares, aggregate maximum offering price | $

$ 45,000,000

Preferred stock share cap rate | $

2.74876

Dividends declared date

Oct. 31, 2018

Jul. 31, 2018

May 2, 2018

Feb. 28, 2018

Dividend payable, amount per share

$ 0.43750

$ 0.43750

$ 0.43750

$ 0.37431

Dividends payable date

Jan. 15, 2019

Oct. 15, 2018

Jul. 13, 2018

Apr. 13, 2018

Dividends payable, date of record

Jan. 2, 2019

Oct. 1, 2018

Jul. 2, 2018

Apr. 2, 2018

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

Class of Stock [Line Items]

Amount of preferred shares issuable in future | $

125,000,000

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

Maximum [Member] | Series A Preferred Stock [Member] | Any Rolling Three Month Period [Member]

Class of Stock [Line Items]

Amount of preferred shares issuable in future | $

35,000,000

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

ATM Program [Member]

Class of Stock [Line Items]

Shares issued, price per share

$ 21.79

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

Class of Stock [Line Items]

Preferred stock, shares authorized | shares

3,750,000

2,025,000

1,725,000

Net proceeds from issuance of preferred stock | $

$ 1,400,000

Preferred stock, shares issued | shares

71,734

Shares issued, price per share

$ 22.94

STOCKHOLDERS' EQUITY (Summary o

STOCKHOLDERS' EQUITY (Summary of Changes in Restricted Shares) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Class of Stock [Line Items]
Shares, Nonvested shares at beginning of period	185,002
Shares, Nonvested shares at end of period	159,165	185,002
Restricted Stock [Member]
Class of Stock [Line Items]
Shares, Nonvested shares at beginning of period	185,002	120,001
Shares, Granted	75,333	111,414
Shares, Vested	(99,503)	(46,413)
Shares, Forfeited	(1,667)
Shares, Nonvested shares at end of period	159,165	185,002
Weighted average grant date fair value, Nonvested at beginning of period	$ 21.58	$ 20.10
Weighted average grant date fair value, Granted	19.18	22.59
Weighted average grant date fair value, Vested	18.48	20.28
Weighted average grant date fair value, Forfeited	18.10
Weighted average grant date fair value, Nonvested at end of period	$ 18.39	$ 21.58

DIVIDENDS AND DISTRIBUTIONS (Su

DIVIDENDS AND DISTRIBUTIONS (Summary of Dividends Declared) (Details) - USD ($) $ / shares in Units, $ in Thousands	Oct. 31, 2018	Jul. 31, 2018	May 02, 2018	Feb. 28, 2018	Nov. 01, 2017	Aug. 01, 2017	May 03, 2017	Mar. 07, 2017
Common Stock Class [Member]
Dividends Payable [Line Items]
Dividends payable, date declared	Oct. 31, 2018	Jul. 31, 2018	May 2, 2018	Feb. 28, 2018	Nov. 1, 2017	Aug. 1, 2017	May 3, 2017	Mar. 7, 2017
Dividends payable, date of record	Jan. 2, 2019	Oct. 1, 2018	Jul. 2, 2018	Apr. 2, 2018	Jan. 2, 2018	Oct. 2, 2017	Jul. 3, 2017	Apr. 3, 2017
Dividends payable, payment date	Jan. 15, 2019	Oct. 15, 2018	Jul. 13, 2018	Apr. 13, 2018	Jan. 12, 2018	Oct. 13, 2017	Jul. 14, 2017	Apr. 14, 2017
Dividend payable, amount per share	$ 0.35	$ 0.35	$ 0.35	$ 0.35	$ 0.35	$ 0.35	$ 0.35	$ 0.35
Cash dividend, total amount	$ 7,150	$ 6,777	$ 6,739	$ 5,056	$ 5,051	$ 4,983	$ 4,983	$ 3,149
Series A Preferred Stock [Member]
Dividends Payable [Line Items]
Dividends payable, date declared	Oct. 31, 2018	Jul. 31, 2018	May 2, 2018	Feb. 28, 2018	Nov. 1, 2017	Aug. 1, 2017	May 3, 2017	Mar. 7, 2017
Dividends payable, date of record	Jan. 1, 2019	Oct. 1, 2018	Jul. 1, 2018	Apr. 1, 2018	Jan. 1, 2018	Oct. 1, 2017	Jul. 1, 2017	Apr. 1, 2017
Dividends payable, payment date	Jan. 15, 2019	Oct. 15, 2018	Jul. 13, 2018	Apr. 13, 2018	Jan. 12, 2018	Oct. 13, 2017	Jul. 14, 2017	Apr. 14, 2017
Dividend payable, amount per share	$ 17.89	$ 15.81	$ 16.07	$ 12.12	$ 9.48	$ 17.89	$ 17.69	$ 17.50
Cash dividend, total amount	$ 2,236	$ 1,977	$ 1,767	$ 909	$ 379	$ 179	$ 177	$ 175
Series A Preferred Stock [Member] | Stock Dividend [Member]
Dividends Payable [Line Items]
Dividends payable, date declared	Oct. 31, 2018	Jul. 31, 2018	May 2, 2018	Feb. 28, 2018	Nov. 1, 2017	Aug. 1, 2017	May 3, 2017	Mar. 7, 2017
Dividends payable, date of record	Jan. 1, 2019	Oct. 1, 2018	Jul. 1, 2018	Apr. 1, 2018	Jan. 1, 2018	Oct. 1, 2017	Jul. 1, 2017	Apr. 1, 2017
Dividends payable, payment date	Jan. 15, 2019	Oct. 15, 2018	Jul. 13, 2018	Apr. 13, 2018	Jan. 12, 2018	Oct. 13, 2017		Apr. 15, 2017
Dividend payable, amount per share	$ 17	$ 17	$ 19.32	$ 28.33	$ 1.11	$ 13.15		$ 37.10
Stock dividend, total amount	$ 2,125	$ 2,125	$ 2,125	$ 2,125	$ 44	$ 131		$ 371
Common stock dividends, shares		109,494	111,199	120,028	2,222	6,703		16,497
Preferred stock dividends, shares	2,125
Series B Preferred Stock [Member]
Dividends Payable [Line Items]
Dividends payable, date declared	Oct. 31, 2018	Jul. 31, 2018	May 2, 2018	Feb. 28, 2018
Dividends payable, date of record	Jan. 2, 2019	Oct. 1, 2018	Jul. 2, 2018	Apr. 2, 2018
Dividends payable, payment date	Jan. 15, 2019	Oct. 15, 2018	Jul. 13, 2018	Apr. 13, 2018
Dividend payable, amount per share	$ 0.43750	$ 0.43750	$ 0.43750	$ 0.37431
Cash dividend, total amount	$ 688	$ 688	$ 688	$ 561

EARNINGS PER SHARE (Schedule of

EARNINGS PER SHARE (Schedule of Earnings per Share, Basic and Diluted) (Details) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018USD ($)$ / shares	Sep. 30, 2018USD ($)$ / shares	Jun. 30, 2018USD ($)$ / shares	Mar. 31, 2018USD ($)$ / shares	Dec. 31, 2017USD ($)$ / shares	Sep. 30, 2017USD ($)$ / shares	Jun. 30, 2017USD ($)$ / shares	Mar. 31, 2017USD ($)$ / shares	Dec. 31, 2018USD ($)$ / sharesshares	Dec. 31, 2017USD ($)$ / sharesshares	Dec. 31, 2016USD ($)$ / sharesshares
Shares Outstanding
Weighted average common shares - basic | shares									17,111,035	11,735,455	6,060,100
Effect of dilutive securities | shares									173,125	173,057	152,548
Weighted average common shares, all classes | shares									17,284,160	11,908,512	6,212,648
Calculation of Earnings per Share - basic
Net income	$ 22,251	$ 15,964	$ 10,797	$ 5,354	$ 3,125	$ 4,457	$ 5,194	$ 1,783	$ 54,366	$ 14,559	$ 16,017
Net income allocated to preferred stockholders									18,014	1,456	996
Net income allocated to unvested restricted shares									364	188	345
Net income attributable to common shareholders - two-class method									$ 35,988	$ 12,915	$ 14,676
Weighted average common shares - basic | shares									17,111,035	11,735,455	6,060,100
Earnings per share - basic | $ / shares	$ 0.87	$ 0.58	$ 0.40	$ 0.12	$ 0.19	$ 0.29	$ 0.50	$ 0.14	$ 2.10	$ 1.10	$ 2.42
Calculation of Earnings per Share - diluted
Net income	$ 22,251	$ 15,964	$ 10,797	$ 5,354	$ 3,125	$ 4,457	$ 5,194	$ 1,783	$ 54,366	$ 14,559	$ 16,017
Net income allocated to preferred stockholders									18,014	1,456	996
Net income attributable to common shareholders - two-class method									$ 36,352	$ 13,103	$ 15,021
Weighted average common shares - diluted | shares									17,284,160	11,908,512	6,212,648
Earnings per share - diluted | $ / shares	$ 0.87	$ 0.57	$ 0.40	$ 0.12	$ 0.19	$ 0.29	$ 0.50	$ 0.14	$ 2.10	$ 1.10	$ 2.42
Unvested restricted shares of common stock participation ratio in dividends with unrestricted shares of common									1

RELATED PARTY TRANSACTIONS (Nar

RELATED PARTY TRANSACTIONS (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Related Party Transaction [Line Items]
Fair value of investments	$ 373,564	$ 228,233
Base management fee, annual rate	1.50%
Percentage of base management fee	0.375%
Base management fees	$ 6,700	3,500	$ 1,700
Deferred termination fee to Manager			239
Management fee, description	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
Incentive fee, description	The Manager computes the incentive fee each quarter within 45 days after the end of the fiscal quarter that is currently payable and if an incentive fee results, promptly delivers such calculation to the Company's Board of Directors. The amount of any incentive fee 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
Internalization of Manager, description	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 Operating Company at the end of the initial term all of the assets or equity interests in the Manager (an "Internalization Transaction"). Such offer shall specify an internalization price and such terms and conditions as the Manager shall determine
Expenses reimbursable to Manager	$ 3,800	3,000	3,300
Outstanding fees due to manager	3,300	1,500
Investment in and advances to real estate venture	14,155	13,856
Interest income from investments	27,576	11,457	6,532
Income (loss) from equity method investments	1,483	2,263	1,278
Incentive fee earned by the Manager	700	0	0
SL1 Venture [Member]
Related Party Transaction [Line Items]
Investment in and advances to real estate venture	14,200	13,900
Income (loss) from equity method investments	1,500	2,300	1,300
Equity Method Investments [Member]
Related Party Transaction [Line Items]
Fair value of investments	440,200	215,900
Interest income from investments	$ 66,200	$ 18,000	$ 21,400

RELATED PARTY TRANSACTIONS (Sch

RELATED PARTY TRANSACTIONS (Schedule of EBITDA and Capitalization) (Details)	12 Months Ended
	Dec. 31, 2018USD ($)
EBITDA Multiple, 5X [Member] | Total Annual Return 8% or Less [Member]
Schedule of Capitalization [Line Items]
Capitalization %	$ 5
EBITDA Multiple, 5.5X [Member] | Total Annual Return Greater than 8% to 12% [Member]
Schedule of Capitalization [Line Items]
Capitalization %	5.5
EBITDA Multiple, 6X [Member] | Total Annual Return Greater than 12% [Member]
Schedule of Capitalization [Line Items]
Capitalization %	$ 6

RESTRUCTURING COSTS (Narrative)

RESTRUCTURING COSTS (Narrative) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)
RESTRUCTURING COSTS [Abstract]
Restructuring costs	$ 54

RESTRUCTURING COSTS (Restructur

RESTRUCTURING COSTS (Restructuring and Related Costs) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Restructuring Cost and Reserve [Line Items]
Restructuring costs liability, Beginning Balance	$ 36	$ 79	$ 95
Restructuring costs incurred			64
Cash payments	(36)	(43)	(70)
Non-cash activity			(10)
Restructuring costs liability, Ending Balance		36	79
Total cumulative restructuring costs incurred or expected to be incurred	330	330	330
Employee Severance [Member]
Restructuring Cost and Reserve [Line Items]
Total cumulative restructuring costs incurred or expected to be incurred	97	97	97
Fixed Assets Disposal [Member]
Restructuring Cost and Reserve [Line Items]
Total cumulative restructuring costs incurred or expected to be incurred	33	33	33
Lease Termination [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring costs liability, Beginning Balance	36	79	85
Restructuring costs incurred			64
Cash payments	(36)	(43)	(70)
Restructuring costs liability, Ending Balance		36	79
Total cumulative restructuring costs incurred or expected to be incurred	187	187	187
Other Restructuring [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring costs liability, Beginning Balance			10
Non-cash activity			(10)
Total cumulative restructuring costs incurred or expected to be incurred	$ 13	$ 13	$ 13

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Narrative) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2018USD ($)
Other Investments [Member]
Other Commitments [Line Items]
Unfunded loan commitment related to investment portfolio	$ 220.9
Other Loan [Member] | Nine Revolving Loan Agreements [Member]
Other Commitments [Line Items]
Unfunded loan commitment related to investment portfolio	0.9
SL1 Venture [Member] | Investment in Real Estate Venture [Member]
Other Commitments [Line Items]
Unfunded loan commitment related to investment portfolio	$ 2.2
London Interbank Offered Rate (LIBOR) [Member] | Long Term Debt Obligation [Member]
Other Commitments [Line Items]
Debt instrument, basis spread on variable rate	2.25%
Credit Facility [Member]
Other Commitments [Line Items]
Debt instrument maturity, description	The Credit Facility has a maturity date of December 28, 2021, with two one-year extension options to extend the maturity date to December 28, 2023
Debt Instrument, Maturity Date	Dec. 28, 2021

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES (Summary of the Maturities of Senior Participation and Future Minimum Payments) (Details) $ in Thousands	Dec. 31, 2018USD ($)
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
Long-term debt obligations, 2019
Long-term debt obligations, 2020
Long-term debt obligations, 2021	24,900
Long-term debt obligations, 2022
Long-term debt obligations, 2023
Long-term debt obligations, Thereafter
Long-term debt obligations	$ 24,900

QUARTERLY FINANCIAL DATA (UNA_2

QUARTERLY FINANCIAL DATA (UNAUDITED) (Summary of Quarterly (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
QUARTERLY FINANCIAL DATA [Abstract]
Total revenues	$ 9,666	$ 9,091	$ 7,241	$ 5,216	$ 3,930	$ 3,361	$ 2,599	$ 2,301	$ 31,214	$ 12,191	$ 6,532
Net income	22,251	15,964	10,797	5,354	3,125	4,457	5,194	1,783	54,366	14,559	16,017
Net income attributable to common stockholders	$ 17,202	$ 11,174	$ 6,217	$ 1,759	$ 2,702	$ 4,147	$ 5,017	$ 1,237	$ 36,352	$ 13,103	$ 15,021
Basic earnings per share attributable to common stockholders	$ 0.87	$ 0.58	$ 0.40	$ 0.12	$ 0.19	$ 0.29	$ 0.50	$ 0.14	$ 2.10	$ 1.10	$ 2.42
Diluted earnings per share attributable to common stockholders	$ 0.87	$ 0.57	$ 0.40	$ 0.12	$ 0.19	$ 0.29	$ 0.50	$ 0.14	$ 2.10	$ 1.10	$ 2.42

SUBSEQUENT EVENTS (Investment A

SUBSEQUENT EVENTS (Investment Activity) (Narrative) (Details) - USD ($) $ in Thousands	Feb. 27, 2019	Jan. 28, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Mar. 31, 2019	Feb. 28, 2019	Jan. 18, 2019	Mar. 07, 2016
Subsequent Event [Line Items]
Payments to acquire development property			$ 258,604	$ 152,681	$ 45,094
Investment commitment			634,337	$ 523,821
Credit facility, amount outstanding			0
Term loans principal amount			$ 24,609
Subsequent Event [Member]
Subsequent Event [Line Items]
Credit facility, amount outstanding							$ 21,000
Long-term line of credit, remaining borrowing capacity							$ 118,000
Development Property Investment [Member]
Subsequent Event [Line Items]
Equity method investment, ownership percentage			49.90%
SL1 Venture [Member]
Subsequent Event [Line Items]
Equity method investment, ownership percentage									10.00%
Investment commitment			$ 123,300
SL1 Venture [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Equity method investment, ownership percentage						50.10%
SL1 Venture [Member] | Loan Investments [Member]
Subsequent Event [Line Items]
Investment commitment			$ 123,273
SL1 Venture [Member] | Loan Investments [Member] | Four Properties [Member]
Subsequent Event [Line Items]
Equity method investment, ownership percentage			49.90%
SL1 Venture [Member] | Loan Investments [Member] | Four Properties [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Equity method investment, ownership percentage		100.00%
Payments to acquire development property		$ 12,100
Term Loans [Member] | Charlotte [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Term loans principal amount								$ 9,200
Term Loans [Member] | SL1 Venture [Member] | Loan Investments [Member] | Four Properties [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Issuance of debt, aggregate loan proceeds	$ 36,100

SUBSEQUENT EVENTS (First Quarte

SUBSEQUENT EVENTS (First Quarter Dividend Declarations) (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions

Feb. 22, 2019

Oct. 31, 2018

Jul. 31, 2018

May 02, 2018

Feb. 28, 2018

Nov. 01, 2017

Aug. 01, 2017

May 03, 2017

Mar. 07, 2017

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Feb. 28, 2019

Subsequent Event [Line Items]

Dividends declared per share of common stock

$ 1.40

$ 1.40

$ 1.40

Credit facility, amount outstanding

$ 0

Common Stock Class [Member]

Subsequent Event [Line Items]

Dividends payable, date declared

Oct. 31, 2018

Jul. 31, 2018

May 2, 2018

Feb. 28, 2018

Nov. 1, 2017

Aug. 1, 2017

May 3, 2017

Mar. 7, 2017

Dividends payable, payment date

Jan. 15, 2019

Oct. 15, 2018

Jul. 13, 2018

Apr. 13, 2018

Jan. 12, 2018

Oct. 13, 2017

Jul. 14, 2017

Apr. 14, 2017

Dividends payable, date of record

Jan. 2, 2019

Oct. 1, 2018

Jul. 2, 2018

Apr. 2, 2018

Jan. 2, 2018

Oct. 2, 2017

Jul. 3, 2017

Apr. 3, 2017

Series A Preferred Stock [Member]

Subsequent Event [Line Items]

Dividends payable, date declared

Oct. 31, 2018

Jul. 31, 2018

May 2, 2018

Feb. 28, 2018

Nov. 1, 2017

Aug. 1, 2017

May 3, 2017

Mar. 7, 2017

Dividends payable, payment date

Jan. 15, 2019

Oct. 15, 2018

Jul. 13, 2018

Apr. 13, 2018

Jan. 12, 2018

Oct. 13, 2017

Jul. 14, 2017

Apr. 14, 2017

Dividends payable, date of record

Jan. 1, 2019

Oct. 1, 2018

Jul. 1, 2018

Apr. 1, 2018

Jan. 1, 2018

Oct. 1, 2017

Jul. 1, 2017

Apr. 1, 2017

Series B Preferred Stock [Member]

Subsequent Event [Line Items]

Dividends payable, date declared

Oct. 31, 2018

Jul. 31, 2018

May 2, 2018

Feb. 28, 2018

Preferred stock, dividend declared per share

$ 1.7500

Dividends payable, payment date

Jan. 15, 2019

Oct. 15, 2018

Jul. 13, 2018

Apr. 13, 2018

Dividends payable, date of record

Jan. 2, 2019

Oct. 1, 2018

Jul. 2, 2018

Apr. 2, 2018

Subsequent Event [Member]

Subsequent Event [Line Items]

Credit facility, amount outstanding

$ 21

Subsequent Event [Member] | Common Stock Class [Member]

Subsequent Event [Line Items]

Dividends declared per share of common stock

$ 0.35

Dividends payable, date declared

Feb. 22, 2019

Dividends payable, payment date

Apr. 15, 2019

Dividends payable, date of record

Apr. 1, 2019

Subsequent Event [Member] | Series A Preferred Stock [Member]

Subsequent Event [Line Items]

Dividends payable, date declared

Feb. 22, 2019

Dividends payable, payment date

Apr. 15, 2019

Dividends payable, date of record

Apr. 1, 2019

Subsequent Event [Member] | Series B Preferred Stock [Member]

Subsequent Event [Line Items]

Dividends payable, date declared

Feb. 22, 2019

Preferred stock, dividend declared per share

$ 0.43750

Dividends payable, payment date

Apr. 15, 2019

Dividends payable, date of record

Apr. 1, 2019

SUBSEQUENT EVENTS (Schedule of

SUBSEQUENT EVENTS (Schedule of Investments) (Details) - USD ($) $ in Thousands	Mar. 01, 2019	Dec. 31, 2018	Dec. 31, 2017
Subsequent Event [Line Items]
Investment commitment		$ 634,337	$ 523,821
Development Property Investments [Member]
Subsequent Event [Line Items]
Investment commitment		551,013	517,839
Loan Investments [Member] | Development Property Investments [Member]
Subsequent Event [Line Items]
Investment commitment		$ 533,280	$ 500,106
Loan Investments [Member] | Development Property Investments [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Investment commitment	$ 18,796
Loan Investments [Member] | Development Property Investments [Member] | New York City 6 [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Investment Closing Date	3/1/2019
Investment commitment	$ 18,796

SCHEDULE III - REAL ESTATE AN_2

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Real Estate and Accumulated Depreciation - Ocoee FL) (Details) ft² in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)ft²	Dec. 31, 2017USD ($)
Gross Carrying Amount [Abstract]
Real estate, gross, total	$ 100,099	$ 15,827
Accumulated depreciation	$ 3,897	$ 472
Ocoee Florida [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Net rentable area | ft²	93,965
Debt	$ 9,150
Initial Cost [Abstract]
Land	1,505
Buildings and improvements	14,322
Costs Subsequent ro Acquisition [Abstract]
Cost subsequent to acquisition	1
Gross Carrying Amount [Abstract]
Land	1,505
Buildings and improvements	14,323
Real estate, gross, total	15,828
Accumulated depreciation	$ 1,177
Year acquired	Aug. 31, 2017
Life on which depreciation in latest income statement is computed	40 years
Marietta, Georgia [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Net rentable area | ft²	66,187
Debt	$ 7,125
Initial Cost [Abstract]
Land	1,500
Buildings and improvements	10,166
Costs Subsequent ro Acquisition [Abstract]
Cost subsequent to acquisition	3
Gross Carrying Amount [Abstract]
Land	1,500
Buildings and improvements	10,169
Real estate, gross, total	11,669
Accumulated depreciation	$ 645
Year acquired	Dec. 31, 2018
Alpharetta, Georgia [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Net rentable area | ft²	71,718
Debt	$ 8,625
Initial Cost [Abstract]
Land	3,407
Buildings and improvements	9,764
Costs Subsequent ro Acquisition [Abstract]
Cost subsequent to acquisition	3
Gross Carrying Amount [Abstract]
Land	3,407
Buildings and improvements	9,767
Real estate, gross, total	13,174
Accumulated depreciation	$ 659
Year acquired	Dec. 31, 2018
Fleming Island, Florida [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Net rentable area | ft²	59,848
Initial Cost [Abstract]
Land	$ 1,438
Buildings and improvements	10,195
Costs Subsequent ro Acquisition [Abstract]
Cost subsequent to acquisition	5
Gross Carrying Amount [Abstract]
Land	1,438
Buildings and improvements	10,200
Real estate, gross, total	11,638
Accumulated depreciation	$ 835
Year acquired	Dec. 31, 2018
Pittsburgh, Pennsylvania [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Net rentable area | ft²	47,794
Initial Cost [Abstract]
Land	$ 316
Buildings and improvements	8,609
Costs Subsequent ro Acquisition [Abstract]
Cost subsequent to acquisition	671
Gross Carrying Amount [Abstract]
Land	316
Buildings and improvements	9,280
Real estate, gross, total	9,596
Accumulated depreciation	$ 274
Year acquired	Dec. 31, 2018
Mallard Creek, North Carolina [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Net rentable area | ft²	85,350
Initial Cost [Abstract]
Land	$ 1,445
Buildings and improvements	11,301
Gross Carrying Amount [Abstract]
Land	1,445
Buildings and improvements	11,301
Real estate, gross, total	12,746
Accumulated depreciation	$ 267
Year acquired	Dec. 31, 2018
Bay Shore, New York [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Net rentable area | ft²	105,347
Initial Cost [Abstract]
Land	$ 1,186
Buildings and improvements	24,262
Gross Carrying Amount [Abstract]
Land	1,186
Buildings and improvements	24,262
Real estate, gross, total	25,448
Accumulated depreciation	$ 40
Year acquired	Dec. 31, 2018

SCHEDULE III - REAL ESTATE AN_3

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Real Estate and Accumulated Depreciation - Self-Storage) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)
Self-storage real estate owned:
Balance at beginning of period	$ 15,827
Acquisitions & improvements	83,602
Construction in progress	670
Balance at end of period	100,099
Accumulated Depreciation:
Balance at beginning of period	472
Depreciation expense	3,425
Balance at end of period	$ 3,897

SCHEDULE IV - MORTGAGE LOANS _2

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Interest income from investments	$ 27,576	$ 11,457	$ 6,532
Baltimore [Member] | Prepayment Penalty, Period One [Member]
Prepayment penalty percentage	3.00%
Baltimore [Member] | Prepayment Penalty, Period Two [Member]
Prepayment penalty percentage	2.00%
Baltimore [Member] | Prepayment Penalty Period Three [Member]
Prepayment penalty percentage	1.00%
New Haven [Member] | Prepayment Penalty, Period One [Member]
Prepayment penalty percentage	3.00%
New Haven [Member] | Prepayment Penalty, Period Two [Member]
Prepayment penalty percentage	2.00%
New Haven [Member] | Prepayment Penalty Period Three [Member]
Prepayment penalty percentage	1.00%
Los Angeles [Member] | Prepayment Penalty, Period One [Member]
Prepayment penalty percentage	2.00%
Los Angeles [Member] | Prepayment Penalty, Period Two [Member]
Prepayment penalty percentage	1.00%
Boston 1 [Member] | Prepayment Penalty, Period One [Member]
Prepayment penalty percentage	4.00%
Boston 1 [Member] | Prepayment Penalty, Period Two [Member]
Prepayment penalty percentage	3.00%
Boston 1 [Member] | Prepayment Penalty Period Three [Member]
Prepayment penalty percentage	2.00%
Boston 1 [Member] | Prepayment Penalty Period Four [Member]
Prepayment penalty percentage	1.00%
Nine Development Properties [Member]
Mortgage loans on real estate, interest rate	9.50%
Nine Development Properties [Member] | Payable Monthly in Cash [Member]
Mortgage loans on real estate, interest rate	6.50%
Nine Development Properties [Member] | Payable Upon Maturity of Loan [Member]
Mortgage loans on real estate, interest rate	3.00%
Forty Development Properties [Member] | Prepayment Penalty, Period One [Member]
Prepayment penalty percentage	3.00%
Forty Development Properties [Member] | Prepayment Penalty, Period Two [Member]
Prepayment penalty percentage	2.00%
Forty Development Properties [Member] | Prepayment Penalty Period Three [Member]
Prepayment penalty percentage	1.00%
Five Bridge Loan Investments [Member] | Prepayment Penalty, Period One [Member]
Prepayment penalty percentage	2.00%
Five Bridge Loan Investments [Member] | Prepayment Penalty, Period Two [Member]
Prepayment penalty percentage	1.00%
Construction Loans [Member] | Development Property Investments [Member]
Mortgage loans on real estate, interest rate	6.90%
Construction Loans [Member] | Development Property Investments [Member] | Miami [Member]
Investment maturity period	18 months
Interest income from investments	$ 0

SCHEDULE IV - MORTGAGE LOANS _3

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE (Schedule of Real Estate Properties) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)
Mortgage Loans on Real Estate [Line Items]
Face Amount of Loans	$ 408,863
Carrying Amount of Loans	450,752
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 17,733
Development Property Investments [Member] | Loan Investments [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	6.90%
Periodic Payment Terms	have a term of 72 months
Face Amount of Loans	$ 309,623
Carrying Amount of Loans	$ 348,636
Development Property Investments [Member] | Loan Investments [Member] | Milwaukee [Member]
Mortgage Loans on Real Estate [Line Items]
Location	Milwaukee
Interest Rate	6.90%
Final Maturity Date	Aug. 1, 2021
Face Amount of Loans	$ 7,648
Carrying Amount of Loans	$ 9,057
Development Property Investments [Member] | Loan Investments [Member] | New Haven [Member]
Mortgage Loans on Real Estate [Line Items]
Location	New Haven
Interest Rate	6.90%
Final Maturity Date	Sep. 1, 2021
Face Amount of Loans	$ 6,827
Carrying Amount of Loans	$ 8,350
Development Property Investments [Member] | Loan Investments [Member] | Raleigh [Member]
Mortgage Loans on Real Estate [Line Items]
Location	Raleigh
Interest Rate	6.90%
Final Maturity Date	Sep. 1, 2021
Face Amount of Loans	$ 8,498
Carrying Amount of Loans	$ 8,002
Development Property Investments [Member] | Loan Investments [Member] | Austin [Member]
Mortgage Loans on Real Estate [Line Items]
Location	Austin
Interest Rate	6.90%
Final Maturity Date	Oct. 27, 2021
Face Amount of Loans	$ 7,817
Carrying Amount of Loans	$ 7,763
Development Property Investments [Member] | Loan Investments [Member] | Charlotte [Member]
Mortgage Loans on Real Estate [Line Items]
Location	Charlotte
Interest Rate	6.90%
Final Maturity Date	Sep. 20, 2022
Face Amount of Loans	$ 11,445
Carrying Amount of Loans	$ 12,793
Development Property Investments [Member] | Loan Investments [Member] | Jacksonville 1 [Member]
Mortgage Loans on Real Estate [Line Items]
Location	Jacksonville
Interest Rate	6.90%
Final Maturity Date	Nov. 17, 2022
Face Amount of Loans	$ 7,157
Carrying Amount of Loans	$ 9,122
Development Property Investments [Member] | Loan Investments [Member] | Atlanta 1 [Member]
Mortgage Loans on Real Estate [Line Items]
Location	Atlanta
Interest Rate	6.90%
Final Maturity Date	Feb. 1, 2023
Face Amount of Loans	$ 8,711
Carrying Amount of Loans	$ 9,337
Development Property Investments [Member] | Loan Investments [Member] | Atlanta 2 [Member]
Mortgage Loans on Real Estate [Line Items]
Location	Atlanta
Interest Rate	6.90%
Final Maturity Date	Feb. 1, 2023
Face Amount of Loans	$ 12,957
Carrying Amount of Loans	$ 16,031
Development Property Investments [Member] | Loan Investments [Member] | Orlando 1 [Member]
Mortgage Loans on Real Estate [Line Items]
Location	Orlando
Interest Rate	6.90%
Final Maturity Date	Feb. 24, 2023
Face Amount of Loans	$ 7,229
Carrying Amount of Loans	$ 8,592
Development Property Investments [Member] | Loan Investments [Member] | New Orleans [Member]
Mortgage Loans on Real Estate [Line Items]
Location	New Orleans
Interest Rate	6.90%
Final Maturity Date	Feb. 24, 2023
Face Amount of Loans	$ 10,587
Carrying Amount of Loans	$ 12,221
Development Property Investments [Member] | Loan Investments [Member] | Atlanta 3 [Member]
Mortgage Loans on Real Estate [Line Items]
Location	Atlanta
Interest Rate	6.90%
Final Maturity Date	Feb. 27, 2023
Face Amount of Loans	$ 14,095
Carrying Amount of Loans	$ 15,371
Development Property Investments [Member] | Loan Investments [Member] | Fort Lauderdale [Member]
Mortgage Loans on Real Estate [Line Items]
Location	Fort Lauderdale
Interest Rate	6.90%
Final Maturity Date	Feb. 28, 2023
Face Amount of Loans	$ 7,604
Carrying Amount of Loans	$ 10,475
Development Property Investments [Member] | Loan Investments [Member] | Houston [Member]
Mortgage Loans on Real Estate [Line Items]
Location	Houston
Interest Rate	6.90%
Final Maturity Date	Feb. 28, 2023
Face Amount of Loans	$ 10,936
Carrying Amount of Loans	$ 13,285
Development Property Investments [Member] | Loan Investments [Member] | Louisville 1 [Member]
Mortgage Loans on Real Estate [Line Items]
Location	Louisville
Interest Rate	6.90%
Final Maturity Date	Apr. 14, 2023
Face Amount of Loans	$ 6,979
Carrying Amount of Loans	$ 8,540
Development Property Investments [Member] | Loan Investments [Member] | Denver 1 [Member]
Mortgage Loans on Real Estate [Line Items]
Location	Denver
Interest Rate	6.90%
Final Maturity Date	Apr. 20, 2023
Face Amount of Loans	$ 6,884
Carrying Amount of Loans	$ 7,706
Development Property Investments [Member] | Loan Investments [Member] | Denver 2 [Member]
Mortgage Loans on Real Estate [Line Items]
Location	Denver
Interest Rate	6.90%
Final Maturity Date	Apr. 20, 2023
Face Amount of Loans	$ 10,235
Carrying Amount of Loans	$ 12,403
Development Property Investments [Member] | Loan Investments [Member] | Atlanta 4 [Member]
Mortgage Loans on Real Estate [Line Items]
Location	Atlanta
Interest Rate	6.90%
Final Maturity Date	Jun. 1, 2023
Face Amount of Loans	$ 10,589
Carrying Amount of Loans	$ 12,774
Development Property Investments [Member] | Loan Investments [Member] | Tampa 1 [Member]
Mortgage Loans on Real Estate [Line Items]
Location	Tampa
Interest Rate	6.90%
Final Maturity Date	Jun. 1, 2023
Face Amount of Loans	$ 5,493
Carrying Amount of Loans	$ 6,020
Development Property Investments [Member] | Loan Investments [Member] | Tampa 2 [Member]
Mortgage Loans on Real Estate [Line Items]
Location	Tampa
Interest Rate	6.90%
Final Maturity Date	Jun. 1, 2023
Face Amount of Loans	$ 7,154
Carrying Amount of Loans	$ 8,391
Development Property Investments [Member] | Loan Investments [Member] | Tampa 3 [Member]
Mortgage Loans on Real Estate [Line Items]
Location	Tampa
Interest Rate	6.90%
Final Maturity Date	Jul. 1, 2023
Face Amount of Loans	$ 8,846
Carrying Amount of Loans	$ 11,419
Development Property Investments [Member] | Loan Investments [Member] | Baltimore 1 [Member]
Mortgage Loans on Real Estate [Line Items]
Location	Baltimore
Interest Rate	9.50%
Final Maturity Date	Jul. 1, 2023
Face Amount of Loans	$ 9,177
Carrying Amount of Loans	$ 10,805
Development Property Investments [Member] | Loan Investments [Member] | Knoxville [Member]
Mortgage Loans on Real Estate [Line Items]
Location	Knoxville
Interest Rate	6.90%
Final Maturity Date	Jun. 28, 2023
Face Amount of Loans	$ 7,717
Carrying Amount of Loans	$ 8,652
Development Property Investments [Member] | Loan Investments [Member] | New York City 1 [Member]
Mortgage Loans on Real Estate [Line Items]
Location	New York City
Interest Rate	9.50%
Final Maturity Date	Jul. 1, 2023
Face Amount of Loans	$ 24,760
Carrying Amount of Loans	$ 28,102
Development Property Investments [Member] | Loan Investments [Member] | Jacksonville 2 [Member]
Mortgage Loans on Real Estate [Line Items]
Location	Jacksonville
Interest Rate	6.90%
Final Maturity Date	Jul. 27, 2023
Face Amount of Loans	$ 6,836
Carrying Amount of Loans	$ 8,251
Development Property Investments [Member] | Loan Investments [Member] | Orlando 2 [Member]
Mortgage Loans on Real Estate [Line Items]
Location	Orlando
Interest Rate	6.90%
Final Maturity Date	Sep. 1, 2023
Face Amount of Loans	$ 6,769
Carrying Amount of Loans	$ 8,264
Development Property Investments [Member] | Loan Investments [Member] | Los Angeles 1 [Member]
Mortgage Loans on Real Estate [Line Items]
Location	Los Angeles
Interest Rate	6.90%
Final Maturity Date	Sep. 30, 2024
Face Amount of Loans	$ 8,692
Carrying Amount of Loans	$ 8,418
Development Property Investments [Member] | Loan Investments [Member] | Miami 1 [Member]
Mortgage Loans on Real Estate [Line Items]
Location	Miami
Interest Rate	6.90%
Final Maturity Date	Sep. 14, 2023
Face Amount of Loans	$ 6,882
Carrying Amount of Loans	$ 6,562
Development Property Investments [Member] | Loan Investments [Member] | Louisville 2 [Member]
Mortgage Loans on Real Estate [Line Items]
Location	Louisville
Interest Rate	6.90%
Final Maturity Date	Sep. 30, 2023
Face Amount of Loans	$ 8,691
Carrying Amount of Loans	$ 10,652
Development Property Investments [Member] | Loan Investments [Member] | Miami 2 [Member]
Mortgage Loans on Real Estate [Line Items]
Location	Miami
Interest Rate	9.50%
Final Maturity Date	Nov. 1, 2023
Face Amount of Loans	$ 1,335
Carrying Amount of Loans	$ 1,082
Development Property Investments [Member] | Loan Investments [Member] | New York City 2 [Member]
Mortgage Loans on Real Estate [Line Items]
Location	New York City
Interest Rate	9.50%
Final Maturity Date	Nov. 1, 2023
Face Amount of Loans	$ 4,835
Carrying Amount of Loans	$ 4,383
Development Property Investments [Member] | Loan Investments [Member] | Miami 3 [Member]
Mortgage Loans on Real Estate [Line Items]
Location	Miami
Interest Rate	9.50%
Final Maturity Date	Dec. 1, 2023
Face Amount of Loans	$ 4,096
Carrying Amount of Loans	$ 3,542
Development Property Investments [Member] | Loan Investments [Member] | Minneapolis 1 [Member]
Mortgage Loans on Real Estate [Line Items]
Location	Minneapolis
Interest Rate	6.90%
Final Maturity Date	Nov. 21, 2023
Face Amount of Loans	$ 3,214
Carrying Amount of Loans	$ 3,070
Development Property Investments [Member] | Loan Investments [Member] | Boston 1 [Member]
Mortgage Loans on Real Estate [Line Items]
Location	Boston
Interest Rate	6.90%
Final Maturity Date	Jan. 1, 2024
Face Amount of Loans	$ 3,978
Carrying Amount of Loans	$ 4,246
Development Property Investments [Member] | Loan Investments [Member] | New York City 3 [Member]
Mortgage Loans on Real Estate [Line Items]
Location	New York City
Interest Rate	6.90%
Final Maturity Date	Dec. 15, 2023
Face Amount of Loans	$ 1,777
Carrying Amount of Loans	$ 1,631
Development Property Investments [Member] | Loan Investments [Member] | Boston 2 [Member]
Mortgage Loans on Real Estate [Line Items]
Location	Boston
Interest Rate	6.90%
Final Maturity Date	Dec. 27, 2023
Face Amount of Loans	$ 2,563
Carrying Amount of Loans	$ 2,402
Development Property Investments [Member] | Loan Investments [Member] | New York City 4 [Member]
Mortgage Loans on Real Estate [Line Items]
Location	New York City
Interest Rate	6.90%
Final Maturity Date	Jan. 1, 2024
Face Amount of Loans	$ 6,523
Carrying Amount of Loans	$ 6,400
Development Property Investments [Member] | Loan Investments [Member] | Minneapolis 2 [Member]
Mortgage Loans on Real Estate [Line Items]
Location	Minneapolis
Interest Rate	6.90%
Final Maturity Date	Feb. 8, 2024
Face Amount of Loans	$ 7,802
Carrying Amount of Loans	$ 8,773
Development Property Investments [Member] | Loan Investments [Member] | Philadelphia [Member]
Mortgage Loans on Real Estate [Line Items]
Location	Philadelphia
Interest Rate	9.50%
Final Maturity Date	Apr. 1, 2024
Face Amount of Loans	$ 7,870
Carrying Amount of Loans	$ 8,093
Development Property Investments [Member] | Loan Investments [Member] | Minneapolis 3 [Member]
Mortgage Loans on Real Estate [Line Items]
Location	Minneapolis
Interest Rate	6.90%
Final Maturity Date	Apr. 6, 2024
Face Amount of Loans	$ 2,333
Carrying Amount of Loans	$ 2,206
Development Property Investments [Member] | Loan Investments [Member] | Miami 4 [Member]
Mortgage Loans on Real Estate [Line Items]
Location	Miami
Interest Rate	9.50%
Final Maturity Date	Jun. 1, 2024
Face Amount of Loans	$ 2,803
Carrying Amount of Loans	$ 2,564
Development Property Investments [Member] | Loan Investments [Member] | Atlanta 5 [Member]
Mortgage Loans on Real Estate [Line Items]
Location	Atlanta
Interest Rate	6.90%
Final Maturity Date	Jun. 1, 2024
Face Amount of Loans	$ 861
Carrying Amount of Loans	$ 775
Development Property Investments [Member] | Loan Investments [Member] | Kansas City [Member]
Mortgage Loans on Real Estate [Line Items]
Location	Kansas City
Interest Rate	6.90%
Final Maturity Date	Jun. 1, 2024
Face Amount of Loans	$ 1,228
Carrying Amount of Loans	$ 1,137
Development Property Investments [Member] | Loan Investments [Member] | Orlando 4 [Member]
Mortgage Loans on Real Estate [Line Items]
Location	Orlando
Interest Rate	6.90%
Final Maturity Date	Jun. 7, 2024
Face Amount of Loans	$ 800
Carrying Amount of Loans	$ 673
Development Property Investments [Member] | Loan Investments [Member] | Baltimore 2 [Member]
Mortgage Loans on Real Estate [Line Items]
Location	Baltimore
Interest Rate	6.90%
Final Maturity Date	Nov. 16, 2024
Face Amount of Loans	$ 390
Carrying Amount of Loans	$ 301
Development Property Investments [Member] | Construction Loans [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	6.90%
Face Amount of Loans	$ 17,733
Carrying Amount of Loans	17,733
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 17,733
Development Property Investments [Member] | Construction Loans [Member] | Miami 1 [Member]
Mortgage Loans on Real Estate [Line Items]
Location	Miami
Interest Rate	12.90%
Final Maturity Date	Jun. 30, 2018
Face Amount of Loans	$ 17,733
Carrying Amount of Loans	17,733
Principal Amount of Loans Subject to Delinquent Principal or Interest	17,733
Bridge Loan Investments [Member]
Mortgage Loans on Real Estate [Line Items]
Face Amount of Loans	81,507
Carrying Amount of Loans	$ 84,383
Bridge Loan Investments [Member] | Miami 1 [Member]
Mortgage Loans on Real Estate [Line Items]
Location	Miami
Interest Rate	6.90%
Final Maturity Date	Apr. 1, 2023
Face Amount of Loans	$ 20,201
Carrying Amount of Loans	$ 22,823
Bridge Loan Investments [Member] | Miami 2 [Member]
Mortgage Loans on Real Estate [Line Items]
Location	Miami
Interest Rate	9.50%
Final Maturity Date	Apr. 1, 2023
Face Amount of Loans	$ 16,883
Carrying Amount of Loans	$ 14,432
Bridge Loan Investments [Member] | Miami 3 [Member]
Mortgage Loans on Real Estate [Line Items]
Location	Miami
Interest Rate	6.90%
Final Maturity Date	Apr. 1, 2023
Face Amount of Loans	$ 13,370
Carrying Amount of Loans	$ 17,372
Bridge Loan Investments [Member] | Miami 4 [Member]
Mortgage Loans on Real Estate [Line Items]
Location	Miami
Interest Rate	9.50%
Final Maturity Date	Apr. 1, 2023
Face Amount of Loans	$ 17,581
Carrying Amount of Loans	$ 15,971
Bridge Loan Investments [Member] | Miami 5 [Member]
Mortgage Loans on Real Estate [Line Items]
Location	Miami
Interest Rate	6.90%
Final Maturity Date	Apr. 1, 2023
Face Amount of Loans	$ 13,472
Carrying Amount of Loans	$ 13,785

SCHEDULE IV - MORTGAGE LOANS _4

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE (Activity of Mortgage Loans) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Balance as of December 31, 2017	$ 234,171
Fundings of principal, net of unamortized origination fees	253,030
Reclassification of self-storage real estate owned	(66,390)
Payment-in-kind interest	22,641
Repayments of principal	(33,047)
Fair value of investments	(373,564)	$ (228,233)
Net unrealized gains	42,961
Balance as of December 31, 2018	450,752	$ 234,171
Boston 1 [Member]
Fair value of investments	$ (2,614)