Jernigan Capital (JCAP) 10-Q 2 May 19 2019 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2019	May 01, 2019
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Entity Registrant Name	Jernigan Capital, Inc.
Entity Central Index Key	0001622353
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Trading Symbol	jcap
Entity Common Stock, Shares Outstanding		20,585,194

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Assets:
Cash and cash equivalents	$ 3,860	$ 8,715
Development property investments at fair value	405,999	373,564
Bridge investments at fair value	87,046	84,383
Self-storage real estate owned, net	106,371	96,202
Investment in and advances to real estate venture	12,360	14,155
Other loans, at cost	5,025	4,835
Deferred financing costs	4,404	4,619
Prepaid expenses and other assets	5,348	3,702
Fixed assets, net	219	233
Total assets	630,632	590,408
Liabilities:
Secured revolving credit facility	27,000
Term loans, net of unamortized costs	33,716	24,609
Due to Manager	2,267	3,334
Accounts payable, accrued expenses and other liabilities	2,612	2,402
Dividends payable	12,236	12,199
Total liabilities	77,831	42,544
Equity:
Common stock, $0.01 par value, 500,000,000 shares authorized at March 31, 2019 and December 31, 2018; 20,567,694 and 20,430,218 issued and outstanding at March 31, 2019 and December 31, 2018, respectively	205	204
Additional paid-in capital	389,431	386,394
Retained earnings	1,605	1,728
Total equity	552,801	547,864
Total liabilities and equity	630,632	590,408
Series A Preferred Stock [Member]
Equity:
Preferred stock	124,262	122,137
Total equity	124,262	122,137
Series B Preferred Stock [Member]
Equity:
Preferred stock	37,298	37,401
Total equity	$ 37,298	$ 37,401

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
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	20,567,694	20,430,218
Common stock, shares outstanding	20,567,694	20,430,218
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	127,125	125,000
Preferred stock, shares outstanding	127,125	125,000
Preferred stock, liquidation preference, Value	$ 127.1	$ 125
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	3,750,000
Preferred stock, shares issued	1,571,734	1,571,734
Preferred stock, shares outstanding	1,571,734	1,571,734
Preferred stock, liquidation preference, Value	$ 39.3	$ 39.3

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenues:
Interest income from investments	$ 8,212	$ 4,562
Total revenues	9,884	5,216
Costs and expenses:
General and administrative expenses	1,762	1,818
Fees to Manager	2,003	1,304
Property operating expenses of real estate owned	762	311
Depreciation and amortization of real estate owned	1,029	702
Other expenses		290
Total costs and expenses	5,556	4,425
Operating income	4,328	791
Other income (expense):
Equity in earnings from unconsolidated real estate venture	156	550
Net unrealized gain on investments	8,830	4,320
Interest expense	(1,213)	(416)
Other interest income	13	109
Total other income	7,786	4,563
Net income	12,114	5,354
Net income attributable to preferred stockholders	(5,032)	(3,595)
Net income attributable to common stockholders	$ 7,082	$ 1,759
Basic earnings per share attributable to common stockholders	$ 0.35	$ 0.12
Diluted earnings per share attributable to common stockholders	0.35	0.12
Dividends declared per share of common stock	$ 0.35	$ 0.35
Rental and other property-related income from real estate owned [Member]
Revenues:
Rental and other property-related income from real estate owned	$ 1,450	$ 623
Other revenues [Member]
Revenues:
Rental and other property-related income from real estate owned	$ 222	$ 31

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($)	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]	Total
Balance at Dec. 31, 2017			$ 37,764,000				$ 305,820,000	$ 144,000	$ 276,814,000	$ (8,902,000)	$ 305,820,000
Balance (in shares) at Dec. 31, 2017			40,000					14,429,055
Issuance of preferred stock, net of offering costs			$ 34,417,000			$ 35,988,000	70,405,000				70,405,000
Issuance of preferred stock, net of offering costs (in shares)			35,000			1,500,000
Stock dividend paid on preferred stock							44,000	$ 2,222	44,000		44,000
Repurchase and retirement of shares of common stock							(40,000)		(40,000)		(40,000)
Repurchase and retirement of shares of common stock (in shares)								(2,234)
Issuances of stock-based awards (in shares)								(18,000)
Stock-based compensation							376,000		376,000		376,000
Dividends declared on preferred stock	$ (3,034,000)	$ (3,034,000)	$ (3,034,000)	$ (561,000)	$ (561,000)	$ (561,000)
Dividends declared on common stock							(5,056,000)			(5,056,000)	(5,056,000)
Net Income							5,354,000			5,354,000	5,354,000
Balance at Mar. 31, 2018			$ 72,181,000			$ 35,988,000	373,308,000	$ 144,000	277,194,000	(12,199,000)	373,308,000
Balance (in shares) at Mar. 31, 2018			75,000			1,500,000		14,447,043
Balance at Dec. 31, 2018			$ 122,137,000			$ 37,401,000	547,864,000	$ 204,000	386,394,000	1,728,000	547,864,000
Balance (in shares) at Dec. 31, 2018			125,000			1,571,734		20,430,218
Equity offering costs related to preferred stock						$ (103,000)	(103,000)				(103,000)
Stock dividend paid on preferred stock			$ 2,125,000				2,125,000				2,125,000
Stock dividend paid on preferred stock (in shares)			2,125
At-the-market issuance of common stock, net of offering costs							2,752,000	$ 1,000	2,751,000		2,752,000
At-the-market issuance of common stock, net of offering costs (in shares)								136,192
Repurchase and retirement of shares of common stock											$ (3,200,000)
Repurchase and retirement of shares of common stock (in shares)											(213,078)
Repurchase and retirement of shares related to vested restricted stock							(73,000)		(73,000)		$ (73,000)
Repurchase and retirement of shares related to vested restricted stock (in shares)								(3,408)
Issuances of stock-based awards (in shares)								4,692
Stock-based compensation							359,000		359,000		359,000
Dividends declared on preferred stock	$ (4,344,000)	$ (4,344,000)	$ (4,344,000)	$ (688,000)	$ (688,000)	(688,000)
Dividends declared on common stock							(7,205,000)			(7,205,000)	(7,205,000)
Net Income							12,114,000			12,114,000	12,114,000
Balance at Mar. 31, 2019			$ 124,262,000			$ 37,298,000	$ 552,801,000	$ 205,000	$ 389,431,000	$ 1,605,000	$ 552,801,000
Balance (in shares) at Mar. 31, 2019			127,125			1,571,734		20,567,694

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities:
Net Income	$ 12,114	$ 5,354
Adjustments to reconcile net income to net cash used in operating activities:
Interest capitalized on outstanding loans	(6,932)	(4,013)
Unrealized gain on investments	(8,830)	(4,320)
Stock-based compensation	359	376
Equity in earnings from unconsolidated self-storage real estate venture	(154)	(548)
Return on investment from unconsolidated self-storage real estate venture	52	201
Depreciation and amortization	1,043	719
Amortization of deferred financing costs	462	177
Accretion of origination fees	(257)	(160)
Changes in operating assets and liabilities:
Prepaid expenses and other assets	(71)	(81)
Due to Manager	(1,068)	(79)
Accounts payable, accrued expenses, and other liabilities	311	255
Net cash used in operating activities	(2,971)	(2,119)
Cash flows from investing activities:
Purchase of corporate fixed assets	(1)	(6)
Purchase of self-storage real estate owned	(2,636)	(8,785)
Capital additions to self-storage real estate owned	(335)
Capital contributions to unconsolidated self-storage real estate venture	(216)	(831)
Return of capital from unconsolidated self-storage real estate venture	2,106
Advances to unconsolidated self-storage real estate venture	(12,304)	(6,516)
Repayment of advances to unconsolidated self-storage real estate venture	12,310	6,791
Origination fees received in cash	217	1,167
Development property investments and bridge investments	(29,548)	(116,746)
Funding of other loans	(185)	(325)
Repayments of investment portfolio investments	342	3
Repayments of other loans	2	418
Net cash used in investing activities	(30,248)	(124,830)
Cash flows from financing activities:
Cash received from Credit Facility, net of issuance costs	26,793	29,901
Cash received from term loans, net of issuance costs	9,069
Deferred financing costs		(185)
Stock repurchases	(73)	(40)
Net proceeds from issuance of common stock	2,752
Dividends paid on common stock	(7,150)	(5,051)
Net cash provided by financing activities	28,364	95,210
Net change in cash and cash equivalents	(4,855)	(31,739)
Cash and cash equivalents at the beginning of the period	8,715	46,977
Cash and cash equivalents at the end of the period	3,860	15,238
Series A Preferred Stock [Member]
Cash flows from financing activities:
Net proceeds (offering costs) from issuance of preferred stock		34,976
Dividends paid on preferred stock	(2,236)	(379)
Series B Preferred Stock [Member]
Cash flows from financing activities:
Net proceeds (offering costs) from issuance of preferred stock	(103)	$ 35,988
Dividends paid on preferred stock	$ (688)

ORGANIZATION AND FORMATION OF T

ORGANIZATION AND FORMATION OF THE COMPANY	3 Months Ended
	Mar. 31, 2019
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	3 Months Ended
	Mar. 31, 2019
SIGNIFICANT ACCOUNTING POLICIES [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	2. SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The Company’s consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The accompanying interim consolidated financial statements include all normal recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the interim periods included therein. Substantially all operations are conducted through the Operating Company, and all significant intercompany transactions and balances have been eliminated in consolidation. Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Actual results could differ from those estimates. Variable Interest Entities The Company invests in entities that may qualify as variable interest entities (“VIEs”). A VIE is a legal entity that lacks one or more of the characteristics of a voting interest entity. A VIE is defined as an entity in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The determination of whether an entity is a VIE includes both a qualitative and quantitative analysis. Management bases the qualitative analysis on its review of the design of the entity, its organizational structure including allocation of decision-making authority and relevant financial agreements and the quantitative analysis on the forecasted cash flow of the entity. Management reassesses the initial evaluation of an entity as a VIE upon the occurrence of certain reconsideration events. A VIE must be consolidated only by its primary beneficiary, which is defined as the party that, along with its affiliates and agents, has both the: (i) power to direct the activities that most significantly impact the VIE’s economic performance and (ii) obligation to absorb the losses of the VIE or the right to receive the benefits from the VIE, which could be significant to the VIE. Management determines whether the Company is the primary beneficiary of a VIE by considering qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIE’s economic performance and which party controls such activities; the amount and characteristics of its investment; the obligation or likelihood for the Company or other interests to provide financial support; and consideration of the VIE’s purpose and design, including the risks the VIE was designed to create and pass through to its variable interest holders and the similarity with and significance to the Company’s business activities and the other interests. Management reassesses the determination of whether the Company is the primary beneficiary of a VIE each reporting period. Equity Investments Investments in real estate ventures and entities over which the Company exercises significant influence but not control are accounted for using the equity method. In accordance with Accounting Standards Codification (“ASC”) 825, Financial Instruments (“ASC 825-10”), issued by the Financial Accounting Standards Board (“FASB”), the Company has elected the fair value option of accounting for its development property investments and bridge 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 quarter ended September 30, 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, and payables. The following table presents the financial instruments measured at fair value on a recurring basis at March 31, 2019: Fair Value Measurements Using Total Level 1 Level 2 Level 3 Development property investments $ $ - $ - $ Bridge investments - - Total investments $ $ - $ - $ 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 $ $ - $ - $ Bridge investments - - Total investments $ $ - $ - $ 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 three months ended March 31, 2019 and 2018. Cash and Cash Equivalents Cash, investments in money market accounts and certificates of deposit with original maturities of three months or less are considered to be cash equivalents. The Company places its cash and cash equivalents primarily with three financial institutions, and the balance at each financial institution exceeds the Federal Deposit Insurance Corporation insurance limit of $250,000 per institution. Other Loans The Company’s other loans balance primarily includes principal balances for certain revolving loan agreements and short-term mortgage loans made by the Company in situations where it was determined that making such loans would benefit the Company’s primary business. As of March 31, 2019, the Company had executed seven revolving loan agreements with an aggregate outstanding principal amount of $0.9 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, 2018, the Company had executed seven revolving loan agreements with an aggregate outstanding principal amount of $0.7 million. As of March 31, 2019 and 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 March 31, 2019 and December 31, 2018. None of these loans are in non-accrual status as of March 31, 2019 and December 31, 2018. The Company determined that no allowance for loan loss was necessary at March 31, 2019 and December 31, 2018. 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 Consolidated Statements of Operations. Debt issuance costs related to the sale of senior participations or term loans are presented in the Consolidated Balance Sheets as a deduction from the carrying amount of the principal balance. Debt issuance costs related to the revolving Credit Facility are presented in the Consolidated Balance Sheets as Deferred Financing Costs. Other expenses Other expenses of $0.3 million during the three months ended March 31, 2018 consist of costs related to the termination of an employee contract and have been expensed as incurred. The Company incurred no other expense during the three months ended March 31, 2019. 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 stock offerings are reflected as a reduction of additional paid-in capital. Income Taxes The Company has elected to be taxed as a REIT and to comply with the related provisions of the Code. Accordingly, the Company will generally not be subject to U.S. federal income tax to the extent of its distributions to stockholders and as long as certain asset, income and share ownership tests are met. To qualify as a REIT, the Company must annually distribute at least 90% of its REIT taxable income to its stockholders and meet certain other requirements. Earnings per Share (“EPS”) Basic EPS includes only the weighted average number of common shares outstanding during the period. Diluted EPS includes the weighted average number of common shares and the dilutive effect of restricted stock, accrued stock dividends, and redeemable Operating Company units when such instruments are dilutive. All outstanding unvested share-based payment awards that contain rights to nonforfeitable dividends are treated as participating in undistributed earnings with common shareholders. Awards of this nature are considered participating securities and the two-class method of computing basic and diluted EPS must be applied. Comprehensive Income For the three months ended March 31, 2019 and 2018, comprehensive income equaled net income; therefore, separate Consolidated Statements of Comprehensive Income are not included in the accompanying interim consolidated financial statements. Segment Reporting The Company does not evaluate performance on a relationship specific or transactional basis and does not distinguish its principal business or group its operations on a geographical basis for purposes of measuring performance. Accordingly, the Company believes it has a single operating segment for reporting purposes in accordance with GAAP. Recent Accounting Pronouncements In June 2018, the FASB issued ASU 2018-07, Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. This update creates a single accounting model for all share-based payments. As a result of this update, the existing employee guidance will apply to nonemployee share-based transactions, with the cost of nonemployee awards continuing to be recorded as if the grantor had paid cash for the goods or services. The equity-classified share-based payment awards issued to nonemployees will now be measured on the grant date, instead of the previous requirement to re-measure the awards through the performance completion date. This ASU is effective for public business entities for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. As allowed, the Company has elected to early adopt the amendments in ASU 2018-07 effective April 1, 2018. As required by the ASU, the Company has established a grant date fair value of $18.10 based on the market value of the award as of April 1, 2018 for all nonemployee awards that have not vested as of April 1, 2018. The cumulative-effect adjustment to retained earnings as of January 1, 2018 was immaterial to the financial statements as a whole. As such, the Company recorded this adjustment through its Consolidated Statements of Operations for the 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 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. The Company has assessed the impact this new accounting guidance had on its consolidated financial statements and concluded that the new accounting guidance does not 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: Three months ended March 31, 2019 2018 Supplemental disclosure of cash flow information: Interest paid $ 556 $ 114 Supplemental disclosure of non-cash investing and financing activities: Stock dividend paid on preferred stock $ 2,125 $ 44 Dividends declared, but not paid, on preferred stock 5,032 3,595 Dividends declared, but not paid, on common stock 7,205 5,056 Reclassification of self-storage real estate owned 8,351 35,281 Assumed liabilities with acquisition of self-storage real estate owned - 1,306 Other loans paid off with issuance of development property investments - 117 Reclassification of deferred costs to cumulative preferred stock - 559

SELF-STORAGE INVESTMENT PORTFOL

SELF-STORAGE INVESTMENT PORTFOLIO	3 Months Ended
	Mar. 31, 2019
SELF-STORAGE INVESTMENT PORTFOLIO [Abstract]
SELF-STORAGE INVESTMENT PORTFOLIO	3. SELF-STORAGE INVESTMENT PORTFOLIO The Company’s self-storage investments at March 31, 2019 consisted of the following: Investments reported at fair value · Development Property Investments - The Company had 47 investments totaling an aggregate committed principal amount of approximately $548.1 million to finance the ground-up construction of, or conversion of existing buildings into self-storage facilities. Each development property investment is generally funded as the developer constructs the project and is typically comprised of a first mortgage and a 49.9% Profits Interest to the Company. The loans are secured by first priority mortgages or deeds of trust on the projects and, in certain cases, first priority security interests in the membership interests of the owners of the projects. Loans comprising development property investments are non-recourse with customary carve-outs and subject to completion guaranties, are interest-only with a fixed interest rate of typically 6.9% per annum and typically have a term of 72 months. As of March 31, 2019, two of the development property investments totaling $12.2 million of aggregate committed amount were structured as preferred equity investments, 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 March 31, 2019 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, 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 March 31, 2019. The fair value of the investment as of March 31, 2019 is $17.7 million. During the three months ended March 31, 2019, 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. As of March 31, 2019, the aggregate committed principal amount of the Company’s development property investments and bridge investments was approximately $649.1 million and outstanding principal was $441.0 million, as described in more detail in the table below: Metropolitan Total Remaining Statistical Area Investment Funded Unfunded Closing Date ("MSA") Commitment Investment (1) Commitment Fair Value Development property investments (includes a profits interest): 7/2/2015 Milwaukee (2)(7) $ 7,650 $ 7,648 $ 2 $ 9,128 8/14/2015 Raleigh (2)(7) 8,792 8,689 103 8,236 10/27/2015 Austin (2)(7) 8,658 7,951 707 7,940 9/20/2016 Charlotte 2 (2)(7) 12,888 11,697 1,191 12,838 11/17/2016 Jacksonville 2 (2)(7) 7,530 7,279 251 9,397 1/18/2017 Atlanta 3 (3) 14,115 9,498 4,617 10,549 1/31/2017 Atlanta 4 (2)(7) 13,678 13,185 493 15,632 2/24/2017 Orlando 3 (2)(7) 8,056 7,363 693 8,911 2/24/2017 New Orleans (2) 12,549 10,918 1,631 12,709 2/27/2017 Atlanta 5 (2) 17,492 15,640 1,852 18,345 3/1/2017 Fort Lauderdale (2) 9,952 7,740 2,212 10,547 3/1/2017 Houston (3) 14,825 13,400 1,425 16,176 4/14/2017 Louisville 1 (2)(7) 8,523 7,141 1,382 8,831 4/20/2017 Denver 1 (3) 9,806 7,666 2,140 8,669 4/20/2017 Denver 2 (2) 11,164 10,481 683 12,952 5/2/2017 Atlanta 6 (2)(7) 12,543 11,218 1,325 13,717 5/2/2017 Tampa 2 (3) 8,091 6,684 1,407 7,540 5/19/2017 Tampa 3 (2)(7) 9,224 7,355 1,869 8,650 6/12/2017 Tampa 4 (2)(7) 10,266 9,000 1,266 11,767 6/19/2017 Baltimore 1 (2)(4) 10,775 9,461 1,593 11,105 6/28/2017 Knoxville (2)(7) 9,115 8,156 959 9,228 6/29/2017 Boston 1 (2)(6) - - - 2,661 6/30/2017 New York City 2 (2)(4) 26,482 25,716 1,807 29,534 7/27/2017 Jacksonville 3 (2)(7) 8,096 6,978 1,118 8,598 8/30/2017 Orlando 4 (2) 9,037 7,114 1,923 8,732 9/14/2017 Los Angeles 1 28,750 8,979 19,771 8,938 9/14/2017 Miami 1 14,657 7,425 7,232 7,224 9/28/2017 Louisville 2 (2)(7) 9,940 8,914 1,026 11,131 10/12/2017 Miami 2 (4) 9,459 1,367 8,141 1,144 10/30/2017 New York City 3 (4) 14,701 5,276 9,587 4,911 11/16/2017 Miami 3 (4) 20,168 4,725 15,604 4,267 11/21/2017 Minneapolis 1 (3) 12,674 5,462 7,212 5,829 12/1/2017 Boston 2 (2) 8,771 5,436 3,335 6,520 12/15/2017 New York City 4 10,591 2,663 7,928 2,569 12/27/2017 Boston 3 10,174 2,608 7,566 2,500 12/28/2017 New York City 5 16,073 7,538 8,535 7,477 2/8/2018 Minneapolis 2 (2) 10,543 8,456 2,087 9,615 3/30/2018 Philadelphia (3)(4) 14,338 10,598 3,908 10,829 4/6/2018 Minneapolis 3 (3) 12,883 4,208 8,675 4,209 5/1/2018 Miami 9 (4) 12,421 2,869 9,623 2,696 5/15/2018 Atlanta 7 9,418 1,378 8,040 1,329 5/23/2018 Kansas City 9,968 2,349 7,619 2,320 6/7/2018 Orlando 5 12,969 2,533 10,436 2,478 6/12/2018 Los Angeles 2 (5) 9,298 4,675 4,874 4,721 11/16/2018 Baltimore 2 9,247 397 8,850 319 3/1/2019 New York City 6 18,796 2,112 16,684 1,963 3/15/2019 Stamford (5) 2,904 2,913 - 2,885 $ 548,050 $ 340,859 $ 209,382 $ 388,266 Construction loans: 12/23/2015 Miami 17,733 17,733 - 17,733 $ 17,733 $ 17,733 $ - $ 17,733 Total development property investments $ 565,783 $ 358,592 $ 209,382 $ 405,999 Bridge investments (includes a profits interest): 3/2/2018 Miami 4 (2)(7) 20,201 20,201 - 23,217 3/2/2018 Miami 5 (2)(4)(7) 17,738 17,272 991 15,217 3/2/2018 Miami 6 (2)(7) 13,370 13,370 - 17,681 3/2/2018 Miami 7 (2)(4)(7) 18,462 17,986 1,022 16,812 3/2/2018 Miami 8 (2)(7) 13,553 13,553 - 14,119 Total bridge investments $ 83,324 $ 82,382 $ 2,013 $ 87,046 Total investments reported at fair value $ 649,107 $ 440,974 $ 211,395 $ 493,045 (1) Represents principal balance of loan gross of origination fees. The principal balance includes interest accrued on the investment. (2) Construction at the facility was substantially complete and/or certificate of occupancy had been received as of March 31, 2019. 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 March 31, 2019. 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 payment-in-kind PIK interest. The PIK interest, computed at the contractual rate specified in each debt agreement, is periodically added to the principal balance of the debt and is recorded as interest income. Thus, the actual collection of this interest may be deferred until the time of debt principal repayment. The funded amount of these investments include PIK interest accrued. These PIK interest amounts are not included in the commitment amount for each investment. (5) 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. The funded amount of these investments include interest accrued on the preferred equity investment. These interest amounts are not included in the commitment amount for each investment. (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) As of March 31, 2019, 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 March 31, 2019: Funded principal $ 440,974 Adjustments: Unamortized origination and other fees (6,089) Net unrealized gain on investments 58,244 Other (84) Fair value of investments $ 493,045 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)(9) 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 $ $ $ $ Construction loans: 12/23/2015 Miami 17,733 17,733 - 17,733 $ $ $ $ Total development property investments $ $ $ $ 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 $ $ $ $ Total investments reported at fair value $ $ $ $ (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 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. (9) During the three months ended March 31, 2019, the Company purchased its partner’s 50.1% Profits Interest in this investment. 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 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 March 31, 2019 and December 31, 2018. 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 $471.6 million and $423.2 million, respectively, at March 31, 2019 and approximated $442.6 million and $395.7 million, respectively, at December 31, 2018. These investees had revenues of approximately $1.8 million and operating expenses of approximately $2.3 million for three months ended March 31, 2019 and revenues of approximately $0.8 million and operating expenses of approximately $0.7 million for the three months ended March 31, 2018. During the three months ended March 31, 2019, no individual investment comprised more than 20% of the Company’s net income. For the three months ended March 31, 2018, the total income (interest income and net unrealized gain on investments) from two bridge investments with a Profits Interest exceeded 20% of the Company’s net income. The Company recorded total income for the three months ended March 31, 2018 of $1.4 million and $3.8 million from the Miami 4 MSA and Miami 6 MSA bridge investments with a Profits Interest, respectively. For sixteen of the Company’s development property investments with a Profits Interest as of March 31, 2019 and December 31, 2018, an investor has an option to put its interest to the Company upon the event of default of the underlying property loans. The put, if exercised, requires the Company to purchase the member’s interest at the original purchase price plus a yield of 4.5% on such purchase price. The Company concluded that the likelihood of loss is remote and assigned no value to these put provisions as of March 31, 2019 and December 31, 2018. Investments reported at cost (Self-Storage Real Estate Owned) Q1 2019 Activity On March 8, 2019, the Company purchased 100% of the Class A membership units of the limited liability company that owned the New Haven development property investment with a Profits Interest. Accordingly, as of March 8, 2019, the Company wholly owns and consolidates this investment in the accompanying consolidated financial statements. The acquisition date basis of this investment of $11.1 million is primarily comprised of the development property investment at fair value and the cash consideration paid. Q1 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. 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. 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. Accordingly, as of the dates of acquisition, the Company wholly owns and consolidates these investments in the accompanying consolidated financial statements. The acquisition date basis of these investments of $45.4 million is primarily comprised of the development property investment at fair value of $35.3 million and the cash consideration paid of $9.6 million. The Company evaluated the 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 components of the real estate investments as presented in the Company’s accompanying Consolidated Balance Sheets as of March 31, 2019 and December 31, 2018: March 31, 2019 December 31, 2018 Land $ 11,723 $ 10,797 Building and improvements 94,689 85,067 In-place leases 4,084 3,552 Property equipment 13 13 Construction-in-progress 788 670 Accumulated depreciation and amortization (4,926) (3,897) Self-storage real estate owned, net $ 106,371 $ 96,202

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2019
FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	4. FAIR VALUE OF FINANCIAL INSTRUMENTS The fair value option under ASC 825-10 allows companies to elect to report selected financial assets and liabilities at fair value. The Company has elected the fair value option of accounting for its development property investments and bridge 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- Level 2- Level 3- The carrying values of cash, other loans, receivables, the secured revolving credit facility, term loans 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 term loans 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 with a profits interest and bridge 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 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 The Company’s development property investments and bridge 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 seven development property investments that were 40% complete but for which construction was not substantially complete at March 31, 2019, 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-nine 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 March 31, 2019. 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 development property investments with a profits interest and bridge investments categorized within Level 3 as of March 31, 2019 and December 31, 2018. These tables are not intended to be all-inclusive, but instead to capture the significant unobservable inputs relevant to the Company’s determination of fair values. As of March 31, 2019 Unobservable Inputs Primary Valuation Weighted Techniques (a) Input Estimated Range Average Income approach analysis Market yields/discount rate 4.15 - 12.53% 8.93% Exit date (c) 2.00 - 5.71 years 3.34 years Option pricing model Volatility 51.00 - 92.41% 73.09% Exit date (c) 2.00 - 5.71 years 3.34 years Capitalization rate (b) 4.75 - 6.00% 5.43% Discount rate (b) 7.75 - 11.74% 8.82% (a) 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) Thirty-six 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. (c) 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, 2018 Unobservable Inputs Primary Valuation Weighted Asset Category Techniques Input Estimated Range Average Development property investments and bridge investments (a) Income approach analysis Market yields/discount rate 4.72 - 13.09% 9.48% Exit date (d) 2.25 - 5.95 years 3.44 years Development property investments with a profits interest and bridge investments (b) Option pricing model Volatility 53.25 - 94.30% 75.10% Exit date (d) 2.25 - 5.95 years 3.44 years 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. The fair value measurements are sensitive to changes in unobservable inputs. A change in those inputs to a different amount might result in a significantly higher or lower fair value measurement. The following provides a discussion of the impact of changes in each of the unobservable inputs on the fair value measurement. Market yields - changes in market yields and discount rates, each in isolation, may change the fair value of certain of the Company’s investments. Generally, an increase in market yields or discount rates may result in a decrease in the fair value of certain of the Company’s investments. The following fluctuations in the market yields/discount rates would have had the following impact on the fair value of our investments: Increase (decrease) in fair value of investments Change in market yields/discount rates (in millions) March 31, 2019 December 31, 2018 Up 25 basis points $ (2.0) $ (1.9) Down 25 basis points, subject to a minimum yield/rate of 10 basis points 2.1 2.0 Up 50 basis points (4.1) (3.9) Down 50 basis points, subject to a minimum yield/rate of 10 basis points 4.3 4.1 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) March 31, 2019 December 31, 2018 Up 25 basis points $ (9.4) $ (8.9) Down 25 basis points 10.3 9.8 Up 50 basis points (18.0) (17.0) Down 50 basis points 21.8 20.5 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 significant gains or losses attributable to changes in instrument-specific credit risk in the three months ended March 31, 2019 and 2018. 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: Balance at December 31, 2018 $ 457,947 Realized gains - Unrealized gains 8,830 Fundings of principal and change in unamortized origination fees 28,029 Repayments of loans (342) Payment-in-kind interest 6,932 Reclassification of self-storage real estate owned (8,351) Net transfers in or out of Level 3 - Balance at March 31, 2019 $ 493,045 Balance at December 31, 2017 $ 234,171 Realized gains - Unrealized gains 4,320 Fundings of principal and change in unamortized origination fees 115,854 Repayments of loans (3) Payment-in-kind interest 4,013 Reclassification of self-storage real estate owned (35,281) Net transfers in or out of Level 3 - Balance at March 31, 2018 $ 323,074 As of March 31, 2019 and December 31, 2018, the total net unrealized appreciation on the investments that use Level 3 inputs was $58.2 million and $51.0 million, respectively. For the three months ended March 31, 2019 and 2018, 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	3 Months Ended
	Mar. 31, 2019
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. 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. 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. 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. The acquisition date basis of these investments of $57.2 million is primarily comprised of the development property investment at fair value and the cash consideration paid. On February 27, 2019, the SL1 Venture closed on a $36.1 million term loan secured by these four owned properties that bears interest at LIBOR plus 2.15% and matures on February 27, 2022. The SL1 Venture distributed $19.0 million and $2.1 million to HVP III and the Company, respectively, of these debt proceeds. The SL1 Venture has elected the fair value option of accounting for its development property investments with a Profits Interest, which are equity method investments of the SL1 Venture. The assumptions used to value the SL1 Venture’s investments are materially consistent with those used to value the Company’s investments. As of March 31, 2019, the SL1 Venture had seven 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 $ 12,722 $ 1,145 $ 15,252 5/14/2015 Miami 2 (2)(3) 14,849 14,492 357 15,301 9/25/2015 Fort Lauderdale (2)(3) 13,230 12,826 404 17,292 4/15/2016 Washington DC (3) 17,269 17,269 - 19,864 7/21/2016 New Jersey (3) 7,828 6,465 1,363 7,587 9/28/2016 Columbia (3) 9,199 9,020 179 9,695 12/22/2016 Raleigh (3) 8,877 8,576 301 9,303 Total $ 85,119 $ 81,370 $ 3,749 $ 94,294 (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) Certificate of occupancy had been received as of March 31, 2019. See Note 4, Fair Value of Financial Instruments , for information regarding recognition of entrepreneurial profit. 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 March 31, 2019. 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. As of March 31, 2019, the SL1 Venture had total assets of $154.7 million and total liabilities of $37.3 million. During the three months ended March 31, 2019, the SL1 Venture had net income of $1.5 million, of which $0.2 million was allocated to the Company and $1.3 million was allocated to HVP III, respectively, under the HLBV method. At March 31, 2019, $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 both March 31, 2019 and 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 self-storage real estate venture in the Consolidated Statements of Operations. 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 March 31, 2019 and December 31, 2018. The Company is the managing member of the SL1 Venture and manages and administers (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.

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	3 Months Ended
	Mar. 31, 2019
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 $493.0 million and $457.9 million at March 31, 2019 and December 31, 2018, 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: March 31, 2019 December 31, 2018 Assets recorded related to VIEs $ 493,045 $ 457,947 Unfunded loan commitments to VIEs 211,395 220,877 Maximum exposure to loss $ 704,440 $ 678,824 The Company has a construction completion guaranty from the managing members of the development property VIEs or individual affiliates/owners of such managing members. Investment in Real Estate Venture The Company determined that the SL1 Venture qualifies as a VIE because it does not have enough equity to finance its activities without additional subordinated financial support. In determining whether the Company is the primary beneficiary of the entity, the Company identified the activities that most significantly impact the entity’s economic performance. Such activities are (1) approving self-storage development investments and acquiring self-storage properties, (2) managing directly-owned properties, (3) obtaining debt financing, and (4) disposing of investments. Although the Company has certain rights, it does not have the power to direct the activities that most significantly impact the entity’s economic performance and thus is not the primary beneficiary. As such, the Company does not consolidate the entity and accounts for its unconsolidated interest in the SL1 Venture using the equity method of accounting. The Company’s investment in the SL1 Venture is included in the investment in and advances to self-storage real estate venture balance in the Consolidated Balance Sheets, and earnings from the SL1 Venture are included in equity in earnings from unconsolidated real estate venture in the Company’s Consolidated Statements of Operations. The Company’s maximum contribution to the SL1 Venture is $12.3 million, and as of March 31, 2019 and December 31, 2018, the Company’s remaining unfunded commitment to the SL1 Venture is $0.5 million and $0.9 million, respectively. At March 31, 2019 and December 31, 2018, the Company had $0.4 million in advances to the SL1 Venture.

DEBT

DEBT	3 Months Ended
	Mar. 31, 2019
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, 20 21, 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 March 31, 2019, the Company had $27.0 million outstanding under the Credit Facility of $118.0 million of total availability for borrowing under the Credit Facility. As of March 31, 2019, the Company was in compliance with all of its financial covenants of the Credit Facility. As of March 31, 2019 and December 31, 2018, certain of the Company’s development property investments and bridge investments as described in Note 3, Self-Storage Investment Portfolio , were pledged as collateral against the Credit Facility. In addition, as of March 31, 2019, the New Haven property, which is included in self-storage real estate owned, net, was pledged as collateral against the Credit Facility. As of December 31, 2018, the New York City 1 property, which is included in self-storage real estate owned, net, was pledged as collateral against the Credit Facility. Term Loans On August 17, 2018, the Company entered into loan agreements with FirstBank (“FirstBank”) with respect to three term loans in the aggregate principal amount of $24.9 million. On January 18, 2019, the Company entered into a loan agreement with FirstBank with respect to a term loan in the aggregate principal amount of $9.2 million. These loans are collectively referred to as the “FirstBank Term Loans.” The FirstBank Term Loans are secured by first mortgages on the Company’s four wholly-owned self-storage facilities located in Orlando, Florida, Atlanta, Georgia, and Charlotte, North Carolina. 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 March 31, 2019, 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 .

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	3 Months Ended
	Mar. 31, 2019
STOCKHOLDERS' EQUITY [Abstract]
STOCKHOLDERS' EQUITY	8. STOCKHOLDERS’ EQUITY The Company had 20,567,694 and 20,430,218 shares of common stock issued and outstanding, which included 153,165 and 159,165 shares of non-vested restricted stock, as of March 31, 2019 and December 31, 2018, respectively. The Company had 127,125 and 125,000 shares of Series A Preferred Stock issued and outstanding as of March 31, 2019 and December 31, 2018, respectively. The Company also had 1,571,734 shares of Series B Preferred Stock issued and outstanding as of March 31, 2019 and 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 March 31, 2019, the Company has issued and sold an aggregate of 2,417,966 shares of common stock at a weighted average price of $21.77 per share under the ATM Programs, receiving net proceeds after commissions and other offering costs of $51.1 million. During the three months ended March 31, 2019, the Company issued and sold an aggregate of 136,192 shares of common stock at a weighted average price per share of $21.43 under the ATM Programs, receiving net proceeds after commissions and other offering costs of $2.8 million. 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 March 31, 2019, the Company had repurchased and retired a total of 213,078 shares of its common stock at an aggregate cost of approximately $3.2 million. As of March 31, 2019, 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 Equity Incentive Plan increasing the number of shares of common stock reserved for issuance under the Plan by 170,000 shares from 200,000 shares to 370,000 shares and extending the term of the Plan until May 2, 2027. On May 1, 2019, the Company’s stockholders approved, and the Company adopted, the Second Amended and Restated 2015 Equity Incentive Plan increasing the number of shares reserved for issuance under the Plan by 380,000 to an aggregate of 750,000 shares and extending the term of the Plan until May 1, 2029. Restricted Stock Awards The Amended and Restated 2015 Equity Incentive Plan permits the issuance of restricted shares of the Company’s common stock to employees of the Manager (as the Company has no employees) and the Company’s non-employee directors. As of March 31, 2019 and December 31, 2018, 368,279 and 363,587 shares of restricted stock, respectively, had been granted, of which 55,172 vested in 2016, 46,413 vested in 2017, 99,503 vested in 2018, 10,692 vested during the three months ended March 31, 2019, 64,834 is expected to vest during the remainder of 2019, 70,829 is expected to vest in 2020 and 17,502 is expected to 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 $0.4 million of stock-based compensation expense for the three months ended March 31, 2019 and 2018. As of March 31, 2019 and December 31, 2018, the total unrecognized compensation cost related to the Company’s restricted shares was approximately $1.8 million and $2.1 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 1.6 years. The Company presents stock-based compensation expense in general and administrative expenses in the Consolidated Statements of Operations. A summary of changes in the Company’s restricted shares of common stock for the three months ended March 31, 2019 and 2018 is as follows: Three months ended Three months ended March 31, 2019 March 31, 2018 Weighted Weighted average grant average grant Shares date fair value Shares date fair value Nonvested at December 31, 159,165 $ 18.39 185,002 $ 21.58 Granted 4,692 21.46 18,000 17.78 Vested (10,692) 19.57 (7,500) 19.25 Forfeited - - - - Nonvested at March 31, 153,165 $ 18.40 195,502 $ 21.32 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 March 31, 2019. 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 Chief Executive Officer (“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 October 31, 2018, the Company declared cash and stock dividends on its Series A Preferred Stock. The cash dividend of $2.2 million was paid on January 15, 2019 to holders of record on January 1, 2019. A stock dividend of 2,125 shares of additional Series A Preferred Stock was issued on January 15, 2019 to holders of record on January 1, 2019 for an aggregate value of $2.1 million pursuant to the terms of the Stock Purchase Agreement. On February 22, 2019, the Company declared a (i) cash distribution of $17.45 per share of Series A Preferred Stock, payable on April 15, 2019, to holders of Series A Preferred Stock of record on the close of business on April 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 April 15, 2019, to holders of Series A Preferred Stock of record on the close of business on April 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 March 31, 2019, 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 $1.3 million under the Preferred ATM Program. During the three months ended March 31, 2019, the Company made no sales 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.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2019
EARNINGS PER SHARE [Abstract]
EARNINGS PER SHARE	9. EARNINGS PER SHARE Basic earnings per share is computed by dividing net income attributable to common shareholders by the weighted average number of shares outstanding during the period. All outstanding unvested restricted share awards contain rights to non-forfeitable dividends and participate in undistributed earnings with common shareholders and, accordingly, are considered participating securities that are included in the two-class method of computing basic earnings per share. Both the unvested restricted shares and the assumed share-settlement of the accrued stock dividend to holders of the Series A Preferred Stock, and the related impacts to earnings, are considered when calculating earnings per share on a diluted basis with the Company’s diluted earnings per share being the more dilutive of the treasury stock or two-class methods. For the three months ended March 31, 2019 and 2018, 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: Three months ended March 31, 2019 2018 Shares outstanding Weighted average common shares - basic 20,297,551 14,247,174 Effect of dilutive securities 157,565 308,163 Weighted average common shares, all classes 20,455,116 14,555,337 Calculation of Earnings per Share - basic Net income $ 12,114 $ 5,354 Less: Net income allocated to preferred stockholders 5,032 3,595 Net income allocated to unvested restricted shares (1) 55 23 Net income attributable to common shareholders - two-class method $ 7,027 $ 1,736 Weighted average common shares - basic 20,297,551 14,247,174 Earnings per share - basic $ 0.35 $ 0.12 Calculation of Earnings per Share - diluted Net income $ 12,114 $ 5,354 Less: Net income allocated to preferred stockholders 5,032 3,595 Net income attributable to common shareholders - two-class method $ 7,082 $ 1,759 Weighted average common shares - diluted 20,455,116 14,555,337 Earnings per share - diluted $ 0.35 $ 0.12 (1) Unvested restricted shares of common stock participate in dividends with unrestricted shares of common stock on a 1:1 basis and thus are considered participating securities under the two-class method for the three months ended March 31, 2019 and 2018.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2019
RELATED PARTY TRANSACTIONS [Abstract]
RELATED PARTY TRANSACTIONS	10. 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 March 31, 2019 and December 31, 2018 was $475.3 million and $440.2 million, respectively. The interest income realized and the net unrealized gain from these equity method investments was $12.0 million and $8.4 million for the three months ended March 31, 2019 and 2018, respectively. The Company’s investment in the real estate venture, the SL1 Venture, has a carrying amount of $12.4 million and $14.2 million at March 31, 2019 and December 31, 2018, respectively, and the earnings from this venture were $0.2 million and $0.6 million for the three months ended March 31, 2019 and 2018, respectively. Management Agreement As of March 31, 2019, 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 $2.0 million and $1.3 million for the three months ended March 31, 2019 and 2018, 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 New York Stock Exchange (or other applicable trading market) for the last ten consecutive trading days of the applicable computation period minus the volume-weighted average of the closing market price of the Company’s common stock for the last ten consecutive trading days of the period immediately preceding the applicable computation period) plus dividends per share paid during such computation period, divided by the volume-weighted average of the closing market price of the Company’s common stock for the last ten consecutive trading days of the period immediately preceding the applicable computation period. For purposes of computing the Incentive Fee, “Core Earnings” is defined as (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 Manager did not earn an incentive fee for the three months ended March 31, 2019 and 2018. At March 31, 2019 and December 31, 2018, the Company had outstanding fees due to Manager of $2.3 million and $3.3 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 $0.9 million for the three months ended March 31, 2019 and 2018. 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.

CONTINGENCIES

CONTINGENCIES	3 Months Ended
	Mar. 31, 2019
CONTINGENCIES [Abstract]
CONTINGENCIES	11. CONTINGENCIES As described in Note 3, Self-Storage Investment Portfolio , the Company’s $17.7 million Miami construction loan has been placed on non-accrual status and the Company has commenced proceedings to foreclose on the underlying collateral. The foreclosure proceedings were commenced by the Company on January 8, 2019 in the Circuit Court of the Eleventh Judicial Circuit in and for Miami-Dade County, Florida in an action entitled Jernigan Capital Operating Company v. Storage Partners of Miami I, LLC et. al. On May 1, 2019, the defendant borrower filed an answer to the Company’s complaint and a counter-claim against the Company. The counter-claim alleges, among other things, that, in its dealings with the borrower, the Company breached certain agreements with the borrower, breached an alleged implied covenant of good faith and fair dealing, made false statements that induced certain actions by the borrower, violated Florida’s Deceptive and Unfair Trade Practices Act and breached fiduciary duties allegedly owed to the borrower. The Company believes that the counter-claims brought by the borrower are without merit and intends to vigorously pursue the foreclosure action and other claims for damages against the borrower and its principals and to vigorously defend against the related counter-claims by the borrower. The Company can provide no assurances as to the outcome of this litigation or provide an estimate of any potential liability or related litigation expenses at this time.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2019
SUBSEQUENT EVENTS [Abstract]
SUBSEQUENT EVENTS	12. SUBSEQUENT EVENTS The Company’s management has evaluated subsequent events through the date of issuance of the consolidated financial statements included herein. Other than those disclosed below, there have been no subsequent events that occurred during such period that require disclosure or recognition in the accompanying consolidated financial statements. Investment Activity Subsequent to March 31, 2019, the Company closed on the following development property investment with a Profits Interest: Total Investment Closing Date MSA Commitment 4/18/2019 New York City 7 23,462 Total $ 23,462 Second Amended and Restated 2015 Equity Incentive Plan On May 1, 2019, the Company’s stockholders approved, and the Company adopted, the Second Amended and Restated 2015 Equity Incentive Plan increasing the number of shares reserved for issuance under the Plan by 380,000 to an aggregate of 750,000 shares and extending the term of the Plan until May 1, 2029. Dividend Declarations On May 1, 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 June 30, 2019. The dividends are payable on July 15, 2019 to holders of Series A Preferred Stock of record on July 1, 2019. On May 1, 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 June 30, 2019. The dividends are payable on July 15, 2019 to holders of Series B Preferred Stock of record on July 1, 2019. On May 1, 2019, the Company’s Board of Directors declared a cash dividend of $0.35 per share of common stock for the quarter ending June 30, 2019. The dividend is payable on July 15, 2019 to stockholders of record on July 1, 2019.

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2019
SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Basis of Presentation	Basis of Presentation The Company’s consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The accompanying interim consolidated financial statements include all normal recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the interim periods included therein. Substantially all operations are conducted through the Operating Company, and all significant intercompany transactions and balances have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Actual results could differ from those estimates.
Variable Interest Entities	Variable Interest Entities The Company invests in entities that may qualify as variable interest entities (“VIEs”). A VIE is a legal entity that lacks one or more of the characteristics of a voting interest entity. A VIE is defined as an entity in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. The determination of whether an entity is a VIE includes both a qualitative and quantitative analysis. Management bases the qualitative analysis on its review of the design of the entity, its organizational structure including allocation of decision-making authority and relevant financial agreements and the quantitative analysis on the forecasted cash flow of the entity. Management reassesses the initial evaluation of an entity as a VIE upon the occurrence of certain reconsideration events. A VIE must be consolidated only by its primary beneficiary, which is defined as the party that, along with its affiliates and agents, has both the: (i) power to direct the activities that most significantly impact the VIE’s economic performance and (ii) obligation to absorb the losses of the VIE or the right to receive the benefits from the VIE, which could be significant to the VIE. Management determines whether the Company is the primary beneficiary of a VIE by considering qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIE’s economic performance and which party controls such activities; the amount and characteristics of its investment; the obligation or likelihood for the Company or other interests to provide financial support; and consideration of the VIE’s purpose and design, including the risks the VIE was designed to create and pass through to its variable interest holders and the similarity with and significance to the Company’s business activities and the other interests. Management reassesses the determination of whether the Company is the primary beneficiary of a VIE each reporting period.
Equity Investments	Equity Investments Investments in real estate ventures and entities over which the Company exercises significant influence but not control are accounted for using the equity method. In accordance with Accounting Standards Codification (“ASC”) 825, Financial Instruments (“ASC 825-10”), issued by the Financial Accounting Standards Board (“FASB”), the Company has elected the fair value option of accounting for its development property investments and bridge 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 quarter ended September 30, 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, and payables. The following table presents the financial instruments measured at fair value on a recurring basis at March 31, 2019: Fair Value Measurements Using Total Level 1 Level 2 Level 3 Development property investments $ $ - $ - $ Bridge investments - - Total investments $ $ - $ - $ 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 $ $ - $ - $ Bridge investments - - Total investments $ $ - $ - $ 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 three months ended March 31, 2019 and 2018.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash, investments in money market accounts and certificates of deposit with original maturities of three months or less are considered to be cash equivalents. The Company places its cash and cash equivalents primarily with three financial institutions, and the balance at each financial institution exceeds the Federal Deposit Insurance Corporation insurance limit of $250,000 per institution.
Other Loans	Other Loans The Company’s other loans balance primarily includes principal balances for certain revolving loan agreements and short-term mortgage loans made by the Company in situations where it was determined that making such loans would benefit the Company’s primary business. As of March 31, 2019, the Company had executed seven revolving loan agreements with an aggregate outstanding principal amount of $0.9 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, 2018, the Company had executed seven revolving loan agreements with an aggregate outstanding principal amount of $0.7 million. As of March 31, 2019 and 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 March 31, 2019 and December 31, 2018. None of these loans are in non-accrual status as of March 31, 2019 and December 31, 2018. The Company determined that no allowance for loan loss was necessary at March 31, 2019 and December 31, 2018.
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 Consolidated Statements of Operations. Debt issuance costs related to the sale of senior participations or term loans are presented in the Consolidated Balance Sheets as a deduction from the carrying amount of the principal balance. Debt issuance costs related to the revolving Credit Facility are presented in the Consolidated Balance Sheets as Deferred Financing Costs.
Other Expenses	Other expenses Other expenses of $0.3 million during the three months ended March 31, 2018 consist of costs related to the termination of an employee contract and have been expensed as incurred. The Company incurred no other expense during the three months ended March 31, 2019.
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 stock offerings are reflected as a reduction of additional paid-in capital.
Income Taxes	Income Taxes The Company has elected to be taxed as a REIT and to comply with the related provisions of the Code. Accordingly, the Company will generally not be subject to U.S. federal income tax to the extent of its distributions to stockholders and as long as certain asset, income and share ownership tests are met. To qualify as a REIT, the Company must annually distribute at least 90% of its REIT taxable income to its stockholders and meet certain other requirements.
Earnings per Share ("EPS")	Earnings per Share (“EPS”) Basic EPS includes only the weighted average number of common shares outstanding during the period. Diluted EPS includes the weighted average number of common shares and the dilutive effect of restricted stock, accrued stock dividends, and redeemable Operating Company units when such instruments are dilutive. All outstanding unvested share-based payment awards that contain rights to nonforfeitable dividends are treated as participating in undistributed earnings with common shareholders. Awards of this nature are considered participating securities and the two-class method of computing basic and diluted EPS must be applied.
Comprehensive Income	Comprehensive Income For the three months ended March 31, 2019 and 2018, comprehensive income equaled net income; therefore, separate Consolidated Statements of Comprehensive Income are not included in the accompanying interim consolidated financial statements.
Segment Reporting	Segment Reporting The Company does not evaluate performance on a relationship specific or transactional basis and does not distinguish its principal business or group its operations on a geographical basis for purposes of measuring performance. Accordingly, the Company believes it has a single operating segment for reporting purposes in accordance with GAAP.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In June 2018, the FASB issued ASU 2018-07, Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. This update creates a single accounting model for all share-based payments. As a result of this update, the existing employee guidance will apply to nonemployee share-based transactions, with the cost of nonemployee awards continuing to be recorded as if the grantor had paid cash for the goods or services. The equity-classified share-based payment awards issued to nonemployees will now be measured on the grant date, instead of the previous requirement to re-measure the awards through the performance completion date. This ASU is effective for public business entities for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. As allowed, the Company has elected to early adopt the amendments in ASU 2018-07 effective April 1, 2018. As required by the ASU, the Company has established a grant date fair value of $18.10 based on the market value of the award as of April 1, 2018 for all nonemployee awards that have not vested as of April 1, 2018. The cumulative-effect adjustment to retained earnings as of January 1, 2018 was immaterial to the financial statements as a whole. As such, the Company recorded this adjustment through its Consolidated Statements of Operations for the 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 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. The Company has assessed the impact this new accounting guidance had on its consolidated financial statements and concluded that the new accounting guidance does not 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)	3 Months Ended
	Mar. 31, 2019
SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Financial Instruments Measured at Fair Value on a Recurring Basis	The following table presents the financial instruments measured at fair value on a recurring basis at March 31, 2019: Fair Value Measurements Using Total Level 1 Level 2 Level 3 Development property investments $ $ - $ - $ Bridge investments - - Total investments $ $ - $ - $ 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 $ $ - $ - $ Bridge investments - - Total investments $ $ - $ - $
Consolidated Statements of Cash Flows - Supplemental Disclosures	The following table provides supplemental disclosures related to the Consolidated Statements of Cash Flows: Three months ended March 31, 2019 2018 Supplemental disclosure of cash flow information: Interest paid $ 556 $ 114 Supplemental disclosure of non-cash investing and financing activities: Stock dividend paid on preferred stock $ 2,125 $ 44 Dividends declared, but not paid, on preferred stock 5,032 3,595 Dividends declared, but not paid, on common stock 7,205 5,056 Reclassification of self-storage real estate owned 8,351 35,281 Assumed liabilities with acquisition of self-storage real estate owned - 1,306 Other loans paid off with issuance of development property investments - 117 Reclassification of deferred costs to cumulative preferred stock - 559

SELF-STORAGE INVESTMENT PORTF_2

SELF-STORAGE INVESTMENT PORTFOLIO (Tables)	3 Months Ended
	Mar. 31, 2019
SELF-STORAGE INVESTMENT PORTFOLIO [Abstract]
Schedule of Investments	As of March 31, 2019, the aggregate committed principal amount of the Company’s development property investments and bridge investments was approximately $649.1 million and outstanding principal was $441.0 million, as described in more detail in the table below: Metropolitan Total Remaining Statistical Area Investment Funded Unfunded Closing Date ("MSA") Commitment Investment (1) Commitment Fair Value Development property investments (includes a profits interest): 7/2/2015 Milwaukee (2)(7) $ 7,650 $ 7,648 $ 2 $ 9,128 8/14/2015 Raleigh (2)(7) 8,792 8,689 103 8,236 10/27/2015 Austin (2)(7) 8,658 7,951 707 7,940 9/20/2016 Charlotte 2 (2)(7) 12,888 11,697 1,191 12,838 11/17/2016 Jacksonville 2 (2)(7) 7,530 7,279 251 9,397 1/18/2017 Atlanta 3 (3) 14,115 9,498 4,617 10,549 1/31/2017 Atlanta 4 (2)(7) 13,678 13,185 493 15,632 2/24/2017 Orlando 3 (2)(7) 8,056 7,363 693 8,911 2/24/2017 New Orleans (2) 12,549 10,918 1,631 12,709 2/27/2017 Atlanta 5 (2) 17,492 15,640 1,852 18,345 3/1/2017 Fort Lauderdale (2) 9,952 7,740 2,212 10,547 3/1/2017 Houston (3) 14,825 13,400 1,425 16,176 4/14/2017 Louisville 1 (2)(7) 8,523 7,141 1,382 8,831 4/20/2017 Denver 1 (3) 9,806 7,666 2,140 8,669 4/20/2017 Denver 2 (2) 11,164 10,481 683 12,952 5/2/2017 Atlanta 6 (2)(7) 12,543 11,218 1,325 13,717 5/2/2017 Tampa 2 (3) 8,091 6,684 1,407 7,540 5/19/2017 Tampa 3 (2)(7) 9,224 7,355 1,869 8,650 6/12/2017 Tampa 4 (2)(7) 10,266 9,000 1,266 11,767 6/19/2017 Baltimore 1 (2)(4) 10,775 9,461 1,593 11,105 6/28/2017 Knoxville (2)(7) 9,115 8,156 959 9,228 6/29/2017 Boston 1 (2)(6) - - - 2,661 6/30/2017 New York City 2 (2)(4) 26,482 25,716 1,807 29,534 7/27/2017 Jacksonville 3 (2)(7) 8,096 6,978 1,118 8,598 8/30/2017 Orlando 4 (2) 9,037 7,114 1,923 8,732 9/14/2017 Los Angeles 1 28,750 8,979 19,771 8,938 9/14/2017 Miami 1 14,657 7,425 7,232 7,224 9/28/2017 Louisville 2 (2)(7) 9,940 8,914 1,026 11,131 10/12/2017 Miami 2 (4) 9,459 1,367 8,141 1,144 10/30/2017 New York City 3 (4) 14,701 5,276 9,587 4,911 11/16/2017 Miami 3 (4) 20,168 4,725 15,604 4,267 11/21/2017 Minneapolis 1 (3) 12,674 5,462 7,212 5,829 12/1/2017 Boston 2 (2) 8,771 5,436 3,335 6,520 12/15/2017 New York City 4 10,591 2,663 7,928 2,569 12/27/2017 Boston 3 10,174 2,608 7,566 2,500 12/28/2017 New York City 5 16,073 7,538 8,535 7,477 2/8/2018 Minneapolis 2 (2) 10,543 8,456 2,087 9,615 3/30/2018 Philadelphia (3)(4) 14,338 10,598 3,908 10,829 4/6/2018 Minneapolis 3 (3) 12,883 4,208 8,675 4,209 5/1/2018 Miami 9 (4) 12,421 2,869 9,623 2,696 5/15/2018 Atlanta 7 9,418 1,378 8,040 1,329 5/23/2018 Kansas City 9,968 2,349 7,619 2,320 6/7/2018 Orlando 5 12,969 2,533 10,436 2,478 6/12/2018 Los Angeles 2 (5) 9,298 4,675 4,874 4,721 11/16/2018 Baltimore 2 9,247 397 8,850 319 3/1/2019 New York City 6 18,796 2,112 16,684 1,963 3/15/2019 Stamford (5) 2,904 2,913 - 2,885 $ 548,050 $ 340,859 $ 209,382 $ 388,266 Construction loans: 12/23/2015 Miami 17,733 17,733 - 17,733 $ 17,733 $ 17,733 $ - $ 17,733 Total development property investments $ 565,783 $ 358,592 $ 209,382 $ 405,999 Bridge investments (includes a profits interest): 3/2/2018 Miami 4 (2)(7) 20,201 20,201 - 23,217 3/2/2018 Miami 5 (2)(4)(7) 17,738 17,272 991 15,217 3/2/2018 Miami 6 (2)(7) 13,370 13,370 - 17,681 3/2/2018 Miami 7 (2)(4)(7) 18,462 17,986 1,022 16,812 3/2/2018 Miami 8 (2)(7) 13,553 13,553 - 14,119 Total bridge investments $ 83,324 $ 82,382 $ 2,013 $ 87,046 Total investments reported at fair value $ 649,107 $ 440,974 $ 211,395 $ 493,045 (1) Represents principal balance of loan gross of origination fees. The principal balance includes interest accrued on the investment. (2) Construction at the facility was substantially complete and/or certificate of occupancy had been received as of March 31, 2019. 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 March 31, 2019. 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 payment-in-kind PIK interest. The PIK interest, computed at the contractual rate specified in each debt agreement, is periodically added to the principal balance of the debt and is recorded as interest income. Thus, the actual collection of this interest may be deferred until the time of debt principal repayment. The funded amount of these investments include PIK interest accrued. These PIK interest amounts are not included in the commitment amount for each investment. (5) 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. The funded amount of these investments include interest accrued on the preferred equity investment. These interest amounts are not included in the commitment amount for each investment. (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) As of March 31, 2019, this investment was pledged as collateral to the Company’s Credit Facility. 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)(9) 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 $ $ $ $ Construction loans: 12/23/2015 Miami 17,733 17,733 - 17,733 $ $ $ $ Total development property investments $ $ $ $ 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 $ $ $ $ Total investments reported at fair value $ $ $ $ (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 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. (9) During the three months ended March 31, 2019, the Company purchased its partner’s 50.1% Profits Interest in this investment.
Schedule of Changes in Fair Value of Investments	The following table provides a reconciliation of the funded principal to the fair market value of investments at March 31, 2019: Funded principal $ 440,974 Adjustments: Unamortized origination and other fees (6,089) Net unrealized gain on investments 58,244 Other (84) Fair value of investments $ 493,045 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
Real Estate Investment, Impact in Consolidated Balance Sheet , Disclosure	The following table shows the components of the real estate investments as presented in the Company’s accompanying Consolidated Balance Sheets as of March 31, 2019 and December 31, 2018: March 31, 2019 December 31, 2018 Land $ 11,723 $ 10,797 Building and improvements 94,689 85,067 In-place leases 4,084 3,552 Property equipment 13 13 Construction-in-progress 788 670 Accumulated depreciation and amortization (4,926) (3,897) Self-storage real estate owned, net $ 106,371 $ 96,202

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2019
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 with a profits interest and bridge 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 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
Schedule of Change in Fair Value of Investments Due to Change in Market Yield Discount Rates	The following fluctuations in the market yields/discount rates would have had the following impact on the fair value of our investments: Increase (decrease) in fair value of investments Change in market yields/discount rates (in millions) March 31, 2019 December 31, 2018 Up 25 basis points $ (2.0) $ (1.9) Down 25 basis points, subject to a minimum yield/rate of 10 basis points 2.1 2.0 Up 50 basis points (4.1) (3.9) Down 50 basis points, subject to a minimum yield/rate of 10 basis points 4.3 4.1
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) March 31, 2019 December 31, 2018 Up 25 basis points $ (9.4) $ (8.9) Down 25 basis points 10.3 9.8 Up 50 basis points (18.0) (17.0) Down 50 basis points 21.8 20.5
Changes in Investments that Use Level 3 Inputs	The following tables present changes in investments that use Level 3 inputs: Balance at December 31, 2018 $ 457,947 Realized gains - Unrealized gains 8,830 Fundings of principal and change in unamortized origination fees 28,029 Repayments of loans (342) Payment-in-kind interest 6,932 Reclassification of self-storage real estate owned (8,351) Net transfers in or out of Level 3 - Balance at March 31, 2019 $ 493,045 Balance at December 31, 2017 $ 234,171 Realized gains - Unrealized gains 4,320 Fundings of principal and change in unamortized origination fees 115,854 Repayments of loans (3) Payment-in-kind interest 4,013 Reclassification of self-storage real estate owned (35,281) Net transfers in or out of Level 3 - Balance at March 31, 2018 $ 323,074
Fair Value, Inputs, Level 3 [Member]
Summary of Valuation Techniques and Inputs Used to Measure the Fair Value	The following tables summarize the significant unobservable inputs the Company used to value its development property investments with a profits interest and bridge investments categorized within Level 3 as of March 31, 2019 and December 31, 2018. These tables are not intended to be all-inclusive, but instead to capture the significant unobservable inputs relevant to the Company’s determination of fair values. As of March 31, 2019 Unobservable Inputs Primary Valuation Weighted Techniques (a) Input Estimated Range Average Income approach analysis Market yields/discount rate 4.15 - 12.53% 8.93% Exit date (c) 2.00 - 5.71 years 3.34 years Option pricing model Volatility 51.00 - 92.41% 73.09% Exit date (c) 2.00 - 5.71 years 3.34 years Capitalization rate (b) 4.75 - 6.00% 5.43% Discount rate (b) 7.75 - 11.74% 8.82% (a) 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) Thirty-six 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. (c) 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, 2018 Unobservable Inputs Primary Valuation Weighted Asset Category Techniques Input Estimated Range Average Development property investments and bridge investments (a) Income approach analysis Market yields/discount rate 4.72 - 13.09% 9.48% Exit date (d) 2.25 - 5.95 years 3.44 years Development property investments with a profits interest and bridge investments (b) Option pricing model Volatility 53.25 - 94.30% 75.10% Exit date (d) 2.25 - 5.95 years 3.44 years 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.

INVESTMENT IN SELF-STORAGE RE_2

INVESTMENT IN SELF-STORAGE REAL ESTATE VENTURE (Tables)	3 Months Ended
	Mar. 31, 2019
INVESTMENT IN SELF-STORAGE REAL ESTATE VENTURE [Abstract]
Equity Method Investments	As of March 31, 2019, the SL1 Venture had seven 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 $ 12,722 $ 1,145 $ 15,252 5/14/2015 Miami 2 (2)(3) 14,849 14,492 357 15,301 9/25/2015 Fort Lauderdale (2)(3) 13,230 12,826 404 17,292 4/15/2016 Washington DC (3) 17,269 17,269 - 19,864 7/21/2016 New Jersey (3) 7,828 6,465 1,363 7,587 9/28/2016 Columbia (3) 9,199 9,020 179 9,695 12/22/2016 Raleigh (3) 8,877 8,576 301 9,303 Total $ 85,119 $ 81,370 $ 3,749 $ 94,294 (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) Certificate of occupancy had been received as of March 31, 2019. See Note 4, Fair Value of Financial Instruments , for information regarding recognition of entrepreneurial profit. 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 March 31, 2019. 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)	3 Months Ended
	Mar. 31, 2019
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: March 31, 2019 December 31, 2018 Assets recorded related to VIEs $ 493,045 $ 457,947 Unfunded loan commitments to VIEs 211,395 220,877 Maximum exposure to loss $ 704,440 $ 678,824

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	3 Months Ended
	Mar. 31, 2019
STOCKHOLDERS' EQUITY [Abstract]
Summary of Changes in Restricted Shares	A summary of changes in the Company’s restricted shares of common stock for the three months ended March 31, 2019 and 2018 is as follows: Three months ended Three months ended March 31, 2019 March 31, 2018 Weighted Weighted average grant average grant Shares date fair value Shares date fair value Nonvested at December 31, 159,165 $ 18.39 185,002 $ 21.58 Granted 4,692 21.46 18,000 17.78 Vested (10,692) 19.57 (7,500) 19.25 Forfeited - - - - Nonvested at March 31, 153,165 $ 18.40 195,502 $ 21.32

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2019
EARNINGS PER SHARE [Abstract]
Schedule of Earnings per Share, Basic and Diluted	For the three months ended March 31, 2019 and 2018, 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: Three months ended March 31, 2019 2018 Shares outstanding Weighted average common shares - basic 20,297,551 14,247,174 Effect of dilutive securities 157,565 308,163 Weighted average common shares, all classes 20,455,116 14,555,337 Calculation of Earnings per Share - basic Net income $ 12,114 $ 5,354 Less: Net income allocated to preferred stockholders 5,032 3,595 Net income allocated to unvested restricted shares (1) 55 23 Net income attributable to common shareholders - two-class method $ 7,027 $ 1,736 Weighted average common shares - basic 20,297,551 14,247,174 Earnings per share - basic $ 0.35 $ 0.12 Calculation of Earnings per Share - diluted Net income $ 12,114 $ 5,354 Less: Net income allocated to preferred stockholders 5,032 3,595 Net income attributable to common shareholders - two-class method $ 7,082 $ 1,759 Weighted average common shares - diluted 20,455,116 14,555,337 Earnings per share - diluted $ 0.35 $ 0.12 (1) Unvested restricted shares of common stock participate in dividends with unrestricted shares of common stock on a 1:1 basis and thus are considered participating securities under the two-class method for the three months ended March 31, 2019 and 2018.

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	3 Months Ended
	Mar. 31, 2019
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%

SUBSEQUENT EVENTS (Tables)

SUBSEQUENT EVENTS (Tables)	3 Months Ended
	Mar. 31, 2019
SUBSEQUENT EVENTS [Abstract]
Schedule of Subsequent Investments	Subsequent to March 31, 2019, the Company closed on the following development property investment with a Profits Interest: Total Investment Closing Date MSA Commitment 4/18/2019 New York City 7 23,462 Total $ 23,462

ORGANIZATION AND FORMATION OF_2

ORGANIZATION AND FORMATION OF THE COMPANY (Narrative) (Details)	3 Months Ended
	Mar. 31, 2019
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) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)segment	Mar. 31, 2018USD ($)	Dec. 31, 2018USD ($)	Apr. 01, 2018$ / shares
Significant Accounting Policies [Line Items]
Property, plant and equipment, depreciation methods	straight-line basis
Self-Storage Real Estate Owned, impairment loss	$ 0	$ 0
Finite-lived intangible asset, useful life	1 year
Number of Operating Segments | segment	1
Other expenses		290
Allowance for loan loss	$ 0		$ 0
Origination fees received in cash	217	$ 1,167
Accounting Standards Update 2018 07 [Member]
Significant Accounting Policies [Line Items]
Grant date fair value of non-vested awards | $ / shares				$ 18.10
Agreement Seven [Member]
Significant Accounting Policies [Line Items]
Loans outstanding	900		700
One Land Loan [Member]
Significant Accounting Policies [Line Items]
Loans outstanding	$ 3,800		3,800
Interest rate on committed loans	6.90%
Loan maturity date	Jan. 20, 2019
Leases, Acquired-in-Place [Member]
Significant Accounting Policies [Line Items]
Intangible assets	$ 0
Customer Relationships [Member]
Significant Accounting Policies [Line Items]
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
Series A Preferred Stock [Member]
Significant Accounting Policies [Line Items]
Preferred stock liquidation preference value	$ 127,100		$ 125,000
Development Property and Bridge Loan Investments [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	Mar. 31, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Development property investments at fair value	$ 405,999	$ 373,564
Bridge investments at fair value	87,046	84,383
Total investments	493,045	457,947
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	405,999	373,564
Bridge investments at fair value	87,046	84,383
Total investments	$ 493,045	$ 457,947

SIGNIFICANT ACCOUNTING POLICI_6

SIGNIFICANT ACCOUNTING POLICIES (Schedule of Consolidated Statements of Cash Flows - Supplemental Disclosures) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Supplemental disclosure of cash flow information:
Interest paid	$ 556	$ 114
Supplemental disclosure of non-cash investing and financing activities:
Stock dividend paid on preferred stock	2,125	44
Dividends declared, but not paid, on preferred stock	5,032	3,595
Dividends declared, but not yet paid, on common stock	7,205	5,056
Reclassification of self-storage real estate owned	$ 8,351	35,281
Assumed liabilities with acquisition of self-storage real estate owned		1,306
Other loans paid off with issuance of development property investments		117
Reclassification of deferred costs to cumulative preferred stock		$ 559

SELF-STORAGE REAL ESTATE OWNED

SELF-STORAGE REAL ESTATE OWNED (Narrative) (Details) $ in Thousands	3 Months Ended			12 Months Ended
	Mar. 31, 2019USD ($)ft²loanproperty	Mar. 31, 2018USD ($)	Mar. 31, 2017	Dec. 31, 2018USD ($)	Feb. 20, 2018	Feb. 02, 2018	Jan. 10, 2018
Schedule of Investments [Line Items]
Cash consideration	$ 29,548	$ 116,746
Investment commitment	649,107			$ 634,337
Funded Investment, outstanding	440,974			413,460
Receivables in non-accrual status	0			0
Development property investments, Fair Value	405,999			373,564
Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment commitment	565,783			551,013
Development property investments, Fair Value	$ 405,999			373,564
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] | Class A Membership Units [Member] | Atlanta 1 and Atlanta 2 [Member] | Limited Liability Company that Owned the Property [Member]
Schedule of Investments [Line Items]
Minority interest ownership percentage						100.00%
Development Property Investments [Member] | Class A Membership Units [Member] | Jacksonville 1 [Member] | Limited Liability Company that Owned the Property [Member]
Schedule of Investments [Line Items]
Minority interest ownership percentage							100.00%
Development Property Investments [Member] | Class A Membership Units [Member] | Pittsburgh [Member] | Limited Liability Company that Owned the Property [Member]
Schedule of Investments [Line Items]
Minority interest ownership percentage					100.00%
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	$ 548,050			533,280
Mortgage loans on real estate, periodic payment terms	typically have a term of 72 months
Number of investments | property	47
Development property investment, assets	$ 471,600			442,600
Development property investment, liabilities	423,200			395,700
Development property investment, revenue	1,800			800
Development property investment, operating expenses	2,300			700
Development property investments, Fair Value	$ 388,266			355,831
Development Property Investments [Member] | Loan Investments [Member] | Minimum [Member]
Schedule of Investments [Line Items]
Percentage of financing provided by a traditional bank	60.00%
Development Property Investments [Member] | Loan Investments [Member] | Maximum [Member]
Schedule of Investments [Line Items]
Percentage of financing provided by a traditional bank	70.00%
Development Property Investments [Member] | Loan Investments [Member] | Pittsburgh [Member]
Schedule of Investments [Line Items]
Acquisition date basis of investment		45,400
Cash consideration		9,600
Development property investments, Fair Value		35,300
Development Property Investments [Member] | Loan Investments [Member] | New Haven [Member]
Schedule of Investments [Line Items]
Acquisition date basis of investment	$ 11,100
Investment commitment				$ 6,930
Investment Closing Date	March 8, 2019			7/31/2015
Development property investments, Fair Value				$ 8,350
Development Property Investments [Member] | Loan Investments [Member] | New Haven [Member] | Limited Liability Company that Owned the Property [Member]
Schedule of Investments [Line Items]
Minority interest ownership percentage	100.00%
Development Property Investments [Member] | Construction Loans [Member]
Schedule of Investments [Line Items]
Mortgage loans on real estate, interest rate	6.90%
Investment commitment	$ 17,733			17,733
Mortgage loans on real estate, periodic payment terms			had an initial term of 18 months that was extended
Number of investments | loan	1
Funded Investment, outstanding	$ 17,700
Development property investments, Fair Value	17,733			17,733
Development Property Investments [Member] | Construction Loans [Member] | Miami [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 17,733			$ 17,733
Investment Closing Date	12/23/2015			12/23/2015
Development property investments, Fair Value	$ 17,733			$ 17,733
Two Development Property Investments [Member] | Loan Investments [Member]
Schedule of Investments [Line Items]
Investment commitment	12,200
Bridge Loan Investments [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 83,324			83,324
Number of investments | property	5
Bridge Loan Investments [Member] | Miami 4 [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 20,201			$ 20,201
Investment Closing Date	3/2/2018			3/2/2018
Investment, income (loss)		1,400
Bridge Loan Investments [Member] | Miami 6 [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 13,370			$ 13,370
Investment Closing Date	3/2/2018
Investment, income (loss)		$ 3,800
Five Bridge Loans [Member] | Bridge Loan Investments [Member]
Schedule of Investments [Line Items]
Mortgage loans on real estate, periodic payment terms	will mature five years from the date of closing, with the borrower having two extension options for one year each
Three Bridge Loans [Member] | Bridge Loan Investments [Member]
Schedule of Investments [Line Items]
Equity method investment, ownership percentage	49.90%
Mortgage loans on real estate, interest rate	6.90%
Funded Investment, outstanding	$ 47,100
Three Bridge Loans [Member] | Bridge Loan Investments [Member] | Minimum [Member]
Schedule of Investments [Line Items]
Net rentable area | ft²	203,000
Two Bridge Loans [Member] | 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]
Schedule of Investments [Line Items]
Equity method investment, ownership percentage	49.90%
Mortgage loans on real estate, interest rate	9.50%
Investment commitment	$ 36,200
Bridge Loan Investment Preferential Payment Amount	$ 1,000
Two Bridge Loans [Member] | Bridge Loan Investments [Member] | Payable Monthly in Cash [Member]
Schedule of Investments [Line Items]
Mortgage loans on real estate, interest rate	6.50%
Two Bridge Loans [Member] | Bridge Loan Investments [Member] | Minimum [Member]
Schedule of Investments [Line Items]
Net rentable area | ft²	163,000

SELF-STORAGE REAL ESTATE OWNE_2

SELF-STORAGE REAL ESTATE OWNED (Schedule of Investments) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018
Schedule of Investments [Line Items]
Investment commitment	$ 649,107	$ 634,337
Funded Investment	440,974	413,460
Development property investments, Fair Value	405,999	373,564
Bridge investments at fair value	87,046	84,383
Total investments	493,045	457,947
Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	440,974	413,460
Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 211,395	220,877
Los Angeles 2 [Member]
Schedule of Investments [Line Items]
Equity Method Investment, Ownership Percentage	90.00%
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]
Schedule of Investments [Line Items]
Investment commitment	$ 565,783	551,013
Development property investments, Fair Value	405,999	373,564
Development Property Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	358,592	331,953
Development Property Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	209,382	219,060
Development Property Investments [Member] | Loan Investments [Member]
Schedule of Investments [Line Items]
Investment commitment	548,050	533,280
Development property investments, Fair Value	$ 388,266	$ 355,831
Equity Method Investment, Ownership Percentage	49.90%
Percentage of completion of construction	40.00%	40.00%
Development Property Investments [Member] | Loan Investments [Member] | Minimum [Member]
Schedule of Investments [Line Items]
Percentage of financing provided by a traditional bank	60.00%
Development Property Investments [Member] | Loan Investments [Member] | Maximum [Member]
Schedule of Investments [Line Items]
Percentage of financing provided by a traditional bank	70.00%
Development Property Investments [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	$ 340,859	$ 314,220
Development Property Investments [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	209,382	219,060
Development Property Investments [Member] | Construction Loans [Member]
Schedule of Investments [Line Items]
Investment commitment	17,733	17,733
Funded Investment	17,700
Development property investments, Fair Value	17,733	17,733
Development Property Investments [Member] | Construction Loans [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	$ 17,733	17,733
Development Property Investments [Member] | Construction Loans [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment		$ 0
Development Property Investments [Member] | Tampa 1 [Member] | Loan Investments [Member]
Schedule of Investments [Line Items]
Equity method investment percentage of additional equity acquired	50.10%
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	9,128	9,057
Development Property Investments [Member] | Milwaukee [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	7,648	7,648
Development Property Investments [Member] | Milwaukee [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 2	$ 2
Development Property Investments [Member] | New Haven [Member] | Loan Investments [Member]
Schedule of Investments [Line Items]
Investment closing date	March 8, 2019	7/31/2015
Investment commitment		$ 6,930
Development property investments, Fair Value		8,350
Development Property Investments [Member] | New Haven [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment		6,827
Development Property Investments [Member] | New Haven [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment		$ 103
Development Property Investments [Member] | Pittsburgh [Member] | Loan Investments [Member]
Schedule of Investments [Line Items]
Development property investments, Fair Value			$ 35,300
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	8,236	8,002
Development Property Investments [Member] | Raleigh [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	8,689	8,498
Development Property Investments [Member] | Raleigh [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 103	$ 294
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	7,940	7,763
Development Property Investments [Member] | Austin [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	7,951	7,817
Development Property Investments [Member] | Austin [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 707	$ 841
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	12,838	12,793
Development Property Investments [Member] | Charlotte 2 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	11,697	11,445
Development Property Investments [Member] | Charlotte 2 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 1,191	$ 1,443
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	9,397	9,122
Development Property Investments [Member] | Jacksonville 2 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	7,279	7,157
Development Property Investments [Member] | Jacksonville 2 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 251	$ 373
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	10,549	9,337
Development Property Investments [Member] | Atlanta 3 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	9,498	8,711
Development Property Investments [Member] | Atlanta 3 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 4,617	$ 5,404
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	15,632	16,031
Development Property Investments [Member] | Atlanta 4 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	13,185	12,957
Development Property Investments [Member] | Atlanta 4 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 493	$ 721
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	8,911	8,592
Development Property Investments [Member] | Orlando 3 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	7,363	7,229
Development Property Investments [Member] | Orlando 3 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 693	$ 827
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	12,709	12,221
Development Property Investments [Member] | New Orleans [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	10,918	10,587
Development Property Investments [Member] | New Orleans [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 1,631	$ 1,962
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	18,345	15,371
Development Property Investments [Member] | Atlanta 5 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	15,640	14,095
Development Property Investments [Member] | Atlanta 5 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 1,852	$ 3,397
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	10,547	10,475
Development Property Investments [Member] | Fort Lauderdale [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	7,740	7,604
Development Property Investments [Member] | Fort Lauderdale [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 2,212	$ 2,348
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	$ 14,825
Development property investments, Fair Value	16,176	13,285
Development Property Investments [Member] | Houston [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	13,400	10,936
Development Property Investments [Member] | Houston [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 1,425	$ 3,889
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	8,831	8,540
Development Property Investments [Member] | Louisville 1 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	7,141	6,979
Development Property Investments [Member] | Louisville 1 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 1,382	$ 1,544
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	8,669	7,706
Development Property Investments [Member] | Denver 1 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	7,666	6,884
Development Property Investments [Member] | Denver 1 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 2,140	$ 2,922
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	12,952	12,403
Development Property Investments [Member] | Denver 2 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	10,481	10,235
Development Property Investments [Member] | Denver 2 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 683	$ 929
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	13,717	12,774
Development Property Investments [Member] | Atlanta 6 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	11,218	10,589
Development Property Investments [Member] | Atlanta 6 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 1,325	$ 1,954
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	7,540	6,020
Development Property Investments [Member] | Tampa 2 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	6,684	5,493
Development Property Investments [Member] | Tampa 2 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 1,407	$ 2,598
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	8,650	8,391
Development Property Investments [Member] | Tampa 3 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	7,355	7,154
Development Property Investments [Member] | Tampa 3 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 1,869	$ 2,070
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	11,767	11,419
Development Property Investments [Member] | Tampa 4 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	9,000	8,846
Development Property Investments [Member] | Tampa 4 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 1,266	$ 1,420
Development Property Investments [Member] | Baltimore 1 [Member] | Loan Investments [Member]
Schedule of Investments [Line Items]
Investment closing date	6/19/2017	6/19/2017
Investment commitment	$ 10,775	$ 10,775
Development property investments, Fair Value	11,105	10,805
Development Property Investments [Member] | Baltimore 1 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	9,461	9,177
Development Property Investments [Member] | Baltimore 1 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 1,593	$ 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	9,228	8,652
Development Property Investments [Member] | Knoxville [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	8,156	7,717
Development Property Investments [Member] | Knoxville [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 959	$ 1,398
Development Property Investments [Member] | Boston 1 [Member] | Loan Investments [Member]
Schedule of Investments [Line Items]
Investment closing date	6/29/2017	6/29/2017
Development property investments, Fair Value	$ 2,661	$ 2,614
Equity Method Investment, Ownership Percentage		49.90%
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	29,534	28,102
Development Property Investments [Member] | New York City 2 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	25,716	24,760
Development Property Investments [Member] | New York City 2 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 1,807	$ 1,722
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	8,598	8,251
Development Property Investments [Member] | Jacksonville 3 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	6,978	6,836
Development Property Investments [Member] | Jacksonville 3 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 1,118	$ 1,260
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	8,732	8,264
Development Property Investments [Member] | Orlando 4 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	7,114	6,769
Development Property Investments [Member] | Orlando 4 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 1,923	$ 2,268
Development Property Investments [Member] | Los Angeles 1 [Member] | Loan Investments [Member]
Schedule of Investments [Line Items]
Investment closing date	9/14/2017	9/14/2017
Investment commitment	$ 28,750	$ 28,750
Development property investments, Fair Value	8,938	8,418
Development Property Investments [Member] | Los Angeles 1 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	8,979	8,692
Development Property Investments [Member] | Los Angeles 1 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 19,771	$ 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	7,224	6,562
Development Property Investments [Member] | Miami 1 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	7,425	6,882
Development Property Investments [Member] | Miami 1 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 7,232	$ 7,775
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	11,131	10,652
Development Property Investments [Member] | Louisville 2 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	8,914	8,691
Development Property Investments [Member] | Louisville 2 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 1,026	$ 1,249
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	1,144	1,082
Development Property Investments [Member] | Miami 2 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	1,367	1,335
Development Property Investments [Member] | Miami 2 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 8,141	$ 8,124
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	4,911	4,383
Development Property Investments [Member] | New York City 3 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	5,276	4,835
Development Property Investments [Member] | New York City 3 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 9,587	$ 9,866
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	4,267	3,542
Development Property Investments [Member] | Miami 3 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	4,725	4,096
Development Property Investments [Member] | Miami 3 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 15,604	$ 16,072
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	5,829	3,070
Development Property Investments [Member] | Minneapolis 1 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	5,462	3,214
Development Property Investments [Member] | Minneapolis 1 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 7,212	$ 9,460
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	6,520	4,246
Development Property Investments [Member] | Boston 2 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	5,436	3,978
Development Property Investments [Member] | Boston 2 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 3,335	$ 4,793
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	17,733
Development Property Investments [Member] | Miami [Member] | Construction Loans [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	$ 17,733	$ 17,733
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	2,569	1,631
Development Property Investments [Member] | New York City 4 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	2,663	1,777
Development Property Investments [Member] | New York City 4 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 7,928	$ 8,814
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	2,500	2,402
Development Property Investments [Member] | Boston 3 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	2,608	2,563
Development Property Investments [Member] | Boston 3 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 7,566	$ 7,611
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	7,477	6,400
Development Property Investments [Member] | New York City 5 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	7,538	6,523
Development Property Investments [Member] | New York City 5 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 8,535	$ 9,550
Development Property Investments [Member] | Minneapolis 2 [Member] | Loan Investments [Member]
Schedule of Investments [Line Items]
Investment closing date	2/8/2018	2/8/2018
Investment commitment	$ 10,543	$ 10,543
Development property investments, Fair Value	9,615	8,773
Development Property Investments [Member] | Minneapolis 2 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	8,456	7,802
Development Property Investments [Member] | Minneapolis 2 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 2,087	$ 2,741
Development Property Investments [Member] | Philadelphia [Member] | Loan Investments [Member]
Schedule of Investments [Line Items]
Investment closing date	3/30/2018	3/30/2018
Investment commitment	$ 14,338	$ 14,338
Development property investments, Fair Value	10,829	8,093
Development Property Investments [Member] | Philadelphia [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	10,598	7,870
Development Property Investments [Member] | Philadelphia [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 3,908	$ 6,468
Development Property Investments [Member] | Minneapolis 3 [Member] | Loan Investments [Member]
Schedule of Investments [Line Items]
Investment closing date	4/6/2018	4/6/2018
Investment commitment	$ 12,883	$ 12,883
Development property investments, Fair Value	4,209	2,206
Development Property Investments [Member] | Minneapolis 3 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	4,208	2,333
Development Property Investments [Member] | Minneapolis 3 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 8,675	$ 10,550
Development Property Investments [Member] | Miami 9 [Member] | Loan Investments [Member]
Schedule of Investments [Line Items]
Investment closing date	5/1/2018	5/1/2018
Investment commitment	$ 12,421	$ 12,421
Development property investments, Fair Value	2,696	2,564
Development Property Investments [Member] | Miami 9 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	2,869	2,803
Development Property Investments [Member] | Miami 9 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 9,623	$ 9,618
Development Property Investments [Member] | Atlanta 7 [Member] | Loan Investments [Member]
Schedule of Investments [Line Items]
Investment closing date	5/15/2018	5/15/2018
Investment commitment	$ 9,418	$ 9,418
Development property investments, Fair Value	1,329	775
Development Property Investments [Member] | Atlanta 7 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	1,378	861
Development Property Investments [Member] | Atlanta 7 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 8,040	$ 8,557
Development Property Investments [Member] | Kansas City [Member] | Loan Investments [Member]
Schedule of Investments [Line Items]
Investment closing date	5/23/2018	5/23/2018
Investment commitment	$ 9,968	$ 9,968
Development property investments, Fair Value	2,320	1,137
Development Property Investments [Member] | Kansas City [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	2,349	1,228
Development Property Investments [Member] | Kansas City [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 7,619	$ 8,740
Development Property Investments [Member] | Orlando 5 [Member] | Loan Investments [Member]
Schedule of Investments [Line Items]
Investment closing date	6/7/2018	6/7/2018
Investment commitment	$ 12,969	$ 12,969
Development property investments, Fair Value	2,478	673
Development Property Investments [Member] | Orlando 5 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	2,533	800
Development Property Investments [Member] | Orlando 5 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 10,436	$ 12,169
Development Property Investments [Member] | Los Angeles 2 [Member] | Loan Investments [Member]
Schedule of Investments [Line Items]
Investment closing date	6/12/2018	6/12/2018
Investment commitment	$ 9,298	$ 9,298
Development property investments, Fair Value	4,721	$ 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 not offered by the bank		30.00%
Percentage of financing provided by a traditional bank		60.00%
Development Property Investments [Member] | Los Angeles 2 [Member] | Loan Investments [Member] | Maximum [Member]
Schedule of Investments [Line Items]
Percentage of Financing not offered by the bank		40.00%
Percentage of financing provided by a traditional bank		70.00%
Development Property Investments [Member] | Los Angeles 2 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	4,675	$ 4,597
Development Property Investments [Member] | Los Angeles 2 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 4,874	$ 4,701
Development Property Investments [Member] | Baltimore 2 [Member] | Loan Investments [Member]
Schedule of Investments [Line Items]
Investment closing date	11/16/2018	11/16/2018
Investment commitment	$ 9,247	$ 9,247
Development property investments, Fair Value	319	301
Development Property Investments [Member] | Baltimore 2 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	397	390
Development Property Investments [Member] | Baltimore 2 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 8,850	8,857
Development Property Investments [Member] | New York City 6 [Member] | Loan Investments [Member]
Schedule of Investments [Line Items]
Investment closing date	3/1/2019
Investment commitment	$ 18,796
Development property investments, Fair Value	1,963
Development Property Investments [Member] | New York City 6 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	2,112
Development Property Investments [Member] | New York City 6 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 16,684
Development Property Investments [Member] | Stamford [Member] | Loan Investments [Member]
Schedule of Investments [Line Items]
Investment closing date	3/15/2019
Investment commitment	$ 2,904
Development property investments, Fair Value	2,885
Development Property Investments [Member] | Stamford [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	2,913
Bridge Loan Investments [Member]
Schedule of Investments [Line Items]
Investment commitment	83,324	83,324
Bridge investments at fair value	87,046	84,383
Bridge Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	82,382	81,507
Bridge Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 2,013	$ 1,817
Bridge Loan Investments [Member] | Miami 4 [Member]
Schedule of Investments [Line Items]
Investment closing date	3/2/2018	3/2/2018
Investment commitment	$ 20,201	$ 20,201
Bridge investments at fair value	23,217	22,823
Bridge Loan Investments [Member] | Miami 4 [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	$ 20,201	20,201
Bridge Loan Investments [Member] | Miami 5 [Member]
Schedule of Investments [Line Items]
Investment closing date	3/2/2018
Investment commitment	$ 17,738	17,738
Bridge investments at fair value	15,217	14,432
Bridge Loan Investments [Member] | Miami 5 [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	17,272	16,883
Bridge Loan Investments [Member] | Miami 5 [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 991	855
Bridge Loan Investments [Member] | Miami 6 [Member]
Schedule of Investments [Line Items]
Investment closing date	3/2/2018
Investment commitment	$ 13,370	13,370
Bridge investments at fair value	17,681	17,372
Bridge Loan Investments [Member] | Miami 6 [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	$ 13,370	13,370
Bridge Loan Investments [Member] | Miami 7 [Member]
Schedule of Investments [Line Items]
Investment closing date	3/2/2018
Investment commitment	$ 18,462	18,462
Bridge investments at fair value	16,812	15,971
Bridge Loan Investments [Member] | Miami 7 [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	17,986	17,581
Bridge Loan Investments [Member] | Miami 7 [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 1,022	$ 881
Bridge Loan Investments [Member] | Miami 8 [Member]
Schedule of Investments [Line Items]
Investment closing date	3/2/2018	3/2/2018
Investment commitment	$ 13,553	$ 13,553
Bridge investments at fair value	14,119	13,785
Bridge Loan Investments [Member] | Miami 8 [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	$ 13,553	13,472
Bridge Loan Investments [Member] | Miami 8 [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment		$ 81

SELF-STORAGE REAL ESTATE OWNE_3

SELF-STORAGE REAL ESTATE OWNED (Schedule of Changes in Fair Value of Investments) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
SELF-STORAGE INVESTMENT PORTFOLIO [Abstract]
Funded investment, net of unamortized origination fee	$ 440,974	$ 413,460
Adjustments:
Unamortized origination and other fees	(6,089)	(6,382)
Net unrealized gain on investments	58,244	50,953
Other	(84)	(84)
Total investments	$ 493,045	$ 457,947

SELF-STORAGE REAL ESTATE OWNE_4

SELF-STORAGE REAL ESTATE OWNED (Real Estate Investment, Impact in Consolidated Balance Sheet , Disclosure) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Schedule of Investments [Line Items]
Self-storage real estate owned	$ 106,371	$ 96,202
Real Estate Investment [Member]
Schedule of Investments [Line Items]
Land	11,723	10,797
Building and improvements	94,689	85,067
In-place leases	4,084	3,552
Property equipment	13	13
Construction-in-progress	788	670
Accumulated depreciation and amortization	(4,926)	(3,897)
Self-storage real estate owned	$ 106,371	$ 96,202

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
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	$ 58.2		$ 51
Gains or losses attributable to changes in instrument-specific credit risk	$ 0	$ 0
Minimum [Member] | Seven Development Properties [Member]
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Percentage of completion of construction	40.00%

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS (Summary of Significant Unobservable Inputs used to Value Investments) (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2019YUSD ($)	Dec. 31, 2018YUSD ($)
Development Property Investments [Member] | Minimum [Member] | Income Approach Analysis [Member] | Market Yields/Discount Rate [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Development property investments and bridge investments, unobservable inputs	0.0415	0.0472
Development Property Investments [Member] | Minimum [Member] | Income Approach Analysis [Member] | Exit Date [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Development property investments and bridge investments, unobservable inputs | Y	2	2.25
Development Property Investments [Member] | Maximum [Member] | Income Approach Analysis [Member] | Market Yields/Discount Rate [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Development property investments and bridge investments, unobservable inputs	0.1253	0.1309
Development Property Investments [Member] | Maximum [Member] | Income Approach Analysis [Member] | Exit Date [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Development property investments and bridge investments, unobservable inputs | Y	5.71	5.95
Development Property Investments [Member] | Weighted Average [Member] | Income Approach Analysis [Member] | Market Yields/Discount Rate [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Development property investments and bridge investments, unobservable inputs	0.0893	0.0948
Development Property Investments [Member] | Weighted Average [Member] | Income Approach Analysis [Member] | Exit Date [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Development property investments and bridge investments, unobservable inputs | Y		3.44
Development Property Investments [Member] | Loan Investments With Profits Interest [Member] | Minimum [Member] | Option Pricing Model [Member] | Volatility [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Development property investments and bridge investments, unobservable inputs	0.5100	0.5325
Development Property Investments [Member] | Loan Investments With Profits Interest [Member] | Minimum [Member] | Option Pricing Model [Member] | Market Yields/Discount Rate [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Development property investments and bridge investments, unobservable inputs	0.0775	0.0775
Development Property Investments [Member] | Loan Investments With Profits Interest [Member] | Minimum [Member] | Option Pricing Model [Member] | Exit Date [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Development property investments and bridge investments, unobservable inputs	2	2.25
Development Property Investments [Member] | Loan Investments With Profits Interest [Member] | Minimum [Member] | Option Pricing Model [Member] | Capitalization Rate [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Development property investments and bridge investments, unobservable inputs	0.0475	0.0475
Development Property Investments [Member] | Loan Investments With Profits Interest [Member] | Maximum [Member] | Option Pricing Model [Member] | Volatility [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Development property investments and bridge investments, unobservable inputs	0.9241	0.9430
Development Property Investments [Member] | Loan Investments With Profits Interest [Member] | Maximum [Member] | Option Pricing Model [Member] | Market Yields/Discount Rate [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Development property investments and bridge investments, unobservable inputs	0.1174	0.1174
Development Property Investments [Member] | Loan Investments With Profits Interest [Member] | Maximum [Member] | Option Pricing Model [Member] | Exit Date [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Development property investments and bridge investments, unobservable inputs	5.71	5.95
Development Property Investments [Member] | Loan Investments With Profits Interest [Member] | Maximum [Member] | Option Pricing Model [Member] | Capitalization Rate [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Development property investments and bridge investments, unobservable inputs	0.0600	0.0600
Development Property Investments [Member] | Loan Investments With Profits Interest [Member] | Weighted Average [Member] | Option Pricing Model [Member] | Volatility [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Development property investments and bridge investments, unobservable inputs	0.7309	0.7510
Development Property Investments [Member] | Loan Investments With Profits Interest [Member] | Weighted Average [Member] | Option Pricing Model [Member] | Market Yields/Discount Rate [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Development property investments and bridge investments, unobservable inputs	0.0882	0.0883
Development Property Investments [Member] | Loan Investments With Profits Interest [Member] | Weighted Average [Member] | Option Pricing Model [Member] | Exit Date [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Development property investments and bridge investments, unobservable inputs | Y	3.34	3.44
Development Property Investments [Member] | Loan Investments With Profits Interest [Member] | Weighted Average [Member] | Option Pricing Model [Member] | Capitalization Rate [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Development property investments and bridge investments, unobservable inputs	0.0543	0.0542
Thirty-Six Development Properties [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Percentage of completion of construction	40.00%
Thirty-Six Development Properties [Member] | Maximum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Percentage of completion of construction	100.00%
Thirty-Five Development Properties [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Percentage of completion of construction		40.00%
Thirty-Five Development Properties [Member] | Maximum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Percentage of completion of construction		100.00%

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 Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Up 25 Basis Points [Member]
Investments in and Advances to Affiliates [Line Items]
Increase (decrease) in fair value of investments	$ (2)	$ (1.9)
Down 25 Basis Points [Member]
Investments in and Advances to Affiliates [Line Items]
Increase (decrease) in fair value of investments	2.1	2
Up 50 basis points [Member]
Investments in and Advances to Affiliates [Line Items]
Increase (decrease) in fair value of investments	(4.1)	(3.9)
Down 50 Basis Points [Member]
Investments in and Advances to Affiliates [Line Items]
Increase (decrease) in fair value of investments	$ 4.3	$ 4.1

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 Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Up 25 Basis Points [Member]
Investments in and Advances to Affiliates [Line Items]
Increase (decrease) in fair value of investments	$ (9.4)	$ (8.9)
Down 25 Basis Points [Member]
Investments in and Advances to Affiliates [Line Items]
Increase (decrease) in fair value of investments	10.3	9.8
Up 50 basis points [Member]
Investments in and Advances to Affiliates [Line Items]
Increase (decrease) in fair value of investments	(18)	(17)
Down 50 Basis Points [Member]
Investments in and Advances to Affiliates [Line Items]
Increase (decrease) in fair value of investments	$ 21.8	$ 20.5

FAIR VALUE OF FINANCIAL INSTR_7

FAIR VALUE OF FINANCIAL INSTRUMENTS (Changes in Investments that Use Level 3 Inputs) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract]
Balance as of beginning of period	$ 457,947	$ 234,171
Net unrealized gains	8,830	4,320
Fundings of principal and change in unamortized origination fees	28,029	115,854
Repayments of loans	(342)	(3)
Payment-in-kind interest	6,932	4,013
Reclassification of self-storage real estate owned	(8,351)	(35,281)
Balance at end of period	$ 493,045	$ 323,074

INVESTMENT IN SELF-STORAGE RE_3

INVESTMENT IN SELF-STORAGE REAL ESTATE VENTURE (Narrative) (Details) $ in Thousands	Feb. 27, 2019USD ($)	Mar. 31, 2019USD ($)property	Dec. 31, 2018USD ($)property	Dec. 31, 2016USD ($)	Jan. 28, 2019USD ($)	Jan. 27, 2019	Mar. 31, 2016USD ($)	Mar. 07, 2016USD ($)
Investment In Real Estate Venture [Line Items]
Investment in and advances to real estate venture		$ 12,360	$ 14,155
Investment commitment		649,107	634,337
Funded investment, net of unamortized origination fee		440,974	413,460
Return of capital from unconsolidated self-storage real estate venture		$ 2,106
London Interbank Offered Rate (LIBOR) [Member]
Investment In Real Estate Venture [Line Items]
Debt instrument, basis spread on variable rate		3.10%
Development Property Investments [Member]
Investment In Real Estate Venture [Line Items]
Investment commitment		$ 565,783	551,013
SL1 Venture [Member]
Investment In Real Estate Venture [Line Items]
Investment in and advances to real estate venture		$ 400	400
Joint venture agreement percentage of priority distribution, percentage of committed principal amount		1.00%
Development property investment, assets		$ 154,700
Development property investment, liabilities		37,300
Development property investment, net income (loss)		1,500
Investment commitment		12,300	12,300
Advances made to joint venture		200
SL1 Venture [Member] | Eight Properties [Member]
Investment In Real Estate Venture [Line Items]
Investment commitment		123,300	$ 81,400
Number of investments | property			8
SL1 Venture [Member] | Four Properties [Member]
Investment In Real Estate Venture [Line Items]
Equity method investment, ownership percentage					50.10%
Loan maturity date	Feb. 27, 2022
SL1 Venture [Member] | Four Properties [Member] | London Interbank Offered Rate (LIBOR) [Member]
Investment In Real Estate Venture [Line Items]
Debt instrument, basis spread on variable rate	2.15%
SL1 Venture [Member] | Four Properties [Member] | Term Loans [Member]
Investment In Real Estate Venture [Line Items]
Issuance of debt, aggregate loan proceeds	$ 36,100
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)		200
Investment commitment							8,100
Investment in joint venture, fair value							7,700
Funded investment, net of unamortized origination fee							$ 8,100	$ 12,200
Return of capital from unconsolidated self-storage real estate venture				$ 7,300
SL1 Venture [Member] | Parent Company [Member] | Eight Properties [Member]
Investment In Real Estate Venture [Line Items]
Investment commitment		$ 12,300
SL1 Venture [Member] | Parent Company [Member] | Four Properties [Member]
Investment In Real Estate Venture [Line Items]
Proceeds from issuance of debt	2,100
IRR Threshold One [Member]
Investment In Real Estate Venture [Line Items]
Agreement metric, internal rate of return		14.00%
Agreement metric, capital distribution percentage to third party		10.00%
Agreement metric, capital distribution percentage		10.00%
IRR Threshold Two [Member]
Investment In Real Estate Venture [Line Items]
Agreement metric, internal rate of return		17.00%
Agreement metric, capital distribution percentage to third party		20.00%
Agreement metric, capital distribution percentage		20.00%
IRR Threshold Three [Member]
Investment In Real Estate Venture [Line Items]
Agreement metric, internal rate of return		20.00%
Agreement metric, capital distribution percentage to third party		30.00%
Agreement metric, capital distribution percentage		30.00%
Heitman And Large Institutional Co-Investor [Member] | SL1 Venture [Member]
Investment In Real Estate Venture [Line Items]
Investment in and advances to real estate venture		$ 400	$ 400					$ 110,000
Equity method investment, ownership percentage								90.00%
Agreement metric, return multiple		1.48
HVP III Storage Lenders Investor, LLC [Member] | SL1 Venture [Member]
Investment In Real Estate Venture [Line Items]
Payment to acquire interest in joint venture				$ 7,300
Development property investment, net income (loss)		$ 1,300
HVP III Storage Lenders Investor, LLC [Member] | SL1 Venture [Member] | Eight Properties [Member]
Investment In Real Estate Venture [Line Items]
Investment commitment		$ 111,000
HVP III Storage Lenders Investor, LLC [Member] | SL1 Venture [Member] | Four Properties [Member]
Investment In Real Estate Venture [Line Items]
Proceeds from issuance of debt	$ 19,000
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		$ 471,600	442,600
Development property investment, liabilities		423,200	395,700
Investment commitment		$ 548,050	533,280
Number of investments | property		47
Loan Investments [Member] | SL1 Venture [Member] | Development Property Investments [Member]
Investment In Real Estate Venture [Line Items]
Investment commitment		$ 85,119	$ 123,273
Loan Investments [Member] | SL1 Venture [Member] | Four Properties [Member]
Investment In Real Estate Venture [Line Items]
Equity method investment, ownership percentage					100.00%	49.90%
Acquisition date basis of investment					$ 57,200

INVESTMENT IN SELF-STORAGE RE_4

INVESTMENT IN SELF-STORAGE REAL ESTATE VENTURE (Equity Method Investments) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Jan. 28, 2019	Jan. 27, 2019	Mar. 31, 2016
Real Estate Properties [Line Items]
Investment commitment	$ 649,107	$ 634,337
Funded Investment	440,974	413,460
Development property investments, Fair Value	405,999	373,564
Funded Investment [Member]
Real Estate Properties [Line Items]
Funded Investment	440,974	413,460
Unfunded Commitment [Member]
Real Estate Properties [Line Items]
Investment commitment	211,395	220,877
SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment commitment	12,300	12,300
Development Property Investments [Member]
Real Estate Properties [Line Items]
Investment commitment	565,783	551,013
Development property investments, Fair Value	405,999	373,564
Development Property Investments [Member] | Funded Investment [Member]
Real Estate Properties [Line Items]
Funded Investment	358,592	331,953
Development Property Investments [Member] | Unfunded Commitment [Member]
Real Estate Properties [Line Items]
Investment commitment	209,382	219,060
Development Property Investments [Member] | Loan Investments [Member]
Real Estate Properties [Line Items]
Investment commitment	548,050	533,280
Development property investments, Fair Value	$ 388,266	$ 355,831
Percentage of completion of construction	40.00%	40.00%
Equity method investment, ownership percentage	49.90%
Development Property Investments [Member] | Loan Investments [Member] | Miami 1 [Member]
Real Estate Properties [Line Items]
Investment Closing Date	9/14/2017	9/14/2017
Investment commitment	$ 14,657	$ 14,657
Development property investments, Fair Value	$ 7,224	$ 6,562
Development Property Investments [Member] | Loan Investments [Member] | Miami 2 [Member]
Real Estate Properties [Line Items]
Investment Closing Date	10/12/2017	10/12/2017
Investment commitment	$ 9,459	$ 9,459
Development property investments, Fair Value	$ 1,144	$ 1,082
Development Property Investments [Member] | Loan Investments [Member] | Fort Lauderdale [Member]
Real Estate Properties [Line Items]
Investment Closing Date	3/1/2017	3/1/2017
Investment commitment	$ 9,952	$ 9,952
Development property investments, Fair Value	$ 10,547	$ 10,475
Development Property Investments [Member] | Loan Investments [Member] | Raleigh [Member]
Real Estate Properties [Line Items]
Investment Closing Date	8/14/2015	8/14/2015
Investment commitment	$ 8,792	$ 8,792
Development property investments, Fair Value	8,236	8,002
Development Property Investments [Member] | Loan Investments [Member] | Funded Investment [Member]
Real Estate Properties [Line Items]
Funded Investment	340,859	314,220
Development Property Investments [Member] | Loan Investments [Member] | Funded Investment [Member] | Miami 1 [Member]
Real Estate Properties [Line Items]
Funded Investment	7,425	6,882
Development Property Investments [Member] | Loan Investments [Member] | Funded Investment [Member] | Miami 2 [Member]
Real Estate Properties [Line Items]
Funded Investment	1,367	1,335
Development Property Investments [Member] | Loan Investments [Member] | Funded Investment [Member] | Fort Lauderdale [Member]
Real Estate Properties [Line Items]
Funded Investment	7,740	7,604
Development Property Investments [Member] | Loan Investments [Member] | Funded Investment [Member] | Raleigh [Member]
Real Estate Properties [Line Items]
Funded Investment	8,689	8,498
Development Property Investments [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Real Estate Properties [Line Items]
Investment commitment	209,382	219,060
Development Property Investments [Member] | Loan Investments [Member] | Unfunded Commitment [Member] | Miami 1 [Member]
Real Estate Properties [Line Items]
Investment commitment	7,232	7,775
Development Property Investments [Member] | Loan Investments [Member] | Unfunded Commitment [Member] | Miami 2 [Member]
Real Estate Properties [Line Items]
Investment commitment	8,141	8,124
Development Property Investments [Member] | Loan Investments [Member] | Unfunded Commitment [Member] | Fort Lauderdale [Member]
Real Estate Properties [Line Items]
Investment commitment	2,212	2,348
Development Property Investments [Member] | Loan Investments [Member] | Unfunded Commitment [Member] | Raleigh [Member]
Real Estate Properties [Line Items]
Investment commitment	103	294
Development Property Investments [Member] | SL1 Venture [Member] | Loan Investments [Member]
Real Estate Properties [Line Items]
Investment commitment	85,119	123,273
Development property investments, Fair Value	$ 94,294	$ 135,126
Development Property Investments [Member] | SL1 Venture [Member] | Loan Investments [Member] | Miami 1 [Member]
Real Estate Properties [Line Items]
Investment Closing Date	5/14/2015	5/14/2015
Investment commitment	$ 13,867	$ 13,867
Development property investments, Fair Value	$ 15,252	$ 14,338
Development Property Investments [Member] | SL1 Venture [Member] | Loan Investments [Member] | Miami 2 [Member]
Real Estate Properties [Line Items]
Investment Closing Date	5/14/2015	5/14/2015
Investment commitment	$ 14,849	$ 14,849
Development property investments, Fair Value	$ 15,301	$ 14,562
Development Property Investments [Member] | SL1 Venture [Member] | Loan Investments [Member] | Fort Lauderdale [Member]
Real Estate Properties [Line Items]
Investment Closing Date	9/25/2015	9/25/2015
Investment commitment	$ 13,230	$ 13,230
Development property investments, Fair Value	$ 17,292	$ 16,409
Development Property Investments [Member] | SL1 Venture [Member] | Loan Investments [Member] | Washington DC [Member]
Real Estate Properties [Line Items]
Investment Closing Date	4/15/2016	4/15/2016
Investment commitment	$ 17,269	$ 17,269
Development property investments, Fair Value	$ 19,864	$ 19,200
Development Property Investments [Member] | 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
Development Property Investments [Member] | 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
Development Property Investments [Member] | SL1 Venture [Member] | Loan Investments [Member] | New Jersey [Member]
Real Estate Properties [Line Items]
Investment Closing Date	7/21/2016	7/21/2016
Investment commitment	$ 7,828	$ 7,828
Development property investments, Fair Value	$ 7,587	$ 6,717
Development Property Investments [Member] | 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
Development Property Investments [Member] | 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
Development Property Investments [Member] | SL1 Venture [Member] | Loan Investments [Member] | Columbia [Member]
Real Estate Properties [Line Items]
Investment Closing Date	9/28/2016	9/28/2016
Investment commitment	$ 9,199	$ 9,199
Development property investments, Fair Value	$ 9,695	$ 9,972
Development Property Investments [Member] | SL1 Venture [Member] | Loan Investments [Member] | Raleigh [Member]
Real Estate Properties [Line Items]
Investment Closing Date	12/22/2016	12/22/2016
Investment commitment	$ 8,877	$ 8,877
Development property investments, Fair Value	9,303	9,450
Development Property Investments [Member] | SL1 Venture [Member] | Loan Investments [Member] | Funded Investment [Member]
Real Estate Properties [Line Items]
Funded Investment	81,370	114,468
Development Property Investments [Member] | SL1 Venture [Member] | Loan Investments [Member] | Funded Investment [Member] | Miami 1 [Member]
Real Estate Properties [Line Items]
Funded Investment	12,722	12,250
Development Property Investments [Member] | SL1 Venture [Member] | Loan Investments [Member] | Funded Investment [Member] | Miami 2 [Member]
Real Estate Properties [Line Items]
Funded Investment	14,492	13,961
Development Property Investments [Member] | SL1 Venture [Member] | Loan Investments [Member] | Funded Investment [Member] | Fort Lauderdale [Member]
Real Estate Properties [Line Items]
Funded Investment	12,826	12,352
Development Property Investments [Member] | SL1 Venture [Member] | Loan Investments [Member] | Funded Investment [Member] | Washington DC [Member]
Real Estate Properties [Line Items]
Funded Investment	17,269	17,005
Development Property Investments [Member] | SL1 Venture [Member] | Loan Investments [Member] | Funded Investment [Member] | Atlanta 1 [Member]
Real Estate Properties [Line Items]
Funded Investment		9,915
Development Property Investments [Member] | SL1 Venture [Member] | Loan Investments [Member] | Funded Investment [Member] | Jacksonville [Member]
Real Estate Properties [Line Items]
Funded Investment		7,422
Development Property Investments [Member] | SL1 Venture [Member] | Loan Investments [Member] | Funded Investment [Member] | New Jersey [Member]
Real Estate Properties [Line Items]
Funded Investment	6,465	5,749
Development Property Investments [Member] | SL1 Venture [Member] | Loan Investments [Member] | Funded Investment [Member] | Atlanta 2 [Member]
Real Estate Properties [Line Items]
Funded Investment		8,293
Development Property Investments [Member] | SL1 Venture [Member] | Loan Investments [Member] | Funded Investment [Member] | Denver [Member]
Real Estate Properties [Line Items]
Funded Investment		10,221
Development Property Investments [Member] | SL1 Venture [Member] | Loan Investments [Member] | Funded Investment [Member] | Columbia [Member]
Real Estate Properties [Line Items]
Funded Investment	9,020	8,868
Development Property Investments [Member] | SL1 Venture [Member] | Loan Investments [Member] | Funded Investment [Member] | Raleigh [Member]
Real Estate Properties [Line Items]
Funded Investment	8,576	8,432
Development Property Investments [Member] | SL1 Venture [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Real Estate Properties [Line Items]
Investment commitment	3,749	8,805
Development Property Investments [Member] | SL1 Venture [Member] | Loan Investments [Member] | Unfunded Commitment [Member] | Miami 1 [Member]
Real Estate Properties [Line Items]
Investment commitment	1,145	1,617
Development Property Investments [Member] | SL1 Venture [Member] | Loan Investments [Member] | Unfunded Commitment [Member] | Miami 2 [Member]
Real Estate Properties [Line Items]
Investment commitment	357	888
Development Property Investments [Member] | SL1 Venture [Member] | Loan Investments [Member] | Unfunded Commitment [Member] | Fort Lauderdale [Member]
Real Estate Properties [Line Items]
Investment commitment	404	878
Development Property Investments [Member] | SL1 Venture [Member] | Loan Investments [Member] | Unfunded Commitment [Member] | Washington DC [Member]
Real Estate Properties [Line Items]
Investment commitment		264
Development Property Investments [Member] | SL1 Venture [Member] | Loan Investments [Member] | Unfunded Commitment [Member] | Atlanta 1 [Member]
Real Estate Properties [Line Items]
Investment commitment		308
Development Property Investments [Member] | SL1 Venture [Member] | Loan Investments [Member] | Unfunded Commitment [Member] | Jacksonville [Member]
Real Estate Properties [Line Items]
Investment commitment		705
Development Property Investments [Member] | SL1 Venture [Member] | Loan Investments [Member] | Unfunded Commitment [Member] | New Jersey [Member]
Real Estate Properties [Line Items]
Investment commitment	1,363	2,079
Development Property Investments [Member] | SL1 Venture [Member] | Loan Investments [Member] | Unfunded Commitment [Member] | Atlanta 2 [Member]
Real Estate Properties [Line Items]
Investment commitment		479
Development Property Investments [Member] | SL1 Venture [Member] | Loan Investments [Member] | Unfunded Commitment [Member] | Denver [Member]
Real Estate Properties [Line Items]
Investment commitment		811
Development Property Investments [Member] | SL1 Venture [Member] | Loan Investments [Member] | Unfunded Commitment [Member] | Columbia [Member]
Real Estate Properties [Line Items]
Investment commitment	179	331
Development Property Investments [Member] | SL1 Venture [Member] | Loan Investments [Member] | Unfunded Commitment [Member] | Raleigh [Member]
Real Estate Properties [Line Items]
Investment commitment	301	445
Eight Properties [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment commitment	$ 123,300	$ 81,400
Four Properties [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Equity method investment, ownership percentage			50.10%
Four Properties [Member] | SL1 Venture [Member] | Loan Investments [Member]
Real Estate Properties [Line Items]
Equity method investment, ownership percentage			100.00%	49.90%
Three Properties [Member] | SL1 Venture [Member] | Loan Investments [Member]
Real Estate Properties [Line Items]
Funded Investment					$ 8,100

VARIABLE INTEREST ENTITIES (Nar

VARIABLE INTEREST ENTITIES (Narrative) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Variable Interest Entity [Line Items]
Assets recorded related to VIEs	$ 493,045	$ 457,947
Investment commitment	649,107	634,337
Investment in and advances to real estate venture	12,360	14,155
SL1 Venture [Member]
Variable Interest Entity [Line Items]
Investment commitment	12,300	12,300
Investment in and advances to real estate venture	400	400
Unfunded Commitment [Member]
Variable Interest Entity [Line Items]
Investment commitment	211,395	220,877
Unfunded Commitment [Member] | Investment in Real Estate Venture [Member]
Variable Interest Entity [Line Items]
Investment commitment	$ 500	$ 900

VARIABLE INTEREST ENTITIES (Sch

VARIABLE INTEREST ENTITIES (Schedule of Variable Interest Entities) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
VARIABLE INTEREST ENTITIES [Abstract]
Assets recorded related to VIEs	$ 493,045	$ 457,947
Unfunded loan commitments to VIEs	211,395	220,877
Maximum exposure to loss	$ 704,440	$ 678,824

DEBT (Credit Facility) (Narrati

DEBT (Credit Facility) (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 28, 2018	Jul. 25, 2017
Line of Credit Facility [Line Items]
Proceeds from lines of credit	$ 26,793	$ 29,901
London Interbank Offered Rate (LIBOR) [Member]
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	3.10%
KeyBank National Association [Member]
Line of Credit Facility [Line Items]
Line of credit, current maximum borrowing capacity	$ 118,000
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.
Debt instrument covenants consolidated tangible net worth, minimum	$ 373,600
Debt instrument covenants any additional net offering proceeds percentage included in consolidated tangible net worth	75.00%
Debt instrument covenants threshold amount that limits unhedged variable rate	$ 50,000
Debt instrument covenants unhedged variable rate maximum percentage	40.00%
Long-term line of credit	$ 27,000
Line of credit facility, covenant compliance	As of March 31, 2019, 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]
Debt instrument covenant total consolidated indebtness, maximum percentage of gross asset value	50.00%
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] | December 31, 2018 and December 31, 2019 [Member]
Line of Credit Facility [Line Items]
Debt instrument covenants liquidity minimal amount	$ 50,000
KeyBank National Association [Member] | After January 1, 2020 [Member]
Line of Credit Facility [Line Items]
Debt instrument covenants liquidity minimal amount	$ 50,000
KeyBank National Association [Member] | Base Rate, Tranche One [Member] | Jernigan Capital Operating Company Limited Liability Company [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] | Jernigan Capital Operating Company Limited Liability Company [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] | Jernigan Capital Operating Company Limited Liability Company [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] | Jernigan Capital Operating Company Limited Liability Company [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] | Jernigan Capital Operating Company Limited Liability Company [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] | Jernigan Capital Operating Company Limited Liability Company [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]
Line of credit, current maximum borrowing capacity			$ 235,000
Commitment by bank, maximum				$ 400,000
Company loans secured by mortgage loans borrowing base availability maximum percentage	60.00%
Company loans secured by mortgage loans underlying real estate fair value minimum percentage to maximum principal amount borrowed	50.00%
Debt instrument covenant related to debt service amount, ratio	1.35
Debt instrument covenant related to debt service coverage amount ratio, maximum	0.50
Maximum [Member] | KeyBank National Association [Member] | Jernigan Capital Operating Company Limited Liability Company [Member]
Line of Credit Facility [Line Items]
Debt instrument per diem fee rate percentage	0.30%
Maximum [Member] | 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
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]
Loans secured by non-stabilized self-storage properties, percentage of borrowing base availability	60.00%
Percentage of total development cost of the non-stabilized self-storage properties	75.00%
Minimum [Member] | KeyBank National Association [Member] | Jernigan Capital Operating Company Limited Liability Company [Member]
Line of Credit Facility [Line Items]
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) - USD ($) $ in Thousands	Aug. 17, 2018	Mar. 31, 2019	Jan. 18, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Term loans principal amount		$ 33,716		$ 24,609
First Bank Term Loans [Member]
Debt Instrument [Line Items]
Term loans principal amount	$ 24,900		$ 9,200
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.
Term loans, covenant compliance		As of March 31, 2019, the Company was in compliance with all of its financial covenants of the FirstBank Term Loans
London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Interest Rate in addition to 30-day LIBOR		3.10%
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 Millions	Mar. 27, 2016	Mar. 31, 2019	Dec. 31, 2018
London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		3.10%
Miami A Note [Member] | Senior Notes [Member]
Debt Instrument [Line Items]
Amount committed by the bank	$ 17.7
Cash consideration from senior participations	10
Debt instrument threshold amount outstanding related to senior notes.	7.7
Debt maturity date		Jun. 30, 2018	Jul. 1, 2017
Debt instrument fee amount		$ 0.1
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	$ 0.5

STOCKHOLDERS' EQUITY (Common St

STOCKHOLDERS' EQUITY (Common Stock Offerings and Repurchase Plan) (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 14, 2018	Dec. 31, 2018	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2019	Dec. 07, 2018	Sep. 28, 2018	Jan. 26, 2018	Dec. 31, 2017	Apr. 05, 2017	May 20, 2016
Common stock, shares issued		20,430,218	20,567,694		20,567,694
Common stock, shares outstanding		20,430,218	20,567,694		20,567,694
Net proceeds from issuance of common stock	$ 81,100		$ 2,752
Issuance of shares, net of offering costs (in shares)	4,600,000
Number of shares repurchased and retired			213,078
Retirement of common stock			$ 3,200	$ 40
Stock repurchase program, remaining authorized amount			6,800		$ 6,800
ATM Program [Member]
Net proceeds from issuance of common stock			$ 2,800		$ 51,100
Issuance of shares, net of offering costs (in shares)			136,192		2,417,966
Shares issued, weighted average price per share		$ 21.77	$ 21.77
Shares issued, price per share			$ 21.43		$ 21.43
Stock repurchase program, authorized amount										$ 50,000
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	127,125		127,125		15,000,000
Preferred stock, shares outstanding		125,000	127,125		127,125
Series B Preferred Stock [Member]
Preferred stock, shares issued		1,571,734	1,571,734		1,571,734			1,500,000
Preferred stock, shares outstanding		1,571,734	1,571,734		1,571,734
Series B Preferred Stock [Member] | ATM Program [Member]
Preferred stock, shares issued			71,734		71,734
Shares issued, price per share			$ 22.94		$ 22.94
Restricted Stock [Member]
Nonvested restricted stock		159,165	153,165	195,502	153,165				185,002

STOCKHOLDERS' EQUITY (Equity In

STOCKHOLDERS' EQUITY (Equity Incentive Plan and Restricted Stock Awards) (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions

May 01, 2019

May 03, 2017

Mar. 31, 2019

Mar. 31, 2018

Dec. 31, 2018

Dec. 31, 2016

Mar. 31, 2019

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Apr. 01, 2018

Apr. 30, 2015

Accounting Standards Update 2018 07 [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Grant date fair value of non-vested awards

$ 18.10

Second Amended and Restated 2015 Equity Incentive Plan [Member] | Subsequent Event [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Shares reserved for future issuance

750,000

Number of shares increase (decrease) related to share base payment plan

380,000

Equity incentive plan expiration date

May 1, 2029

Restricted Stock [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of shares granted

4,692

18,000

Number of shares forfeited

Restricted stock expense, recognized

$ 0.4

Number of shares, vested

10,692

7,500

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

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Shares reserved for future issuance

370,000

200,000

Number of shares increase (decrease) related to share base payment plan

170,000

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

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Equity incentive plan expiration date

May 2, 2027

Number of shares granted

368,279

363,587

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

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of shares increase (decrease) related to share base payment plan

380,000

Share Based Compensation Award Tranche Four [Member] | Restricted Stock [Member] | Second Amended and Restated 2015 Equity Incentive Plan [Member] | Subsequent Event [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Shares reserved for future issuance

750,000

Equity incentive plan expiration date

May 1, 2029

Maximum [Member] | Restricted Stock [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] | Restricted Stock [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

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

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of shares, vested

46,413

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

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Unrecognized share based compensation expense

$ 1.8

$ 2.1

$ 1.8

Share based compensation expense, period for recognition

1 year 7 months 6 days

1 year 7 months 6 days

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

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of shares forfeited

1,667

Number of shares, vested

10,692

99,503

55,172

Non Employee Director [Member] | Scenario, Forecast [Member] | Restricted Stock [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

Non Employee Director [Member] | Share-based Compensation Award, Tranche Three [Member] | Scenario, Forecast [Member] | Restricted Stock [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

64,834

STOCKHOLDERS' EQUITY (Preferred

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

May 01, 2019$ / shares

Feb. 22, 2019$ / shares

Jan. 15, 2019USD ($)shares

Oct. 31, 2018USD ($)

Jan. 26, 2018USD ($)shares

Mar. 31, 2019USD ($)$ / sharesshares

Mar. 31, 2018USD ($)

Dec. 31, 2018$ / sharesshares

Sep. 28, 2018shares

Mar. 29, 2018USD ($)shares

Jan. 25, 2018shares

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

Class of Stock [Line Items]

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

$ 0.01

$ 0.01

Preferred ATM shares, aggregate maximum offering price

$ 45,000,000

Stock dividend paid on preferred stock

$ 2,125,000

$ 44,000

Series A Preferred Stock [Member]

Class of Stock [Line Items]

Preferred stock, shares authorized | shares

300,000

300,000

Amount of preferred shares issuable in future

$ 125,000,000

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

$ 0.01

$ 0.01

$ 0.01

Preferred stock, liquidation preference per share | $ / shares

$ 1,000

Preferred stock, redemption terms

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

Proceeds from issuance of preferred stock

34,976,000

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 (offering costs) from issuance of preferred stock

34,976,000

Preferred stock, shares issued | shares

127,125

125,000

15,000,000

Cash dividend, total amount

$ 2,200,000

Stock dividend paid on preferred stock

$ 2,100,000

$ 2,125,000

Stock dividends paid in preferred stock. shares | shares

2,125

Dividends declared date

Feb. 22, 2019

Oct. 31, 2018

Dividend payable, amount per share | $ / shares

$ 17.45

Dividends payable date

Apr. 15, 2019

Jan. 15, 2019

Dividends payable, date of record

Apr. 1, 2019

Jan. 1, 2019

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

Class of Stock [Line Items]

Dividends declared date

May 1, 2019

Dividends payable date

Jul. 15, 2019

Dividends payable, date of record

Jul. 1, 2019

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] | Until Sixth Anniversary [Member]

Class of Stock [Line Items]

Preferred stock, dividend rate

7.00%

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

Class of Stock [Line Items]

Preferred stock, dividend rate

8.50%

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

Class of Stock [Line Items]

Preferred stock, dividend rate

5.00%

Series B Preferred Stock [Member]

Class of Stock [Line Items]

Preferred stock, shares authorized | shares

3,750,000

3,750,000

1,725,000

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

$ 0.01

$ 0.01

Preferred stock, liquidation preference per share | $ / shares

$ 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 | $ / shares

$ 25

Proceeds from issuance of preferred stock

$ 36,000,000

$ (103,000)

35,988,000

Preferred stock, dividend rate

7.00%

7.00%

Preferred stock, dividend declared per share | $ / shares

$ 1.7500

Net proceeds (offering costs) from issuance of preferred stock

$ 36,000,000

$ (103,000)

$ 35,988,000

Preferred stock, shares issued | shares

1,500,000

1,571,734

1,571,734

Preferred stock share cap rate | $ / shares

2.74876

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

Class of Stock [Line Items]

Dividends declared date

May 1, 2019

Dividend payable, amount per share | $ / shares

$ 0.4375

Dividends payable date

Jul. 15, 2019

Dividends payable, date of record

Jul. 1, 2019

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

Class of Stock [Line Items]

Amount of preferred shares issuable in future

$ 35,000,000

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

Class of Stock [Line Items]

Amount of preferred shares issuable in future

15,000,000

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

Class of Stock [Line Items]

Amount of preferred shares issuable in future

$ 5,000,000

ATM Program [Member]

Class of Stock [Line Items]

Shares issued, price per share | $ / shares

$ 21.43

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

Class of Stock [Line Items]

Preferred stock, shares authorized | shares

2,025,000

Proceeds from issuance of preferred stock

$ 1,300,000

Net proceeds (offering costs) from issuance of preferred stock

$ 1,300,000

Preferred stock, shares issued | shares

71,734

Shares issued, price per share | $ / shares

$ 22.94

STOCKHOLDERS' EQUITY (Summary o

STOCKHOLDERS' EQUITY (Summary of Changes in Restricted Shares) (Details) - Restricted Stock [Member] - $ / shares	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Class of Stock [Line Items]
Shares, Nonvested shares at beginning of period	159,165	185,002	185,002
Shares, Granted	4,692	18,000
Shares, Vested	(10,692)	(7,500)
Shares, Forfeited
Shares, Nonvested shares at end of period	153,165	195,502	159,165
Weighted average grant date fair value, Nonvested at beginning of period	$ 18.39	$ 21.58	$ 21.58
Weighted average grant date fair value, Granted	21.46	17.78
Weighted average grant date fair value, Vested	19.57	19.25
Weighted average grant date fair value, Forfeited
Weighted average grant date fair value, Nonvested at end of period	$ 18.40	$ 21.32	$ 18.39

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
	Mar. 31, 2019USD ($)$ / sharesshares	Mar. 31, 2018USD ($)$ / sharesshares	Dec. 31, 2018
Shares Outstanding
Weighted average common shares - basic | shares	20,297,551	14,247,174
Effect of dilutive securities | shares	157,565	308,163
Weighted average common shares, all classes | shares	20,455,116	14,555,337
Calculation of Earnings per Share - basic
Net income	$ 12,114	$ 5,354
Net income allocated to preferred stockholders	5,032	3,595
Net income allocated to unvested restricted shares	55	23
Net income attributable to common shareholders - two-class method	$ 7,027	$ 1,736
Weighted average common shares - basic | shares	20,297,551	14,247,174
Earnings per share - basic | $ / shares	$ 0.35	$ 0.12
Calculation of Earnings per Share - diluted
Net income	$ 12,114	$ 5,354
Net income allocated to preferred stockholders	5,032	3,595
Net income attributable to common shareholders - two-class method	$ 7,082	$ 1,759
Weighted average common shares - diluted | shares	20,455,116	14,555,337
Earnings per share - diluted | $ / shares	$ 0.35	$ 0.12
Unvested restricted shares of common stock participation ratio in dividends with unrestricted shares of common	1		1

RELATED PARTY TRANSACTIONS (Nar

RELATED PARTY TRANSACTIONS (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Related Party Transaction [Line Items]
Fair value of investments	$ 405,999		$ 373,564
Base management fee, annual rate	1.50%
Percentage of base management fee	0.375%	0.375%
Fees to Manager	$ 2,003	$ 1,304
Due to Manager	$ 2,267		3,334
Management fee, description	The Manager computes the base management fee within 30 days after the end of the fiscal quarter with respect to which such installment is payable and promptly delivers such calculation to the Company's Board of Directors. The amount of the installment shown in the calculation is due and payable no later than the date which is five business days after the date of delivery of such computation to the Board of Directors
Incentive fee, description	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
Expenses reimbursable to Manager	$ 900	900
Investment in and advances to real estate venture	12,360		14,155
Interest income from investments	8,212	4,562
Income (loss) from equity method investments	156	550
SL1 Venture [Member]
Related Party Transaction [Line Items]
Investment in and advances to real estate venture	12,400		14,200
Income (loss) from equity method investments	200	600
Equity Method Investments [Member]
Related Party Transaction [Line Items]
Fair value of investments	475,300		$ 440,200
Interest income from investments	$ 12,000
Income (loss) from equity method investments		$ 8,400

RELATED PARTY TRANSACTIONS (Sch

RELATED PARTY TRANSACTIONS (Schedule of EBITDA and Capitalization) (Details)	3 Months Ended
	Mar. 31, 2019
EBITDA Multiple, 5X [Member] | Total Annual Return 8% or Less [Member]
Schedule of Capitalization [Line Items]
Capitalization %	5.00%
EBITDA Multiple, 5.5X [Member] | Total Annual Return Greater than 8% to 12% [Member]
Schedule of Capitalization [Line Items]
Capitalization %	5.50%
EBITDA Multiple, 6X [Member] | Total Annual Return Greater than 12% [Member]
Schedule of Capitalization [Line Items]
Capitalization %	6.00%

CONTINGENCIES (Narrative) (Deta

CONTINGENCIES (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Other Commitments [Line Items]
Funded Investment, outstanding	$ 440,974	$ 413,460
Jernigan Capital Operating Company v. Storage Partners of Miami I, LLC et. al [Member]
Other Commitments [Line Items]
Lawsuit filing date	January 8, 2019
Name of defendant	Storage Partners of Miami I, LLC et. al
Name of plaintiff	Jernigan Capital Operating Company
Domicile or jurisdiction of the court of law	Circuit Court of the Eleventh Judicial Circuit in and for Miami-Dade County, Florida
Storage Partners of Miami I, LLC et. al v. Jernigan Capital Operating Company [Member]
Other Commitments [Line Items]
Lawsuit filing date	May 1, 2019
Name of defendant	Jernigan Capital Operating Company
Name of plaintiff	Storage Partners of Miami I, LLC et. al
Domicile or jurisdiction of the court of law	Circuit Court of the Eleventh Judicial Circuit in and for Miami Dade County, Florida
Construction Loans [Member] | Development Property Investments [Member]
Other Commitments [Line Items]
Funded Investment, outstanding	$ 17,700

SUBSEQUENT EVENTS (Investment A

SUBSEQUENT EVENTS (Investment Activity) (Narrative) (Details) - Second Amended and Restated 2015 Equity Incentive Plan [Member] - Subsequent Event [Member]	May 01, 2019shares
Subsequent Event [Line Items]
Shares reserved for future issuance	750,000
Number of shares increase (decrease) related to share base payment plan	380,000
Equity incentive plan expiration date	May 1, 2029

SUBSEQUENT EVENTS (First Quarte

SUBSEQUENT EVENTS (First Quarter Dividend Declarations) (Narrative) (Details) - $ / shares	May 01, 2019	Feb. 22, 2019	Oct. 31, 2018	Mar. 31, 2019	Mar. 31, 2018
Subsequent Event [Line Items]
Dividends declared per share of common stock				$ 0.35	$ 0.35
Series A Preferred Stock [Member]
Subsequent Event [Line Items]
Dividends payable, date declared		Feb. 22, 2019	Oct. 31, 2018
Dividends payable, payment date		Apr. 15, 2019	Jan. 15, 2019
Dividends payable, date of record		Apr. 1, 2019	Jan. 1, 2019
Series B Preferred Stock [Member]
Subsequent Event [Line Items]
Preferred stock, dividend declared per share				$ 1.7500
Subsequent Event [Member] | Common Stock Class [Member]
Subsequent Event [Line Items]
Dividends declared per share of common stock	$ 0.35
Dividends payable, date declared	May 1, 2019
Dividends payable, payment date	Jul. 15, 2019
Dividends payable, date of record	Jul. 1, 2019
Subsequent Event [Member] | Series A Preferred Stock [Member]
Subsequent Event [Line Items]
Dividends payable, date declared	May 1, 2019
Dividends payable, payment date	Jul. 15, 2019
Dividends payable, date of record	Jul. 1, 2019
Subsequent Event [Member] | Series B Preferred Stock [Member]
Subsequent Event [Line Items]
Dividends payable, date declared	May 1, 2019
Dividends payable, payment date	Jul. 15, 2019
Dividends payable, date of record	Jul. 1, 2019

SUBSEQUENT EVENTS (Schedule of

SUBSEQUENT EVENTS (Schedule of Investments) (Details) - USD ($) $ in Thousands	Apr. 18, 2019	Mar. 31, 2019	Dec. 31, 2018
Subsequent Event [Line Items]
Investment commitment		$ 649,107	$ 634,337
Development Property Investments [Member]
Subsequent Event [Line Items]
Investment commitment		565,783	551,013
Loan Investments [Member] | Development Property Investments [Member]
Subsequent Event [Line Items]
Investment commitment		$ 548,050	$ 533,280
Loan Investments [Member] | Development Property Investments [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Investment commitment	$ 23,462
Loan Investments [Member] | Development Property Investments [Member] | New York City 7 [Member]
Subsequent Event [Line Items]
Investment Closing Date	4/18/2019
Loan Investments [Member] | Development Property Investments [Member] | New York City 7 [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Investment commitment	$ 23,462