Jernigan Capital (JCAP) 10-K 27 Feb 20 2019 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2019	Feb. 26, 2020	Jun. 30, 2019
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Entity Registrant Name	JERNIGAN CAPITAL, INC.
Entity Central Index Key	0001622353
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Interactive Data Current	Yes
Entity Public Float			$ 434,182,415
Entity Common Stock, Shares Outstanding		23,273,785

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Assets:
Cash and cash equivalents	$ 3,278	$ 8,715
Development property investments at fair value	549,684	373,564
Bridge investments at fair value		84,383
Self-storage real estate owned, net	230,844	96,202
Investment in and advances to self-storage real estate venture	11,247	14,155
Other loans, at cost	4,713	4,835
Deferred financing costs	4,154	4,619
Prepaid expenses and other assets	8,654	3,702
Fixed assets, net	203	233
Total assets	812,777	590,408
Liabilities:
Secured revolving credit facility	162,000
Term loans, net of unamortized costs	40,791	24,609
Due to Manager	3,164	3,334
Accounts payable, accrued expenses and other liabilities	4,817	2,402
Dividends payable	13,131	12,199
Total liabilities	223,903	42,544
Equity:
Common stock, $0.01 par value, 500,000,000 shares authorized at December 31, 2019 and 2018; 22,423,283 and 20,430,218 issued and outstanding at December 31, 2019 and 2018, respectively	224	204
Additional paid-in capital	426,129	386,394
Retained earnings (Accumulated deficit)	(5,021)	1,728
Accumulated other comprehensive income (loss)	(393)
Total equity	588,874	547,864
Total liabilities and equity	812,777	590,408
Series A Preferred Stock [Member]
Equity:
Preferred stock	130,637	122,137
Total equity	130,637	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	12 Months Ended
	Dec. 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	22,423,283	20,430,218
Common stock, shares outstanding	22,423,283	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	133,500	125,000
Preferred stock, shares outstanding	133,500	125,000
Preferred stock, liquidation preference, value	$ 133.5	$ 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	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenues:
Interest income from investments	$ 36,451	$ 27,576	$ 11,457
Total revenues	45,093	31,214	12,191
Costs and expenses:
General and administrative expenses	8,482	7,270	5,852
Fees to Manager	8,335	7,442	3,453
Property operating expenses of real estate owned	3,994	1,712	271
Depreciation and amortization of real estate owned	6,195	3,425	472
Other expenses	2,186	290	0
Total costs and expenses	29,192	20,139	10,048
Operating income	15,901	11,075	2,143
Other income (expense):
Equity in earnings from unconsolidated real estate venture	567	1,483	2,263
Realized gain on investments		619
Net unrealized gains	36,402	42,945	10,804
Interest expense	(8,500)	(2,155)	(1,053)
Loss on modification of debt			(232)
Other interest income	36	399	634
Total other income	28,505	43,291	12,416
Net income	44,406	54,366	14,559
Net income attributable to preferred stockholders	(20,478)	(18,014)	(1,456)
Net income attributable to common stockholders	$ 23,928	$ 36,352	$ 13,103
Net income per share - basic	$ 1.11	$ 2.10	$ 1.10
Net income per share - diluted	1.11	2.10	1.10
Dividends declared per share of common stock	$ 1.40	$ 1.40	$ 1.40
Rental and other property-related income from real estate owned [Member]
Revenues:
Revenues	$ 8,285	$ 3,499	$ 530
Other revenues [Member]
Revenues:
Revenues	$ 357	$ 139	$ 204

CONSOLIDATED STATEMENTS OF OTHE

CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE INCOME [Abstract]
Net Income	$ 44,406	$ 54,366	$ 14,559
Other comprehensive income (loss):
Unrealized losses on interest rate swaps	(423)
Reclassification of realized gains on interest rate swaps	30
Other comprehensive income (loss)	(393)
Comprehensive income	$ 44,013	$ 54,366	$ 14,559

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Series A Preferred Stock [Member]Total Stockholders' Equity [Member]	Series A Preferred Stock [Member]Retained Earnings (Accumulated Deficit) [Member]	Series A Preferred Stock [Member]	Series B Preferred Stock [Member]Total Stockholders' Equity [Member]	Series B Preferred Stock [Member]Retained Earnings (Accumulated Deficit) [Member]	Series B Preferred Stock [Member]	Total Stockholders' Equity [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings (Accumulated Deficit) [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Total
Balance at Dec. 31, 2016			$ 9,448				$ 168,362	$ 90	$ 162,664	$ (3,840)		$ 168,362
Balance (in shares) at Dec. 31, 2016			10,000					8,956,354
Issuance of preferred stock, net of offering costs			$ 30,000				30,000					30,000
Issuance of preferred stock, net of offering costs (in shares)			30,000
Equity offering costs related to preferred stock costs			$ (1,684)				(1,684)					(1,684)
Proceeds from issuance of common stock, net of offering costs							83,927	$ 40	83,887			83,927
Proceeds from issuance of common stock, net of offering costs (in shares)								4,025,000
At-the-market issuance of common stock, net of offering costs							27,843	$ 12	27,831			27,843
At-the-market issuance of common stock, net of offering costs (in shares)								(1,279,706)
Stock dividend paid on preferred stock							1,325	$ 1	1,324			1,325
Stock dividend paid on preferred stock (in shares)								64,553
Repurchase and retirement of shares of common stock							(177)		(177)			(177)
Repurchase and retirement of shares of common stock (in shares)								(7,972)
Issuances of stock-based awards							(9)	$ 1	(10)			(9)
Issuances of stock-based awards (in shares)								111,414
Stock-based compensation							1,295		1,295			1,295
Dividends declared on preferred stock							(1,456)			(1,456)		(1,456)
Dividends declared on common stock							(18,165)			(18,165)		(18,165)
Net Income							14,559			14,559		14,559
Balance at Dec. 31, 2017			$ 37,764				305,820	$ 144	276,814	(8,902)		305,820
Balance (in shares) at Dec. 31, 2017			40,000					14,429,055
Issuance of preferred stock, net of offering costs			$ 84,373			$ 35,980	120,353					120,353
Issuance of preferred stock, net of offering costs (in shares)			85,000			1,500,000
At-the-market issuance of preferred stock, net of offering costs						$ 1,421	1,421					1,421
At-the-market issuance of preferred stock, net of offering costs (in shares)						71,734
Proceeds from issuance of common stock, net of offering costs							81,143	$ 46	81,097			81,143
Proceeds from issuance of common stock, net of offering costs (in shares)								4,600,000
At-the-market issuance of common stock, net of offering costs							20,482	$ 10	20,472			20,482
At-the-market issuance of common stock, net of offering costs (in shares)								1,002,068
Stock dividend paid on preferred stock							6,419	$ 3	6,416			6,419
Stock dividend paid on preferred stock (in shares)								342,943
Repurchase and retirement of shares of common stock							(333)		(333)			(333)
Repurchase and retirement of shares of common stock (in shares)								(17,514)
Issuances of stock-based awards								$ 1	(1)
Issuances of stock-based awards (in shares)								75,333
Stock-based compensation							1,929		1,929			1,929
Forfeiture and retirement of shares related to stock-based awards (in shares)								(1,667)
Dividends declared on preferred stock	$ (15,389)	$ (15,389)	$ (15,389)	$ (2,625)	$ (2,625)	$ (2,625)
Dividends declared on common stock							(25,722)			(25,722)		(25,722)
Net Income							54,366			54,366		54,366
Balance at Dec. 31, 2018			$ 122,137			$ 37,401	547,864	$ 204	386,394	1,728		547,864
Balance (in shares) at Dec. 31, 2018			125,000			1,571,734		20,430,218
Equity offering costs related to preferred stock costs						$ (103)	(103)					(103)
At-the-market issuance of common stock, net of offering costs							38,076	$ 19	38,057			38,076
At-the-market issuance of common stock, net of offering costs (in shares)								1,870,761
Stock dividend paid on preferred stock			$ 8,500				8,500					8,500
Stock dividend paid on preferred stock (in shares)			8,500
Repurchase and retirement of shares of common stock							(469)		(469)			$ (469)
Repurchase and retirement of shares of common stock (in shares)								(21,952)				(213,078)
Issuances of stock-based awards								$ 1	(1)
Issuances of stock-based awards (in shares)								145,922
Stock-based compensation							2,148		2,148			$ 2,148
Forfeiture and retirement of shares related to stock-based awards (in shares)								(1,666)
Dividends declared on preferred stock	$ (17,727)	$ (17,727)	$ (17,727)	$ (2,751)	$ (2,751)	(2,751)
Dividends declared on common stock							(30,677)			(30,677)		(30,677)
Other comprehensive income- derivative instruments							(393)				$ (393)	(393)
Net Income							44,406			44,406		44,406
Balance at Dec. 31, 2019			$ 130,637			$ 37,298	$ 588,874	$ 224	$ 426,129	$ (5,021)	$ (393)	$ 588,874
Balance (in shares) at Dec. 31, 2019			133,500			1,571,734		22,423,283

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash flows from operating activities:
Net Income	$ 44,406	$ 54,366	$ 14,559
Adjustments to reconcile net income to net cash used in operating activities:
Interest capitalized on outstanding loans	(28,884)	(22,814)	(8,575)
Realized gain and net unrealized gain on investments	(36,402)	(43,564)	(10,804)
Stock-based compensation	2,148	1,929	1,295
Equity in earnings from unconsolidated self-storage real estate venture	(556)	(1,473)	(2,253)
Return on investment from unconsolidated self-storage real estate venture	443	857	700
Depreciation and amortization	6,262	3,489	534
Amortization of deferred financing costs	1,981	877	373
Loss on modification of debt			232
Accretion of origination fees	(1,169)	(986)	(629)
Unrealized loss on mark-to-market interest rate cap	100
Changes in operating assets and liabilities:
Prepaid expenses and other assets	(1,876)	(1,095)	26
Due to Manager	(170)	1,850	476
Accounts payable, accrued expenses, and other liabilities	83	259	495
Net cash used in operating activities	(13,634)	(6,305)	(3,571)
Cash flows from investing activities:
Purchase of corporate fixed assets	(38)	(115)	(46)
Purchase of self-storage real estate owned	(10,469)	(16,383)	(2,856)
Capital additions to self-storage real estate owned	(2,120)	(481)
Capital contributions to unconsolidated self-storage real estate venture	(892)	(2,487)	(6,013)
Return of capital from unconsolidated self-storage real estate venture	3,833
Advances to unconsolidated self-storage real estate venture	(12,733)	(16,242)	(50,396)
Repayment of advances to unconsolidated self-storage real estate venture	12,811	19,045	49,479
Proceeds received from settlement of profits interest		619
Advances to future development property investments		(1,800)
Origination fees received in cash	1,207	1,999	4,566
Development property and bridge investments	(156,107)	(258,604)	(152,681)
Funding of other loans	(483)	(4,602)	(10,504)
Repayments of investment portfolio investments	362	33,047	27,513
Repayments of other loans	207	1,174	19,332
Net cash used in investing activities	(164,422)	(244,830)	(121,606)
Cash flows from financing activities:
Cash received from Credit Facility, net of issuance costs	160,802	31,005	285
Cash received from term loans, net of issuance costs	15,990	24,567
Borrowings on senior loan participations			1,755
Repurchase of senior loan participations		(732)	(1,854)
Repayment of Credit Facility		(35,000)	(20,000)
Stock repurchase	(469)	(333)	(177)
Net proceeds from issuance of common stock	38,122	101,625	111,761
Dividends paid on common stock	(29,891)	(23,623)	(16,249)
Net cash provided by financing activities	172,619	212,873	104,781
Net change in cash and cash equivalents	(5,437)	(38,262)	(20,396)
Cash and cash equivalents at the beginning of the period	8,715	46,977	67,373
Cash and cash equivalents at the end of the period	3,278	8,715	46,977
Series A Preferred Stock [Member]
Cash flows from financing activities:
Net proceeds (offering costs) from issuance of preferred stock		84,931	29,964
Dividends paid on preferred stock	(9,080)	(5,032)	$ (704)
Series B Preferred Stock [Member]
Cash flows from financing activities:
Net proceeds (offering costs) from issuance of preferred stock	(103)	37,402
Dividends paid on preferred stock	$ (2,752)	$ (1,937)

ORGANIZATION AND FORMATION OF T

ORGANIZATION AND FORMATION OF THE COMPANY	12 Months Ended
	Dec. 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”). Until February 20, 2020, the Company was externally managed by JCAP Advisors, LLC (the “Manager”). On December 16, 2019, the Company, the Operating Company, the Manager, Dean Jernigan, John A. Good and Jonathan Perry entered into an Asset Purchase Agreement (the “Purchase Agreement”) providing for the acquisition by the Operating Company of substantially all of the operating assets and liabilities of the Manager (the “Internalization”). A special committee of the Board consisting solely of all of the independent and disinterested directors (the “Special Committee”) negotiated the terms of the Internalization on behalf of the Company and the Operating Company. The Purchase Agreement and the Internalization were unanimously approved by the Special Committee, and, upon recommendation by the Special Committee, by the Company’s Board of Directors. On February 20, 2020, the Company held a special meeting of common stockholders, at which the Company’s common stockholders approved the proposal necessary for the completion of the Internalization. On February 20, 2020, the Company completed the Internalization pursuant to the Purchase Agreement, and the Operating Company issued to the Manager 1,794,872 common units of limited liability company interest in the Operating Company (“OC Units”). In addition, if either (a) the Company’s common stock trades at or above a daily volume weighted average price of $25.00 per share for at least 30 days during any 365-day period prior to December 31, 2024 or (b) there is a change of control of the Company (as defined in the Purchase Agreement) prior to December 31, 2024 that is approved by the Company’s board of directors and the common stockholders of the Company, the Operating Company will issue an additional 769,231 OC Units to the Manager. The OC Units issued in the Internalization are Class B OC Units, so the initial distributions payable on the OC Units issued in the Internalization will be prorated for the number of days during the initial distribution period that such OC Units are outstanding. The Class B OC Units are otherwise identical to Class A OC Units and will automatically convert to Class A OC Units following the initial distribution period. Upon completion of the Internalization, the Company’s current employees, who were previously employed by our former Manager, became employed by the Company and the functions previously performed by the Manager were internalized by the Company. As an internally managed company, the Company will no longer pay the Manager any fees or expense reimbursements arising from the Management Agreement. The Company has elected to be taxed as a real estate investment trust (“REIT”) under the Internal Revenue Code of 1986 (the “Code”), as amended. As a REIT, the Company generally will not be subject to U.S. federal income taxes on REIT taxable income, determined without regard to the deduction for dividends paid and excluded capital gains, to the extent that it annually distributes all of its REIT taxable income to stockholders and complies with various other requirements for qualification as a REIT set forth in the Code.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 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”). 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, payables, and derivative financial instruments. The following table presents the financial instruments measured at fair value on a recurring basis at December 31, 2019: Fair Value Measurements Using Total Level 1 Level 2 Level 3 Derivative financial instruments (asset position) $ 14 $ - $ 14 $ - Derivative financial instruments (liability position) (393) - (393) - Development property investments 549,684 - - 549,684 The following table presents the financial instruments measured at fair value on a recurring basis at December 31, 2018: Fair Value Measurements Using Total Level 1 Level 2 Level 3 Development property investments $ 373,564 $ - $ - $ 373,564 Bridge investments 84,383 - - 84,383 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. Derivative instruments and hedging activities All derivative financial instruments are recorded on the balance sheet at fair value. Changes in fair value are recognized either in earnings or as other comprehensive income (loss), depending on whether the derivative has been designated as a fair value or cash flow hedge and whether it qualifies as part of a hedging relationship, the nature of the exposure being hedged, and how effective the derivative is at offsetting movements in underlying exposure. Hedge accounting is discontinued when it is determined that the derivative is no longer effective in offsetting changes in the fair value or cash flows of a hedged item; the derivative expires or is sold, terminated, or exercised; it is no longer probable that the forecasted transaction will occur; or management determines that designating the derivative as a hedging instrument is no longer appropriate. The Company uses interest rate swaps and interest rate caps to effectively convert a portion of its variable rate debt to fixed rate, thus reducing the impact of changes in interest rates on interest payments (see Note 7, Debt, and Note 8, Risk Management and Use of Financial Instruments ). The changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in "Accumulated other comprehensive income (loss)" and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. In accordance with ASU 2017-12, Derivatives and Hedging (Topic 815) as long as a hedging instrument is designated and the results of the effectiveness testing support that the instrument qualifies for hedge accounting treatment, there is no longer the requirement for periodic measurement or recognition of ineffectiveness. Rather, the full impact of hedge gains and losses will be recognized in the period in which hedged transactions impact earnings, regardless of whether or not economic mismatches exist in the hedging relationship. Amounts reported in "Accumulated other comprehensive income (loss)" related to derivatives designated as qualifying cash flow hedges will be reclassified to interest expense as interest payments are made on the Company's variable rate or fixed rate debt. Changes in fair value for financial instruments not designated as cash flow hedges are recognized in earnings within interest expense in the Consolidated Statements of Operations. 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. All of the Company’s acquisitions have been asset acquisitions and the Company expects that the majority of future self-storage facility acquisitions will be considered asset acquisitions, however, the Company will continue to evaluate each future acquisition using Accounting Standards Update (“ASU”) 2017-01 - Business Combinations (Topic 805): Clarifying the Definition of a Business to determine whether accounting for a business combination or asset acquisition applies. When facilities are acquired, the cost is allocated to the tangible and intangible assets acquired and liabilities assumed based on relative fair values. Allocations to the individual assets and liabilities are based upon their relative fair values as estimated by management. In allocating the purchase price for an acquisition, the Company determines whether the acquisition includes intangible assets or liabilities. The Company allocates a portion of the cost to an intangible asset attributable to the value of in-place leases. This intangible asset is amortized to expense over the expected remaining term of the respective leases, which is generally one year. Substantially all of the leases in place at acquired facilities are at market rates, as the majority of the leases are month-to-month contracts. Accordingly, to date, no portion of the basis for an acquired property has been allocated to above- or below-market lease intangibles. To date, no intangible asset has been recorded for the value of customer relationships, because the Company does not have any concentrations of significant customers and the average customer turnover is fairly frequent. The Company evaluates long-lived assets for impairment when events and circumstances, such as declines in occupancy and operating results, indicate that there may be an impairment. The carrying value of these long-lived assets is compared to the undiscounted future net operating cash flows, plus a terminal value, attributable to the assets to determine if the facility’s basis is recoverable. If an asset’s basis is not considered recoverable, an impairment loss is recorded to the extent the net carrying value of the asset exceeds the fair value. The impairment loss recognized equals the excess of net carrying value over the related fair value of the asset. There were no impairment losses recognized in accordance with these procedures during the years ended December 31, 2019, 2018, and 201 7 . 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, short-term mortgage loans, and land loans made by the Company in situations where it was determined that making such loans would benefit the Company’s primary business. These loans are accounted for under the cost method, and fair value approximates cost at December 31, 2019 and 2018. None of these loans are in non-accrual status as of December 31, 2019 and 2018. The Company determined that no allowance for loan loss was necessary at December 31, 2019 and 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. The Company’s loan origination fees are accreted into interest income over the term of the investment using the effective yield method. The operations of the self-storage real estate owned are managed by a third-party self-storage management company. All rental leases are operating leases, and rental income is recognized in accordance with the terms of the leases, which generally are month to month. Debt Issuance Costs Costs related to the issuance of a debt instrument are deferred and amortized as interest expense over the estimated life of the related debt instrument using the straight-line method, which approximates the effective interest method. If a debt instrument is repurchased, modified, or exchanged prior to its original maturity date, the Company evaluates both the unamortized balance of debt issuance costs as well as any new debt issuance costs, including third party fees, to determine if the costs should be written off to interest expense or, if significant, included in “loss on modification or extinguishment of debt” in the accompanying Consolidated Statements of Operations. Debt issuance costs related to the term loans are presented in the accompanying Consolidated Balance Sheets as a deduction from the carrying amount of the principal balance. Debt issuance costs related to the revolving Credit Facility are presented in the accompanying Consolidated Balance Sheets as Deferred Financing Costs. Other expenses Other expenses of $2.2 million during the year ended December 31, 2019 consist of professional costs incurred with respect to ongoing discussions and negotiations related to our Management Agreement. Other expenses of $0.3 million during the year ended December 31, 2018 consist of costs related to the termination of an employee contract and have been expensed as incurred. The Company incurred no other expense during the year ended December 31, 2017. Offering and Registration Costs Offering and registration costs represent underwriting discounts and commissions, professional fees, fees paid to various regulatory agencies, and other costs incurred in connection with the registration and sale of the Company’s securities. Offering and registration costs incurred in connection with the Company’s 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. 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 smaller reporting companies for fiscal years and for interim periods within those fiscal years, beginning after December 15, 2022, 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 adopted the this new accounting guidance on January 1, 2019, and the adoption did 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: Year ended December 31, 2019 2018 2017 Supplemental disclosure of cash flow information: Interest paid $ 5,645 $ 1,448 $ 926 Supplemental disclosure of non-cash investing and financing activities: Stock dividend paid on preferred stock $ 8,500 $ 6,419 $ 1,325 Dividends declared, but not paid, on preferred stock 5,195 5,049 423 Dividends declared, but not paid, on common stock 7,936 7,150 5,051 Reclassification of self-storage real estate owned 125,715 66,390 12,919 Assumed liabilities with acquisition of self-storage real estate owned - 252 - Consideration payable due to acquisition of self-storage real estate owned - 100 - Construction and other costs incurred, but not paid, on self-storage real estate owned 50 270 - Other loans paid off with issuance of development property investments 404 117 1,727 Other deferred fees paid-in-kind - 500 - Reclassification of deferred costs to cumulative preferred stock - 559 1,648

SELF-STORAGE INVESTMENT PORTFOL

SELF-STORAGE INVESTMENT PORTFOLIO	12 Months Ended
	Dec. 31, 2019
SELF-STORAGE INVESTMENT PORTFOLIO [Abstract]
SELF-STORAGE INVESTMENT PORTFOLIO	3. SELF-STORAGE INVESTMENT PORTFOLIO The Company’s self-storage investments at December 31, 2019 consisted of the following: Investments reported at fair value · Development Property Investments - The Company had 50 investments totaling an aggregate committed principal amount of approximately $608.9 million to finance the ground-up construction of, or conversion of existing buildings into, self-storage facilities. Each development property investment is generally funded as the developer constructs the project and is typically comprised of a first mortgage and a 49.9% Profits Interest to the Company. The loans are secured by first priority mortgages or deeds of trust on the projects and, in certain cases, first priority security interests in the membership interests of the owners of the projects. Loans comprising development property investments are non-recourse with customary carve-outs and subject to completion guaranties, are interest-only with a fixed interest rate of typically 6.9% per annum and typically have a term of 72 months. As of December 31, 2019, five of the development property investments totaling $55.0 million of aggregate committed amount were structured as preferred equity investments, which will be subordinate to a first mortgage loan procured or expected to be procured from a third party lender for 60% to 70% of the cost of the project. 8 million. As of December 31, 2019, the aggregate committed principal amount of the Company’s development property investments was approximately $608.9 million and outstanding principal was $478.6 million, as described in more detail in the table below, (dollars in thousands) : 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 $ 8,884 8/14/2015 Raleigh (2)(7) 8,792 8,789 3 8,593 10/27/2015 Austin (2)(7) 8,658 8,136 522 8,099 9/20/2016 Charlotte 2 (2)(7) 12,888 12,677 211 13,984 1/18/2017 Atlanta 3 (2)(7) 14,115 13,297 818 16,130 1/31/2017 Atlanta 4 (2)(7) 13,678 13,497 181 17,082 2/24/2017 Orlando 3 (2)(7) 8,056 7,767 289 9,725 2/24/2017 New Orleans (2)(7) 12,549 12,021 528 14,504 2/27/2017 Atlanta 5 (2)(7) 17,492 17,492 - 19,970 3/1/2017 Fort Lauderdale (2)(7) 9,952 9,383 569 13,635 3/1/2017 Houston (2)(9) 14,825 14,825 - 17,820 4/14/2017 Louisville 1 (2)(7) 8,523 7,552 971 9,550 4/20/2017 Denver 1 (2)(7) 9,806 9,616 190 10,947 4/20/2017 Denver 2 (2)(7) 11,164 11,009 155 12,383 5/2/2017 Atlanta 6 (2)(7) 12,543 12,025 518 14,744 5/2/2017 Tampa 2 (2)(7) 8,091 7,644 447 9,196 5/19/2017 Tampa 3 (2)(7) 9,224 8,326 898 10,086 6/12/2017 Tampa 4 (2)(7) 10,266 9,614 652 12,673 6/19/2017 Baltimore 1 (2)(4)(7) 10,775 11,010 274 13,581 6/28/2017 Knoxville (2)(7) 9,115 8,628 487 10,355 6/29/2017 Boston 1 (2)(6) - - - 3,361 6/30/2017 New York City 2 (2)(4) 27,982 28,974 665 31,047 7/27/2017 Jacksonville 3 (2)(7) 8,096 7,751 345 10,129 8/30/2017 Orlando 4 (2)(7) 9,037 8,107 930 10,251 9/14/2017 Los Angeles 1 28,750 10,157 18,593 10,347 9/14/2017 Miami 1 (3) 14,657 12,618 2,039 13,373 9/28/2017 Louisville 2 (2)(7) 9,940 9,530 410 11,688 10/12/2017 Miami 2 (4) 9,459 1,494 8,045 1,280 10/30/2017 New York City 3 (4) 15,301 6,776 8,822 6,383 11/16/2017 Miami 3 (3)(4) 20,168 12,086 8,413 12,898 11/21/2017 Minneapolis 1 (2)(7) 12,674 10,684 1,990 12,290 12/1/2017 Boston 2 (2)(7) 8,771 7,918 853 10,024 12/15/2017 New York City 4 (3) 10,591 6,705 3,886 7,528 12/27/2017 Boston 3 10,174 2,757 7,417 2,674 12/28/2017 New York City 5 (2) 16,073 13,817 2,256 16,373 2/8/2018 Minneapolis 2 (2)(7) 10,543 9,904 639 11,763 3/30/2018 Philadelphia (2)(4)(8) 14,338 11,536 3,263 11,807 4/6/2018 Minneapolis 3 (2)(7) 12,883 10,337 2,546 12,043 5/1/2018 Miami 9 (4) 12,421 3,560 9,006 3,427 5/15/2018 Atlanta 7 (3) 9,418 6,563 2,855 7,683 5/23/2018 Kansas City (2) 9,968 8,235 1,733 9,663 6/7/2018 Orlando 5 (2) 12,969 10,340 2,629 11,780 11/16/2018 Baltimore 2 9,247 757 8,490 709 3/1/2019 New York City 6 18,796 3,168 15,628 3,122 4/18/2019 New York City 7 (4) 23,462 7,304 16,287 7,067 $ 553,880 $ 422,034 $ 135,455 $ 490,651 Preferred equity investments: 6/12/2018 Los Angeles 2 (5) 9,298 9,173 649 9,403 3/15/2019 Stamford (2)(5) 2,904 3,064 - 4,952 5/8/2019 New York City 8 (5) 21,000 21,945 - 22,359 7/11/2019 New York City 9 (5) 13,095 13,526 - 13,489 8/21/2019 New York City 10 (5) 8,674 8,892 - 8,830 $ 54,971 $ 56,600 $ 649 $ 59,033 Total investments reported at fair value $ 608,851 $ 478,634 $ 136,104 $ 549,684 (1) Represents principal balance of loan gross of origination fees. The principal balance includes interest accrued on the investment. (2) Construction at the facility was substantially complete and/or certificate of occupancy had been received as of December 31, 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 December 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 has or 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 December 31, 2019, this investment was pledged as collateral to the Company’s Credit Facility. (8) The Company has commenced foreclosure proceedings against the borrower of its $14.3 million Philadelphia development property investment because it has defaulted under the loan by, among other things, failing to pay the general contractor. As the investment was a collateral dependent loan, the Company considered the fair value of the collateral when determining the fair value of the investment as of December 31, 2019. (9) The Company has commenced foreclosure proceedings against the borrower of its $14.8 million Houston development property because the borrower has defaulted under the loan by, among other things, failing to pay interest and operating expenses with respect to the property. The total unpaid balance of the loan is $14.8 million. As the investment was a collateral dependent loan, the Company considered the fair value of the collateral when determining the fair value of the investment as of December 31, 2019. The following table provides a reconciliation of the funded principal to the fair market value of investments at December 31, 2019: Funded principal $ 478,634 Adjustments: Unamortized origination and other fees (5,633) Net unrealized gain on investments 76,767 Other (84) Fair value of investments $ 549,684 As of December 31, 201 8 , 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 (dollars in thousands) : 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)(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)(9) 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 (10) 17,733 17,733 - 17,733 $ $ $ - $ Total development property investments $ $ $ $ Bridge investments (includes a profits interest): 3/2/2018 Miami 4 (2)(8)(9) 20,201 20,201 - 22,823 3/2/2018 Miami 5 (2)(4)(8)(9) 17,738 16,883 855 14,432 3/2/2018 Miami 6 (2)(8)(9) 13,370 13,370 - 17,372 3/2/2018 Miami 7 (2)(4)(8)(9) 18,462 17,581 881 15,971 3/2/2018 Miami 8 (2)(8)(9) 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 has or 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 year ended December 31, 2019, the Company purchased its partner’s 50.1% Profits Interest in this investment. (10) During the year ended December 31, 2019, the Company purchased the interests in the entity that owned the property securing the Miami construction loan in connection with the entry into a settlement agreement related to foreclosure proceedings that the Company had commenced against the borrower. 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 $14.8 million Houston development property investment, were in non-accrual status as of December 31, 2019, and no loans, with the exception of the $17.7 million Miami construction loan, were in non-accrual status as of December 31, 2018. On July 2, 2019, the Company entered into an agreement pursuant to which it acquired all of the interests in the entity that owned the property securing the Miami construction loan and both parties dismissed all state court litigation related to that loan . All of the Company’s development property investments with a Profits Interest would have been accounted for under the equity method had the Company not elected the fair value option. Prior to the acquisition of the developer’s interest in the bridge investment during the year ended December 31, 2019, the bridge investments would have been accounted for under the equity method had the Company not elected the fair value option or the bridge investments. For these investments with a Profits Interest, the assets and liabilities of the equity method investees approximated $592.3 million and $531.7 million, respectively, at December 31, 2019 and approximated $442.6 million and $395.7 million, respectively, at December 31, 2018. These investees had revenues of approximately $7.4 million and operating expenses of $9.0 million for the year ended December 31, 2019. These investees had revenues of approximately $4.9 million and operating expenses of $4.2 million for the year ended December 31, 2018. During the years ended December 31, 2019 and 2018, no individual investment comprised more than 20% of the Company’s net income. For the year ended December 31, 2017, the total income (interest income and net unrealized gain on investment) from one development property investment with a Profits Interest exceeded 20% of the Company’s net income. The Company recorded total income for the year ended December 31, 2017 of $4.9 million from the New York City 1 MSA development property investment with a Profits Interest. The revenues and operating expenses of the New York City 1 MSA development property investment with a Profits Interest were $16,000 and $0.2 million, respectively, for the year ended December 31, 2017. The revenues and operating expenses of the equity method investees excluding the New York City 1 MSA development property investment with a Profits Interest were $3.0 million and $2.5 million, respectively, for the year ended December 31, 2017. For sixteen of the Company’s development property investments with a Profits Interest as of December 31, 2019 and 2018, respectively, an investor has an option to put its interest to the Company upon the event of default of the underlying property loans. The put, if exercised, requires the Company to purchase the member’s interest at the original purchase price plus a yield of 4.5% on such purchase price. The Company concluded that the likelihood of loss is remote and assigned no value to these put provisions as of December 31, 2019 and 2018 . Investments reported at cost (Self-Storage Real Estate Owned) 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. On July 2, 2019, the Company acquired all of the interests in the entity that owned the property securing the Miami construction loan. On August 16, 2019, the Company purchased 100% of the Class A membership units of the limited liability company that owned the Jacksonville 2 development property investment with a Profits Interest. On September 17, 2019, the Company purchased 100% of the Class A membership units of the limited liability companies that owned the Miami 4, Miami 5, Miami 6, Miami 7 and Miami 8 bridge investments 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 $138.9 million is primarily comprised of the development property investment or bridge investment at fair value of $125.7 million and the cash consideration of $10.5 million, which is inclusive of paid and accrued transaction costs. The Company allocated the basis based on the relative fair value of the tangible and intangible assets acquired. Intangible assets consisted of in-place leases, which aggregated to $5.1 million at the time of the acquisitions. The estimated life of these in-place leases was 12 months. The basis of the Miami investment acquired on July 2, 2019 is currently presented in land, $3.9 million, and construction-in-progress, $16.5 million within Self-storage real estate owned, net, in the table below. As of December 31, 2019, this facility has not been placed into service. The facility was placed into service on February 10, 2020. 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. On August 31, 2018, the Company purchased 100% of the Class A membership units of the limited liability company that owned the Charlotte 1 development property investment with a Profits Interest. On December 21, 2018, the Company purchased 100% of the Class A membership units of the limited liability company that owned the New York City 1 development property investment with a Profits Interest. The acquisition date basis of these investments of $83.6 million is primarily comprised of the development property investment at fair value of $66.4 million and the cash consideration paid of $16.8 million, inclusive of transaction costs and assumed liabilities. The Company allocated the basis based on the relative fair value of the tangible and intangible assets acquired. Intangible assets consisted of in-place leases, which aggregated to $3.0 million at the time of the acquisitions. The estimated life of these in-place leases was 12 months. 2017 Activity On February 3, 2017, the Company purchased 50% of the economic rights of the Class A membership units of a limited liability company that owned the Orlando 1 development property investment with a Profits Interest for $1.3 million and increased its Profits Interest on this development property investment from 49.9% to 74.9%. The Class A member retained all management and voting rights in the limited liability company. Previously, the Company accounted for this investment as an equity method investment. Because the Company was entitled to greater than 50% of the residual profits from the investment, the Company accounted for this investment as a real estate investment in its consolidated financial statements in accordance with ASC 310, Receivables . On August 9, 2017, the Company purchased the remaining 50% of the economic rights of the Class A membership units of a limited liability company that owned the Orlando 1 development property investment with a Profits Interest and 100% of the economic rights of the Class A membership units of a limited liability company that owned the Orlando 2 development property investment with a Profits Interest for $1.6 million and increased its Profits Interest on these development property investment from 74.9% to 100% and 49.9% to 100%, respectively. The Orlando 2 investment is an additional phase to the Orlando 1 investment that is being operated as one self-storage facility. The Company now owns all management and voting rights in the limited liability companies. Previously, the Company accounted for the Orlando 1 investment as a real estate investment and the Orlando 2 investment as an equity method investment. Because the Company is now entitled to greater than 50% of the residual profits from the Orlando 2 investment, the Company accounts for this investment as a real estate investment in its consolidated financial statements. The Company will continue to account for the Orlando 1 investment as a real estate investment. Accordingly, as of August 9, 2017, the Company wholly owns and consolidates these investments in the accompanying consolidated financial statements . The Company evaluated the purchases under ASU 2017-01 and concluded that the transactions consisted of a single identifiable asset or a group of similar identifiable assets that represent 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 December 31, 2019 and 2018: December 31, 2019 December 31, 2018 Land $ 29,430 $ 10,797 Building and improvements 186,295 85,067 In-place leases 8,629 3,552 Property equipment 122 13 Construction-in-progress 16,460 670 Accumulated depreciation and amortization (10,092) (3,897) Self-storage real estate owned, net $ 230,844 $ 96,202

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 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‑ Quoted prices for identical assets or liabilities in an active market. Level 2‑ Financial assets and liabilities whose values are based on the following: (i) Quoted prices for similar assets or liabilities in active markets; (ii) Quoted prices for identical or similar assets or liabilities in non-active markets; (iii) Pricing models whose inputs are derived principally from or corroborated by observable market data for substantially the full term of the asset or liability . Level 3‑ Prices or valuation techniques based on inputs that are both unobservable and significant to the overall fair value measurement. Financial assets and liabilities that are not measured at fair value on a recurring basis are cash, other loans, receivables, the secured revolving credit facility, term loans and payables, and their carrying values 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. As discussed in Note 8, Risk Management and Use of Financial Instruments, interest rate swaps and interest rate caps are used to manage interest rate risk. The valuation of these instruments is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative, and these instruments are categorized in Level 2 of the fair value hierarchy . This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair values of interest rate swaps and interest rate caps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. Credit valuation adjustments are incorporated to appropriately reflect the Company's and the counterparty's respective nonperformance risk in the fair value measurements. In adjusting the fair value of the derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees. The following table summarizes the instruments measured at fair value on a recurring basis 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, the Company 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 four development property investments that were 40% complete but for which construction was not substantially complete at December 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. Thirty-four development property investments, not including the properties reported as self-storage real estate owned, had reached substantial construction completion and/or received a certificate of occupancy at December 31, 2019. For the Company’s development property investments at substantial construction completion, a discounted cash flow model, based on periodically updated estimates of rental rates, occupancy and operating expenses, is the primary method for projecting value of a project. The Company also will consider inputs such as appraisals which differ from the developer’s equity investment, bona fide third-party offers to purchase development projects, sales of development projects, or sales of comparable properties in its markets . Level 3 Fair Value Measurements The following tables summarize the significant unobservable inputs the Company used to value its investments categorized within Level 3 as of December 31, 2019 and 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 December 31, 2019 Unobservable Inputs Primary Valuation Weighted Techniques Input Estimated Range Average Income approach analysis Market yields/discount rate 6.89 - 10.16% 8.39% Exit date (a) 1.50 - 6.69 years 3.40 years Option pricing model Volatility 60.95 - 93.83% 73.24% Exit date (a) 1.50 - 6.69 years 3.40 years Capitalization rate (b) 4.75 - 5.75% 5.46% Discount rate (b) 7.75 - 8.75% 8.46% (a) The exit dates for the development property investments are generally the estimated date of stabilization of the underlying property. (b) Thirty-eight 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. As of December 31, 2018 Unobservable Inputs Primary Valuation Weighted Asset Category Techniques Input Estimated Range Average Development property Income approach analysis Market yields/discount rate 4.72 - 13.09% 9.48% investments and bridge investments (a) Exit date (d) 2.25 - 5.95 years 3.44 years Development property Option pricing model Volatility 53.25 - 94.30% 75.10% investments with a profits interest Exit date (d) 2.25 - 5.95 years 3.44 years and bridge investments (b) Capitalization rate (c) 4.75 - 6.00% 5.42% Discount rate (c) 7.75 - 11.74% 8.83% (a) The valuation technique for the development property investments with a Profits Interest does not differ from the development property investments without a Profits Interest. Therefore, this line item focuses on all development property investments, including those with a Profits Interest. The significant unobservable inputs associated with the construction loan presented as a development property investment are not included as the fair value was determined based on the fair value of the underlying collateral. The fair value of the underlying collateral was determined using a market comparable approach and an income approach based on a capitalization rate within the range provided above for capitalization rates associated with development property investments with a profits interest. (b) The valuation technique for the development property investments with a Profits Interest does not differ from the development property investments without a Profits Interest. The development property investments with a Profits Interest only require incremental valuation techniques to determine the value of the Profits Interest. Therefore this line only focuses on the Profits Interest valuation. (c) Thirty-five properties were 40% - 100% complete, thus requiring a capitalization rate and/or discount rate to derive entrepreneurial profit which are used to derive the enterprise value input to the OPM. Capitalization rates are estimated based on current data derived from independent sources in the markets in which the Company holds investments. (d) The exit dates for the development property investments and bridge investments are generally the estimated date of stabilization of the underlying property. The fair value measurements are sensitive to changes in unobservable inputs. A change in those inputs to a different amount might result in a significantly higher or lower fair value measurement. The following provides a discussion of the impact of changes in each of the unobservable inputs on the fair value measurement . Market yields - changes in market yields and discount rates, each in isolation, may change the fair value of certain of the Company’s investments. Generally, an increase in market yields or discount rates may result in a decrease in the fair value of certain of the Company’s investments. The following fluctuations in the market yields/discount rates would have had the following impact on the fair value of our investments: Increase (decrease) in fair value of investments Change in market yields/discount rates (in millions) December 31, 2019 December 31, 2018 Up 25 basis points $ (2.1) $ (1.9) Down 25 basis points, subject to a minimum yield/rate of 10 basis points 2.2 2.0 Up 50 basis points (4.2) (3.9) Down 50 basis points, subject to a minimum yield/rate of 10 basis points 4.5 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) December 31, 2019 December 31, 2018 Up 25 basis points $ (10.2) $ (8.9) Down 25 basis points 11.1 9.8 Up 50 basis points (19.4) (17.0) Down 50 basis points 23.4 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 years ended December 31, 2019, 2018 and 2017. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may fluctuate from period to period. Additionally, the fair value of the Company’s investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that the Company may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If the Company were required to liquidate an investment in a forced or liquidation sale, it could realize significantly less than the value at which the Company has recorded it. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned . The following tables present changes in investments that use Level 3 inputs : Year ended December 31, 2019 2018 Balance at beginning of period $ 457,947 $ 234,171 Realized gains - (619) Unrealized gains 36,402 43,564 Fundings of principal and change in unamortized origination fees 152,528 257,454 Repayments of loans (362) (33,047) Payment-in-kind interest 28,884 22,814 Reclassification of self-storage real estate owned (125,715) (66,390) Net transfers in or out of Level 3 - - Balance at end of period $ 549,684 $ 457,947 On August 28, 2018, the underlying asset for the Tampa 1 investment was sold to a third party and proceeds were distributed to the Company in settlement of the first mortgage loan and 49.9% Profits Interest. The following tables reflect the various financial components related to the transaction: Tampa 1 investment as of June 30, 2018: Fair value of investment $ 5,931 Funded investment, net of unamortized origination fee 5,260 Unrealized gain recorded as of June 30, 2018 $ 671 Cash received on third party sale $ 6,010 Funded investment (5,285) Value realized 725 Unrealized gain recorded as of June 30, 2018 (671) Income realized in excess of unrealized gain previously recorded $ 54 Value realized: Classification in Statement of Operations Profits interest $ 619 Realized gain on investments Prepayment penalty 106 Interest income on investments $ 725 As of December 31, 2019 and 2018, the total net unrealized appreciation on the investments that use Level 3 inputs was $76.8 million and $51.0 million, respectively. For the years ended December 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	12 Months Ended
	Dec. 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 as of December 31, 2018. Accordingly, HVP III’s total commitment for a 90% interest in the SL1 Venture is $111.0 million, and the Company’s total commitment for a 10% interest in the SL1 Venture is $12.3 million . Under the JV Agreement, the Company receives a priority distribution (after debt service and any reserve but before any other distributions) out of operating cash flow and residual distributions based upon 1% of the committed principal amount of loans made by the SL1 Venture, exclusive of the loans contributed to the SL1 Venture by the Company. Operating cash flow of the SL1 Venture (after debt service, reserves and the foregoing priority distributions) is distributed in accordance with capital commitments. Residual cash flow from capital and other events (after debt service, reserves and priority distributions) will be distributed (i) pro rata in accordance with capital commitments (its “Percentage Interest”) until each member has received a return of all capital contributed; (ii) pro rata in accordance with each member’s Percentage Interest until Heitman has achieved a 14% internal rate of return; (iii) to Heitman in an amount equal to its Percentage Interest less 10% and to the Company in an amount equal to the Company’s Percentage Interest plus 10% until Heitman has achieved a 17% internal rate of return; (iv) to Heitman in an amount equal to its Percentage Interest less 20% and to the Company in an amount equal to the Company’s Percentage Interest plus 20% until Heitman has achieved a 20% internal rate of return; and (v) any excess to Heitman in an amount equal to its Percentage Interest less 30% and to the Company in an amount equal to the Company’s Percentage Interest plus 30%. However, the Company will not be entitled to any such promoted interest prior to the earlier to occur of the third anniversary of the JV Agreement and Heitman receiving distributions to the extent necessary to provide Heitman with a 1.48 multiple on its contributed capital . Since the allocation of cash distributions and liquidating distributions are determined as described in the preceding paragraph, the Company has applied the hypothetical-liquidation-at-book-value (“HLBV”) method to allocate the earnings of the SL1 Venture. Under the HLBV approach, the Company’s share of the investee’s earnings or loss is calculated by : · The Company’s capital account at the end of the period assuming that the investee was liquidated or sold at book value, plus · Cash distributions received by the Company during the period, minus · Cash contributions made by the Company during the period, minus · The Company’s capital account at the beginning of the period assuming that the investee were liquidated or sold at book value. 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. In April 2019, the SL1 Venture entered into an interest rate swap to fix the interest rate on the variable rate term loan. The SL1 Venture interest rate swap bears a notional amount of $36.1 million, a fixed LIBOR rate of 2.29%, and matures on April 1, 2021. On September 17, 2019, t he SL1 Venture’s loan related to the Washington D.C. development was repaid in full through a refinancing initiated by the SL1 Venture’s partner. The SL1 Venture distributed $15.5 million and $1.7 million to HVP III and the Company, respectively, of these loan repayment proceeds. The Washington D.C. investment at December 31, 2019, represents the SL1 Venture’s 49.9% Profits Interest which was retained during the transaction. On November 7, 2019, the SL1 Venture purchased 100% of the Class A membership units of the LLC that owned the Raleigh development property investment with a Profits Interest. The SL1 Venture now wholly owns the self-storage property through this LLC. This purchase 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 this investment of $9.7 million is primarily comprised of the development property investment at fair value. The SL1 Venture has elected the fair value option of accounting for its development property investments with a Profits Interest, which are equity method investments of the SL1 Venture. The assumptions used to value the SL1 Venture’s investments are materially consistent with those used to value the Company’s investments . As of December 31, 2019, the SL1 Venture had six 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 $ 13,114 $ 753 $ 16,222 5/14/2015 Miami 2 (2)(3) 14,849 14,519 330 16,588 9/25/2015 Fort Lauderdale (2)(3) 13,230 12,899 331 17,156 4/15/2016 Washington DC (3)(4) - - - 3,339 7/21/2016 New Jersey (3) 7,828 7,357 471 9,036 9/28/2016 Columbia (3) 9,199 9,073 126 10,445 Total $ 58,973 $ 56,962 $ 2,011 $ 72,786 (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 December 31, 2019. See Note 4, Fair Value of Financial Instruments , for information regarding recognition of entrepreneurial profit . (4) The SL1 Venture’s loan was repaid in full through a refinancing initiated by the SL1 Venture’s partner. This investment represents the SL1 Venture’s 49.9% Profits Interest which was retained during the transaction. 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)(4) 8,877 8,432 445 9,450 Total $ 123,273 $ 114,468 $ 8,805 $ 135,126 (1) Represents principal balance of loan gross of origination fees. The principal balance includes interest accrued on the investment . (2) These development property investments (having approximately $8.1 million of outstanding principal at contribution) were contributed to the SL1 Venture on March 31, 2016 by the Company . (3) Construction at the facility was substantially complete and/or certificate of occupancy had been received as of December 31, 2018. See Note 4, Fair Value of Financial Instruments , for information regarding recognition of entrepreneurial profit . (4) During the year ended December 31, 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 December 31, 2019, the SL1 Venture had total assets of $1 39.7 million and total liabilities of $37. 6 million. During the year ended December 31, 2019, the SL1 Venture had net income of $5.5 million, of which $0.6 million was allocated to the Company and $4.9 million was allocated to HVP III under the HLBV method. At December 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 December 31, 2019, the Company had $0.3 million in advances to the SL1 Venture, and the related interest on these advances is classified in equity in earnings from unconsolidated self-storage real estate venture in the Consolidated Statements of Operations. The Company has committed to fund fifty percent of costs incurred above and beyond the committed amount of the SL1 Venture loan to three borrowers within the SL1 Venture. These amounts are contractual receivables and earn interest at 6.9%. As of December 31, 2019, the Company has funded $0.4 million related to this arrangement and the maximum estimated potential commitment is $1.2 million . As of December 31, 2018, the SL1 Venture had total assets of $135.2 million and total liabilities of $0.5 million. During the year ended December 31, 2018, the SL1 Venture had net income of $13.8 million, of which $1.5 million was allocated to the Company and $12.3 million was allocated to HVP III under the HLBV method. At December 31, 2018, $0.2 million of transaction expenses were included in the carrying amount of the Company’s investment in the SL1 Venture. Additionally, the Company may from time to time make advances to the SL1 Venture. At December 31, 2018, the Company had $0.4 million in advances to the SL1 Venture, and the related interest on these advances is classified in equity in earnings from unconsolidated real estate venture in the Consolidated Statements of Operations. During the year ended December 31, 2017, the SL1 Venture had net income of $18.7 million, of which $2.3 million was allocated to the Company and $16.4 million was allocated to HVP III under the HLBV method. Under the JV Agreement, Heitman and the Company will seek to obtain and, if obtained, will share joint rights of first refusal to acquire self-storage facilities that are the subject of development property investments made by the SL1 Venture. Additionally, so long as the Company, through its operating subsidiary, is a member of the SL1 Venture and the SL1 Venture holds any assets, the Company will not make any investment of debt or equity or otherwise, directly or indirectly, in one or more new joint ventures or similar programs for the purposes of funding or providing development loans or financing, directly or indirectly, for the development, construction or conversion of self-storage facilities, in each case without first offering such opportunity to Heitman to participate on substantially the same terms as those set forth in the JV Agreement, either through the SL1 Venture or a newly formed real estate venture . The JV Agreement permits Heitman to cause the Company to repurchase from Heitman its Developer Equity Interests (as defined in the JV Agreement) in certain limited circumstances. Under the JV Agreement, if a developer causes to be refinanced a self-storage facility with respect to which the SL1 Venture has made a development property investment and such refinancing does not coincide with a sale of the underlying self-storage facility, then at any time after the fourth anniversary of the commencement of the SL1 Venture, Heitman may either put to the Company its share of the Developer Equity Interests in respect of each such development property investment, or sell Heitman’s Developer Equity Interests to a third party. The Company concluded that the likelihood of loss is remote and assigned no value to these puts as of December 31, 2019 and 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	12 Months Ended
	Dec. 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 $549.7 million and $457.9 million at December 31, 2019 and 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 : December 31, 2019 2018 Assets recorded related to VIEs $ 549,684 $ 457,947 Unfunded loan commitments to VIEs 136,104 220,877 Maximum exposure to loss $ 685,788 $ 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 December 31, 2019 and 2018, the Company’s remaining unfunded commitment to the SL1 Venture is $0.2 million and $0.9 million, respectively. At December 31, 2019 and 2018, the Company had $0.3 million and $0.4 million, respectively, in advances to the SL1 Venture. The Company has committed to fund fifty percent of costs incurred above and beyond the committed amount of the SL1 Venture loan to three borrowers within the SL1 Venture. These amounts are contractual receivables and earn interest at 6.9%. As of December 31, 2019, the Company has funded $0.4 million related to this arrangement and the maximum estimated potential commitment is $1.2 million.

DEBT

DEBT	12 Months Ended
	Dec. 31, 2019
DEBT [Abstract]
DEBT	7. DEBT A summary of the Company’s debt is as follows: Effective Carrying Value as of Maturity Date Interest Rate December 31, 2019 December 31, 2018 Secured revolving credit facility (1) December 28, 2021 $ 162,000 $ - Term Loans: Term loan 1 (2) August 1, 2021 9,150 9,150 Term loan 2 (2) August 1, 2021 7,125 7,125 Term loan 3 (2) August 1, 2021 8,625 8,625 Term loan 4 (2) August 1, 2021 9,188 - Term loan 5 (2) August 1, 2021 7,087 - Total Term Loans 41,175 24,900 Term loan debt issuance costs (384) (291) Net Term Loans 40,791 24,609 Total debt $ 202,791 $ 24,609 (1) Includes amounts subject to interest rate cap. Effective interest rate represents the weighted average contractual interest rate before the interest rate cap as of December 31, 2019. See further discussion of interest rate cap in Note 8, Risk Management and Use of Financial Instruments . (2) Balance is subject to interest rate swap. Interest rate represents the contractual interest on the loan as of December 31, 2019. See further discussion in Note 8, Risk Management and Use of Financial Instruments . Credit Facility On December 28, 2018, the Operating Company entered into an amended and restated senior secured revolving Credit Facility of up to $235 million with KeyBank National Association, as administrative agent, KeyBanc Capital Markets Inc., Raymond James Bank, N.A. and BMO Capital Markets Corp., as joint lead arrangers and syndication agents, and the other lenders party thereto (the “Credit Facility”). Pursuant to an accordion feature, the Operating Company may from time to time increase the commitments up to an aggregate amount of $400 million, subject to, among other things, an absence of default under the Credit Facility, as well as receiving commitments from lenders for the additional amounts. The Operating Company typically uses borrowings under the Credit Facility to fund its investments, to make secured or unsecured loans to borrowers in connection with its investments and for general corporate purposes. On December 28, 2018, the Company and certain wholly-owned subsidiaries of the Operating Company (the “Subsidiaries”) entered into an Unconditional Guaranty of Payment and Performance whereby they have agreed to unconditionally guarantee the obligations of the Operating Company under the Credit Facility. The Credit Facility is secured by a portion of the Company’s investments made through the Subsidiaries, and other subsidiaries of the Operating Company may be added as guarantors from time to time during the term of the Credit Facility. The Credit Facility has a scheduled maturity date on December 28, 2021, with two one-year extension options to extend the maturity of the facility to December 28, 2023. Borrowings under the Credit Facility are secured by three different pools of collateral: the first consisting of the Company’s mortgage loans extended to developers, the second consisting of certain non-stabilized self-storage properties owned by the Company and the third consisting of certain stabilized self-storage properties owned by the Company or one of its wholly-owned subsidiaries. The amount available to borrow under the Credit Facility is limited according to a borrowing base valuation of the assets available as collateral. For loans secured by Company mortgage loans, the borrowing base availability is the lesser of (i) 60% of the outstanding balance of the Company mortgage loans and (ii) the maximum principal amount which would not cause the outstanding loans under the Credit Facility secured by the Company mortgage loans to be greater than 50% of the underlying real estate asset fair value securing the Company mortgage loans. For loans secured by non-stabilized self-storage properties, the borrowing base availability is the lesser of (i) the maximum principal amount that would not cause the outstanding loans under the Credit Facility secured by the non-stabilized self-storage properties to be greater than 60% of the as-stabilized value of such non-stabilized self-storage properties, (ii) the maximum principal amount which would not cause the outstanding loans under the Credit Facility to be greater than 75% of the total development cost of the non-stabilized self-storage properties, and (iii) whichever of the following is then applicable: (a) the maximum principal amount that would not cause the ratio of (1) stabilized net operating income from the non-stabilized self-storage properties included in the borrowing base divided by (2) an implied debt service coverage amount to be less than 1.35 to 1.00, (b) for any underlying real estate asset securing the non-stabilized self-storage properties that has been included in the borrowing base for greater than 18 months, the maximum principal amount which would not cause the ratio of (1) actual adjusted net operating income for the underlying real estate asset securing such non-stabilized self-storage properties divided by (2) an implied debt service amount to be less than 0.50 to 1.00, and (c) for any underlying real estate asset securing the non-stabilized self-storage properties that has been included in the borrowing base for greater than 30 months, the maximum principal amount which would not cause the ratio of (1) actual adjusted net operating income for the underlying real estate asset securing such non-stabilized self-storage properties divided by (2) an implied debt service amount to be less than 1.00 to 1.00. For loans secured by stabilized self-storage properties, the borrowing base availability is the lesser of (i) the maximum principal amount that would not cause the outstanding loans under the Credit Facility secured by the underlying real estate asset securing the stabilized self-storage properties to be greater than 65% of the value of such self-storage properties and (ii) the maximum principal amount that would not cause the ratio of (i) aggregate adjusted net operating income from the underlying real estate asset securing such stabilized self-storage properties included in the borrowing base divided by (ii) an implied debt service coverage amount to be less than 1.30 to 1.00. The Credit Facility includes certain requirements that may limit the borrowing capacity available to the Company from time to time. Under the terms of the Credit Facility, the outstanding principal balance of the revolving credit loans, swing loans and letter of credit liabilities under the Credit Facility may not exceed the borrowing base availability . Each loan made under the Credit Facility bears interest at either, at the Operating Company’s election, (i) a base rate plus a margin of 1.25%, 1.75% or 2.25% or (ii) LIBOR plus a margin of 2.25%, 2.75% or 3.25%, in each case depending on the borrowing base available for such loan. In addition, the Operating Company is required to pay a fee of a per diem rate of either 0.25% or 0.30% per annum, depending on the amount outstanding under the Credit Facility at the time, times the excess of the sum of the commitments of the lenders, as in effect from time to time, over the outstanding principal amount of revolving credit loans under the Credit Facility . LIBOR is expected to be discontinued after 2021. None of the Company’s current debt that has an interest rate tied to LIBOR has a maturity date of later than December 31, 2021 unless the extension options under the Credit Facility are exercised. The Credit Facility provides procedures for determining an alternative base rate in the event that LIBOR is discontinued. However, there can be no assurances as to what that alternative base rate will be and whether that base rate will be more or less favorable than LIBOR and any other unforeseen impacts of the potential discontinuation of LIBOR. The Company intends to monitor the developments with respect to the potential phasing out of LIBOR after 2021 and work with its lenders to ensure any transition away from LIBOR will have minimal impact on its financial condition, but can provide no assurances regarding the impact of the discontinuation of LIBOR. 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 (1) for the period between December 31, 2018 and December 31, 2019, no less than the greater of (a) future funding commitments of the Company and its subsidiaries for the three months after each date of determination and (b) $50 million, (2) on and after January 1, 2020, no less than the greater of (a) future funding commitments of the Company and its subsidiaries for the three months after each date of determination and (b) $25 million, and (3) on and after January 1, 2021, no less than the greater of (a) future funding commitments of the Company and its subsidiaries for the six months after each date of determination and (b) $25 million.; and · a debt service coverage ratio (defined as the ratio of consolidated adjusted earnings before interest, taxes, depreciation and amortization to the Company’s consolidated interest expense and debt principal payments for any given period) of 2.00 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 any of certain key executives ceases to be in senior management of the Company and actively involved in the daily activities of the Company and the required lenders do not approve a replacement within 90 days of such event, then it will be considered a change in control and, as a result, an event of default under the Credit Facility. If an event of default occurs and is continuing under the Credit Facility, the lenders may, among other things, terminate their commitments under the Credit Facility and require the immediate payment of all amounts owed thereunder . As of December 31, 2019, the Company had $162.0 million outstanding under the Credit Facility and $52.2 million of total availability for borrowing under the Credit Facility before considering any amounts outstanding.  As of December 31, 2019, the Company was in compliance with all of the covenants under the Credit Facility.  As of December 31, 2019 and 2018 , certain of the Company’s development property investments as described in Note 3, Self-Storage Investment Portfolio , were pledged as collateral against the Credit Facility. In addition, as of December 31, 2019, the Jacksonville 1 and 2, New York City 1, Pittsburgh, Miami 4, Miami 5, Miami 6, Miami 7, and Miami 8 properties, which are included in self-storage real estate owned, net, were pledged as collateral against the Credit Facility. As of December 31, 2018, all of the Company’s bridge investments as described in Note 3, Self-Storage Investment Portfolio , as well as the New York City 1 property, which is included in self-storage real estate owned, net, were also pledged as collateral against the Credit Facility. On January 31, 2020, the Company and the Operating Company entered into the First Amendment to the Credit Facility with KeyBank National Association, as administrative agent, and the other lenders party thereto in order to amend the liquidity covenant to reflect the terms described above under the description of the financial covenants. 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. Additionally, on August 13, 2019, the Company entered into a loan agreement with FirstBank with respect to a term loan in the aggregate principal amount of $7.1 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 five wholly-owned self-storage facilities located in Orlando, Florida, Atlanta, Georgia, Charlotte, North Carolina and New Haven, Connecticut. 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 are each subject to an interest rate swap to fix the 30-day LIBOR rate. Term Loans 1 to 4 swaps fix 30-day LIBOR at 2.2925% and Term Loan 5 fixes 30-day LIBOR at 1.6025%. See further discussion of the utilization of interest rate swaps in Note 8, Risk Management and Use of Financial Instruments . The FirstBank Term Loans contain customary representations and warranties and affirmative and negative covenants. The FirstBank Term Loans contain a financial covenant that requires the Operating Company to maintain a debt service coverage ratio of 1.35 to 1. The debt service coverage ratio will be calculated pursuant to the terms of the Credit Facility. FirstBank is a lender under the Credit Facility. The FirstBank Term Loans also contain a covenant that requires the Operating Company to maintain a loan to value ratio on the outstanding balance of the loan that does not exceed the loan to value ratio at closing. The FirstBank Term Loans provide for standard events of default, including nonpayment of principal and other amounts when due, non-performance of covenants, breach of representations and warranties and certain bankruptcy or insolvency events. If an event of default occurs and is continuing under the FirstBank Term Loans, FirstBank may, among other things, terminate its commitments under the FirstBank Term Loans and require the immediate payment of all amounts owed thereunder. The FirstBank Term Loans each contain cross-default provisions with the Credit Facility, pursuant to which an event of default under the FirstBank Term Loans is triggered by the occurrence of an event of default under the Credit Facility that results in acceleration of the outstanding obligations of the Operating Company under the Credit Facility.  As of December 31, 2019, the Company was in compliance with all of its financial covenants of the FirstBank Term Loans.

RISK MANAGEMENT AND USE OF FINA

RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2019
RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS
RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS	8. RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS The Company’s use of derivative instruments is limited to the utilization of interest rate swap and cap agreements to manage interest rate risk exposures and not for speculative purposes. The principal objective of such arrangements is to minimize the risks and/or costs associated with the Company’s operating and financial structure, as well as to hedge specific liabilities. The counterparties to these arrangements are major financial institutions with which the Company and its subsidiaries may also have other financial relationships. The Company is potentially exposed to credit loss in the event of non-performance by these counterparties. However, because of the high credit ratings of the counterparties, the Company does not anticipate that any of the counterparties will fail to meet these obligations as they come due. The Company does not hedge credit or property value market risks. The Company enters into interest rate swap agreements that qualify and are designated as cash flow hedges designed to reduce the impact of interest rate changes on its variable rate debt. Therefore, the interest rate swaps are recorded in the Consolidated Balance Sheets at fair value and the related gains or losses are deferred in stockholders’ equity as accumulated other comprehensive income (loss). These deferred gains and losses are amortized into interest expense during the period or periods in which the related interest payments affect earnings. The Company entered into interest rate swaps for all five of its First Bank Term Loans during the year ended December 31, 2019. The Company formally assesses, both at inception of a hedge and on an on-going basis, whether each derivative is highly-effective in offsetting changes in cash flows of the hedged item. If management determines that a derivative was highly-effective as a hedge, then the Company accounts for the derivative using hedge accounting, pursuant to which gains or losses inherent in the derivative did not impact the Company’s results of operations. If management determines that a derivative was not highly-effective as a hedge or if a derivative ceased to be a highly-effective hedge, the Company will discontinue hedge accounting prospectively and reflect in its statement of operations realized and unrealized gains and losses in respect of the derivative. The Company has agreements with each of its derivative counterparties that contain a provision where if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations. In addition, the Company has agreements with each of its derivative counterparties that contain a provision where the Operating Partnership could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company’s default on the indebtedness. As of December 31, 2019, the Company had not breached the provisions of these agreements. Although the Company's derivative contracts are subject to master netting arrangements, which serve as credit mitigants to both the Company and its counterparties under certain situations, the Company does not net its derivative fair values or any existing rights or obligations to cash collateral in the Consolidated Balance Sheets. The following table summarizes the terms and fair values of the Company’s derivative financial instruments designated as hedges as of December 31, 2019 and December 31, 2018, respectively ( dollars in thousands ): Notional Amount Fair Value Hedge Product Hedge Type (1) December 31, 2019 December 31, 2018 Strike Effective Date Maturity December 31, 2019 December 31, 2018 Swap Cash flow $ 9,150 $ - % 6/3/2019 8/1/2021 $ (104) $ - Swap Cash flow 7,125 - % 6/3/2019 8/1/2021 (81) - Swap Cash flow 8,625 - % 6/3/2019 8/1/2021 (98) - Swap Cash flow 9,188 - % 6/3/2019 8/1/2021 (105) - Swap Cash flow 7,087 - % 8/13/2019 8/1/2021 (5) - $ 41,175 $ - $ (393) $ - (1) Hedging variable rate Term Loans by fixing 30-day LIBOR. The Company measures its derivative instruments designated as cash flow hedges at fair value and records them in the balance sheet as either an asset or liability. As of December 31, 2019, all derivative instruments designated as cash flow hedges are included in accounts payable, accrued expenses and other liabilities in the accompanying Consolidated Balance Sheets. As of December 31, 2018, there were no derivative instruments outstanding. The changes in the fair value of the derivatives are reported in accumulated other comprehensive income (loss). Amounts reported in accumulated other comprehensive income (loss) related to derivatives are reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. The following table presents the effect of derivatives designated as hedging instruments on the Consolidated Statements of Comprehensive Income: Derivatives in Cash Flow Hedging Relationships Amount of Loss Recognized in Accumulated OCL on Derivative Gain Reclassified from Accumulated OCL into Interest Expense Location of Gain Reclassified from Accumulated OCL into Expense Year ended December 31, 2019 2018 2017 2019 2018 2017 Term loan interest rate contracts $ (423) $ - $ - $ 30 $ - $ - Interest Expense The changes in accumulated other comprehensive income (loss) for years ended December 31, 2019, 2018 and 2017, are summarized as follows ( dollars in thousands ) : Year ended December 31, 2019 2018 2017 Accumulated other comprehensive income beginning of period $ - $ - $ - Other comprehensive income (loss): Unrealized losses on interest rate swaps (423) - - Reclassification of realized losses on interest rate swaps 30 - - Amount included in other comprehensive income (loss) (393) - - Accumulated other comprehensive income (loss) end of period $ (393) $ - $ - During the next twelve months, the Company estimates that an additional $0.2 million will be reclassified to earnings as an increase to interest expense, which primarily represents the difference between the fixed interest rate swap payments and the projected variable interest rate swap receipts. The Company also entered into an interest rate cap agreement in June 2019 with a notional amount of $100 million and a one-month LIBOR interest rate cap of 2.50% that expires on December 28, 2021 (the “Interest Rate Cap Agreement”). The Interest Rate Cap Agreement is for a period equal to the existing term of the Credit Facility (as defined in Note 7, Debt ) and has a notional amount equal to or greater than the then outstanding principal balance of the Credit Facility. The Company did not designate the interest rate cap as a hedge. As of December 31, 2019, the net carrying amount of the interest rate cap was $0.01 million and is included in prepaid expenses and other assets in the accompanying Consolidated Balance Sheets. There were no interest rate caps outstanding at December 31, 2018. The following table presents the effect of derivatives not designated as hedging instruments on the Consolidated Statements of Operations: Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Earnings on Derivative Location of Gain (Loss) Recognized in Income on Derivative Year ended December 31, 2019 2018 2017 Credit Facility interest rate cap $ (100) $ - $ - Interest Expense

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2019
STOCKHOLDERS' EQUITY [Abstract]
STOCKHOLDERS' EQUITY	9. STOCKHOLDERS’ EQUITY The Company had 22,423,283 and 20,430,218 shares of common stock issued and outstanding, which included 216,165 and 159,165 shares of non-vested restricted stock, as of December 31, 2019 and 2018, respectively. The Company had 133,500 and 125,000 shares of Series A Preferred Stock issued and outstanding as of December 31, 2019 and 2018, respectively. The Company also had 1,571,734 shares of Series B Preferred Stock issued and outstanding as of December 31, 2019 and 2018. ATM Program On December 7, 2018, the Company entered into a new Equity Distribution Agreement with an aggregate offering price under an at the market equity offering program (the “ATM Program”) of up to $100.0 million. As of December 31, 2019, the Company has issued and sold an aggregate of 4,152,535 shares of common stock at a weighted average price of $21.39 per share under the ATM Program and the Company’s previous ATM Programs, receiving net proceeds after commissions and other offering costs of $86.4 million. During the year ended December 31, 2019, the Company issued and sold an aggregate of 1,870,761 shares of common stock at a weighted average price per share of $20.90 under the ATM Program, receiving net proceeds after commissions and other offering costs of $38.1 million. Stock Repurchase Plan On May 20, 2016, the Company’s Board of Directors authorized a share repurchase program for the repurchase of up to $10.0 million of the outstanding shares of common stock of the Company. As of December 31, 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 December 31, 2019, the Company has $6.8 million remaining under the Board’s authorization to repurchase shares of its common stock. Equity Incentive Plan The Company maintains the Second Amended and Restated 2015 Equity Incentive Plan (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”). 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 Second Amended and Restated 2015 Equity Incentive Plan permits the issuance of restricted shares of the Company’s common stock to the Company’s employees and non-employee directors. As of December 31, 2019 and 2018, 509,509 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, 87,2 56 vested during the year ended December 31, 2019, 107,372 is expected to vest in 2020, 55,711 is expected to vest in 2021 and 53,082 is expected to vest in 2022. Additionally, 1,666 were forfe ited during the year ended December 31, 2019 and 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 $2.1 million, $1.9 million and $1.3 million of stock-based compensation expense for the years ended December 31, 2019, 2018 and 2017, respectively. As of December 31, 2019, 2018 and 2017, the total unrecognized compensation cost related to the Company’s restricted shares was approximately $3.0 million, $2.1 million and $2.7 million, respectively, based on the grant date market value for awards issued to non-employee directors of the Company and the fair value of awards as of the adoption date of ASU 2018-07 for awards issued to employees of the Manager. This cost is expected to be recognized over the remaining weighted average period of 2.0 years. The Company presents stock-based compensation expense in general and administrative expenses in the Consolidated Statements of Operations . A summary of changes in the Company’s restricted shares of common stock for the years ended December 31, 2019 and 2018 is as follows: Year ended December 31, 2019 2018 Weighted Weighted average grant average grant Shares date fair value Shares date fair value Nonvested at beginning of period, 159,165 $ 18.39 185,002 $ 21.58 Granted 145,922 21.60 75,333 19.18 Vested (87,256) 18.95 (99,503) 18.48 Forfeited (1,666) 18.10 (1,667) 18.10 Nonvested at end of period, 216,165 $ 20.34 159,165 $ 18.39 Nonvested restricted shares of common stock receive dividends which are nonforfeitable. Series A Preferred Stock 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 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 “Series A 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 . 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. As long as shares of Series A Preferred Stock remain outstanding, the Company is required to maintain a ratio of debt to total tangible assets determined under U.S. generally accepted accounting principles of no more than 0.4:1, measured as of the last day of each fiscal quarter. The Company has complied with this covenant as of and for the year ended December 31, 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 . 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 . On October 29, 2019, the Company declared a (i) cash distribution of $17.85 per share of Series A Preferred Stock, payable on January 15, 2020, to holders of Series A Preferred Stock of record on the close of business on January 1, 2020, and (ii) distributions payable in kind in a number of shares of Series A Preferred Stock as determined in accordance with the terms of the designation of the Series A Preferred Stock, payable on January 15, 2020, to holders of Series A Preferred Stock of record on the close of business on January 1, 2020 . Series B Preferred Stock As of December 31, 2019, the Company had 3,750,000 shares of its 7.00% Series B cumulative redeemable perpetual preferred stock (the “Series B Preferred Stock”) authorized and 1,571,734 shares of Series B Preferred Stock outstanding. 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 the Series B Preferred Stock generally do not have voting rights. Dividends on the Series B Preferred Stock are payable 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”) at a rate equal to 7.00% of the $25.00 per share liquidation preference (equivalent to an annual rate of $1.7500 per share). 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), the Company 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. 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. 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”). As of December 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 year ended December 31, 2019, the Company made no sales under the Preferred ATM Program. The Preferred ATM Program was terminated upon the effectiveness of the Company’s registration statement on Form S-3 (File No. 333-231374) on July 12, 2019 .

DIVIDENDS AND DISTRIBUTIONS

DIVIDENDS AND DISTRIBUTIONS	12 Months Ended
	Dec. 31, 2019
DIVIDENDS AND DISTRIBUTIONS [Abstract]
DIVIDENDS AND DISTRIBUTIONS	10. DIVIDENDS AND DISTRIBUTIONS The following table summarizes the Company’s dividends declared on its common stock during the year ended December 31, 2019: Date declared Record date Payment date Per share amount Total amount February 22, 2019 April 1, 2019 April 15, 2019 $ 0.35 $ 7,205 May 1, 2019 July 1, 2019 July 15, 2019 0.35 7,754 July 31, 2019 October 1, 2019 October 15, 2019 0.35 7,783 October 29, 2019 January 2, 2020 January 15, 2020 0.35 7,936 The following table summarized the Company’s dividends declared on its Series A Preferred Stock during the year ended December 31, 2019: Date declared Record date Payment date Per share amount Total amount Cash dividend: February 22, 2019 April 1, 2019 April 15, 2019 $ 17.45 $ 2,219 May 1, 2019 July 1, 2019 July 15, 2019 17.65 2,281 July 31, 2019 October 1, 2019 October 15, 2019 17.84 2,344 October 29, 2019 January 1, 2020 January 15, 2020 17.85 2,382 Stock dividend: February 22, 2019 April 1, 2019 April 15, 2019 (1) $ 16.72 $ 2,125 May 1, 2019 July 1, 2019 July 15, 2019 (1) 16.44 2,125 July 31, 2019 October 1, 2019 October 15, 2019 (1) 16.18 2,125 October 29, 2019 January 1, 2020 January 15, 2020 (1) 15.92 2,125 (1) 2,125 shares of Series A Preferred Stock were issued at the election of the Holders The following table summarizes the Company’s dividends declared on its Series B Preferred Stock during the year ended December 31, 2019: Date declared Record date Payment date Per share amount Total amount February 22, 2019 April 1, 2019 April 15, 2019 $ 0.43750 $ 688 May 1, 2019 July 1, 2019 July 15, 2019 0.43750 688 July 31, 2019 October 1, 2019 October 15, 2019 0.43750 688 October 29, 2019 January 2, 2020 January 15, 2020 0.43750 688 The following table summarizes the Company’s dividends declared on its common stock during the year ended December 31, 2018: Date declared Record date Payment date Per share amount Total amount February 28, 2018 April 2, 2018 April 13, 2018 $ 0.35 $ 5,056 May 2, 2018 July 2, 2018 July 13, 2018 0.35 6,739 July 31, 2018 October 1, 2018 October 15, 2018 0.35 6,777 October 31, 2018 January 2, 2019 January 15, 2019 0.35 7,150 The following table summarized the Company’s dividends declared on its Series A Preferred Stock during the year ended December 31, 2018: Date declared Record date Payment date Per share amount Total amount Cash dividend: February 28, 2018 April 1, 2018 April 13, 2018 $ 12.12 $ 909 May 2, 2018 July 1, 2018 July 13, 2018 16.07 1,767 July 31, 2018 October 1, 2018 October 15, 2018 15.81 1,977 October 31, 2018 January 1, 2019 January 15, 2019 17.89 2,236 Stock dividend: February 28, 2018 April 1, 2018 April 13, 2018 (1) $ 28.33 $ 2,125 May 2, 2018 July 1, 2018 July 13, 2018 (2) 19.32 2,125 July 31, 2018 October 1, 2018 October 15, 2018 (3) 17.00 2,125 October 31, 2018 January 1, 2019 January 15, 2019 (4) 17.00 2,125 (1) 120,028 shares of common stock were issued at the election of the Holders (2) 111,199 shares of common stock were issued at the election of the Holders (3) 109,494 shares of common stock were issued at the election of the Holders (4) 2,125 shares of Series A Preferred Stock were issued at the election of the Holders The following table summarizes the Company’s dividends declared on its Series B Preferred Stock during the year ended December 31, 2018: Date declared Record date Payment date Per share amount Total amount February 28, 2018 April 2, 2018 April 13, 2018 $ 0.37431 $ 561 May 2, 2018 July 2, 2018 July 13, 2018 0.43750 688 July 31, 2018 October 1, 2018 October 15, 2018 0.43750 688 October 31, 2018 January 2, 2019 January 15, 2019 0.43750 688

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2019
EARNINGS PER SHARE [Abstract]
EARNINGS PER SHARE	11. EARNINGS PER SHARE Basic earnings per share is computed by dividing net income attributable to common shareholders by the weighted average number of shares outstanding during the period. All outstanding unvested restricted share awards contain rights to non-forfeitable dividends and participate in undistributed earnings with common shareholders and, accordingly, are considered participating securities that are included in the two-class method of computing basic earnings per share. Both the unvested restricted shares and the assumed share-settlement of the accrued stock dividend to holders of the Series A Preferred Stock, and the related impacts to earnings, are considered when calculating earnings per share on a diluted basis with the Company’s diluted earnings per share being the more dilutive of the treasury stock or two-class methods. For the years ended December 31, 2019, 2018 and 2017, the Company’s basic earnings per share is computed using the two-class method, and the Company’s diluted earnings per share is computed using the more dilutive of the treasury stock method or two-class method: Year ended December 31, Shares outstanding 2019 2018 2017 Weighted average common shares - basic 21,391,218 17,111,035 11,735,455 Effect of dilutive securities 197,562 173,125 173,057 Weighted average common shares, all classes 21,588,780 17,284,160 11,908,512 Calculation of Earnings per Share - basic Net income $ 44,406 $ 54,366 $ 14,559 Less: Net income allocated to preferred stockholders 20,478 18,014 1,456 Net income allocated to unvested restricted shares (1) 220 364 188 Net income attributable to common shareholders – two-class method $ 23,708 $ 35,988 $ 12,915 Weighted average common shares - basic 21,391,218 17,111,035 11,735,455 Earnings per share - basic $ 1.11 $ 2.10 $ 1.10 Calculation of Earnings per Share - diluted Net income $ 44,406 $ 54,366 $ 14,559 Less: Net income allocated to preferred stockholders 20,478 18,014 1,456 Net income attributable to common shareholders – two-class method $ 23,928 $ 36,352 $ 13,103 Weighted average common shares - diluted 21,588,780 17,284,160 11,908,512 Earnings per share - diluted $ 1.11 $ 2.10 $ 1.10 (1) Unvested restricted shares of common stock participate in dividends with unrestricted shares of common stock on a 1:1 basis and thus are considered participating securities under the two-class method for the years ended December 31, 2019, 2018 and 2017.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2019
RELATED PARTY TRANSACTIONS [Abstract]
RELATED PARTY TRANSACTIONS	12. RELATED PARTY TRANSACTIONS Equity Method Investments Certain of the Company’s development property investments and bridge investments are equity method investments for which the Company has elected the fair value option of accounting. The fair value of these equity method investments at December 31, 2019 and 2018 were $549.7 million and $440.2 million, respectively. The interest income realized and the net unrealized gain from these equity method investments was $63.4 million, $66.2 million and $18.0 million for the years ended December 31, 2019, 2018 and 201 7 , respectively. The Company’s investment in the real estate venture, the SL1 Venture, has a carrying amount of $11.2 million and $14.2 million at December 31, 2019 and 2018, respectively, and the earnings from this venture were $0.6 million, $1.5 million and $2.3 million for the years ended December 31, 2019, 2018 and 2017, respectively. Management Agreement As of December 31, 2019, the Company did not have any employees. Prior to the completion of the Internalization, the Company relied on the personnel, properties and resources of the Manager to conduct its operations. The Company and the Manager were 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 was 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 had an Investment Committee that approves investments in accordance with the Company’s investment guidelines, investment strategy, and financing strategy. The Management Agreement was in place as of December 31, 2019, but is of no further force and effect as a result of the Internalization. Management Fees Pursuant to the Management Agreement, the Company paid 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 computed the base management fee within 30 days after the end of the fiscal quarter with respect to which such installment is payable and promptly delivered 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 $8.3 million, $6.7 million and $3.5 million for the years ended December 31, 2019, 2018 and 2017, respectively. Incentive Fee The Manager was also able to earn an incentive fee each fiscal quarter (or part thereof that the Management Agreement is in effect) payable in arrears in cash. The incentive fee will be an amount, not less than zero, determined pursuant to the following formula: Incentive Fee = .20 times (A minus (B times .08)) minus C In the foregoing formula: · A equals the Company’s Core Earnings (as defined below) for the previous 12‑month period; · B equals (i) the weighted average of the issue price per share of the Company’s common stock of all of its public offerings of common stock, multiplied by (ii) the weighted average number of all shares of common stock outstanding (including (i) any restricted stock units and any restricted shares of common stock in the previous 12‑month period and (ii) shares of common stock issuable upon conversion of outstanding OC Units); and · C equals the sum of any incentive fees earned by the Manager with respect to the first three fiscal quarters of such previous 12‑month period. Notwithstanding application of the incentive fee formula, any incentive fee earned shall not be paid with respect to any fiscal quarter unless cumulative annual stockholder total return for the four most recently completed fiscal quarters is greater than 8%. Any computed incentive fee earned but not paid because of the foregoing hurdle will accrue until such 8% cumulative annual stockholder total return is achieved. The total return is calculated by adding stock price appreciation (based on the volume-weighted average of the closing price of the Company’s common stock on the NYSE (or other applicable trading market) for the last ten consecutive trading days of the applicable computation period minus the volume-weighted average of the closing market price of the Company’s common stock for the last ten consecutive trading days of the period immediately preceding the applicable computation period) plus dividends per share paid during such computation period, divided by the volume-weighted average of the closing market price of the Company’s common stock for the last ten consecutive trading days of the period immediately preceding the applicable computation period. For purposes of computing the Incentive Fee, “Core Earnings” is defined as (1) net income (loss) determined under GAAP, plus (2) non-cash equity compensation expense, the incentive fee, depreciation and amortization, plus (3) any unrealized losses or other non-cash expense items reflected in GAAP net income (loss), less (4) any unrealized gains reflected in GAAP net income (including any unrealized appreciation with respect to self-storage facilities that the Company has not yet acquired). The amount was 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 computed the incentive fee each quarter within 45 days after the end of the fiscal quarter that is currently payable and if an incentive fee results, promptly delivers such calculation to the Company’s Board of Directors. The amount of any incentive fee shown in the calculation is due and payable no later than the date which is five business days after the date of delivery of such computation to the Board of Directors. The incentive fee earned for the year ended December 31, 2018 was $0.7 million, is primarily due to the purchases of developer interests in six self-storage projects during the year, and is presented in the Fees to Manager line item in the Company’s Consolidated Statements of Operations. No incentive fee was earned for any quarter in the years ended December 31, 2019 and 2017. At December 31, 2019 and 2018, the Company had outstanding fees due to Manager of $3.2 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 required that the Company 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 had the ability to 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 agreed to reimburse the Manager for costs and expenses incurred in connection with these services; however, expenses incurred by the Manager were 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 $4.3 million, $3.8 million and $3.0 million for the years ended December 31, 2019, 2018 and 2017, respectively.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2019
COMMITMENTS AND CONTINGENCIES [Abstract]
COMMITMENTS AND CONTINGENCIES	13. COMMITMENTS AND CONTINGENCIES As described in Note 3, Self-Storage Investment Portfolio , the Company has $136.1 million of unfunded loan commitments related to its investment portfolio. As described in Note 5, Investment in Real Estate Venture , the Company has $0. 2 million of unfunded loan commitments to the SL1 Venture. The following table summarizes the maturities of the Company’s Credit Facility and FirstBank Term Loans as of December 31, 2019: Contractual Obligations 2020 2021 2022 2023 2024 Thereafter Total Long-term debt obligations (1)(2) $ - $ 203,175 $ - $ - $ - $ - $ 203,175 (1) Represents principal payments gross of discounts and debt issuance costs. (2) Amount excludes interest, which is variable based on 30-day LIBOR plus spreads ranging from 2.25% to 3.25%. The Company from time to time may be party to litigation relating to claims arising in the normal course of business. The Company is not aware of any legal claims that could materially impact its financial position, results of operations, or cash flows.

QUARTERLY FINANCIAL DATA (UNAUD

QUARTERLY FINANCIAL DATA (UNAUDITED)	12 Months Ended
	Dec. 31, 2019
QUARTERLY FINANCIAL DATA [Abstract]
QUARTERLY FINANCIAL DATA (UNAUDITED)	14. QUARTERLY FINANCIAL DATA (UNAUDITED) The following table summarizes the Company’s quarterly financial results for each quarter of the year ended December 31, 2019: For the three month period ended, March 31 June 30 September 30 December 31 2019: Total revenues $ 9,884 $ 10,832 $ 12,249 $ 12,128 Net income $ 12,114 $ 14,874 $ 10,954 $ 6,465 Net income attributable to common stockholders $ 7,082 $ 9,780 $ 5,797 $ 1,270 Net income per common share - basic $ 0.35 $ 0.46 $ 0.26 $ 0.06 Net income per common share - diluted $ 0.35 $ 0.46 $ 0.26 $ 0.06 The following table summarizes the Company’s quarterly financial results for each quarter of the year ended December 31, 2018: For the three month period ended, March 31 June 30 September 30 December 31 2018: Total revenue $ 5,216 $ 7,241 $ 9,091 $ 9,666 Net income $ 5,354 $ 10,797 $ 15,964 $ 22,251 Net income attributable to common stockholders $ 1,759 $ 6,217 $ 11,174 $ 17,202 Net income per common share - basic $ 0.12 $ 0.40 $ 0.58 $ 0.87 Net income per common share - diluted $ 0.12 $ 0.40 $ 0.57 $ 0.87

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2019
SUBSEQUENT EVENTS [Abstract]
SUBSEQUENT EVENTS	15. SUBSEQUENT EVENTS The Company’s management has evaluated subsequent events through the date of issuance of the consolidated financial statements included herein. Other than those disclosed below, there have been no subsequent events that occurred during such period that require disclosure or recognition in the accompanying consolidated financial statements as of and for the year ended December 31, 2019. As described in Note 1, Organization and Formation , the Internalization was completed on February 20, 2020. The Internalization has no impact on revenues and the pro forma net income attributable to common stockholders for the year ended December 31, 2019, calculated as if the combination occurred on January 1, 2019 would have been $30,572 (unaudited). The pro forma results are not necessarily indicative of the results which actually would have occurred if the business combination had occurred on the first day of the periods presented, nor does the pro forma financial information purport to represent the results of operations for future periods. Investment Activity On February 10, 2020, the Company acquired the remaining interests in six development investments located in Charlotte, Atlanta, Louisville and Knoxville. On February 14, 2020, the Company acquired the remaining interest in two development investments located in Boston and Fort Lauderdale. On February 21, 2020, the Company acquired the remaining interests in a development investment located in Atlanta. the Company acquired the remaining interest in these developments for an aggregate purchase price of approximately $29.6 million, which includes the issuance of 82,526 OC Units. Capital Activities As described under Note 7, Debt , on January 31, 2020, the Company and the Operating Company entered into the First Amendment to the Credit Facility with KeyBank National Association and the other lenders party thereto in order to amend the liquidity covenant. First Quarter Dividend Declarations On February 21, 2020, the Company’s Board of Directors declared a cash dividend to the holders of the Series A Preferred Stock and a distribution payable in kind, if applicable, in a number of shares of common stock or Series A Preferred Stock as determined in accordance with the election of the holders of the Series A Preferred Stock for the quarter ending March 31, 2020. The dividends are payable on April 15, 2020 to holders of Series A Preferred Stock of record on April 1, 2020. On February 21, 2020, the Company’s Board of Directors declared a cash dividend on the Series B Preferred Stock in the amount of  $0.4375 per share for the quarter ending March 31, 2020. The dividends are payable on April 15, 2020 to holders of Series B Preferred Stock of record on April 1, 2020. On February 21, 2020, the Company’s Board of Directors declared a cash dividend of $0.23 per share of common stock for the quarter ending March 31, 2020. The dividend is payable on April 15, 2020 to stockholders of record on April 1, 2020.

SCHEDULE III - REAL ESTATE AND

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
	Dec. 31, 2019
SCHEDULE III - REAL ESTATE AND ACCUMULATED [Abstract]
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION	JERNIGAN CAPITAL, INC. Schedule III Real Estate and Accumulated Depreciation December 31, 2019 (Dollars in thousands) Gross Carrying Amount at Initial Cost December 31, 2019 Square Buildings and Costs Subsequent Buildings and Accumulated Year Description Footage Debt Land Improvements to Acquisition Land Improvements Total (2) Depreciation (3) Acquired Ocoee, FL 93,965 $ 9,150 $ 1,505 $ 14,322 $ 2 $ 1,505 $ 14,324 $ 15,829 $ 1,532 2017 Fleming Island, FL (1) 59,848 - 1,438 10,195 31 1,438 10,226 11,664 1,100 2018 Marietta, GA 66,187 7,125 1,500 10,166 193 1,500 10,359 11,859 935 2018 Alpharetta, GA 71,718 8,625 3,407 9,764 27 3,407 9,791 13,198 953 2018 Pittsburgh, PA (1) 47,828 - 316 8,609 1,151 316 9,760 10,076 509 2018 Mallard Creek, NC 86,750 9,188 1,445 11,301 35 1,445 11,336 12,781 903 2018 Bay Shore, NY (1) 105,272 - 1,186 24,262 502 1,186 24,764 25,950 1,490 2018 New Haven, CT 64,225 7,087 926 10,125 2 926 10,127 11,053 648 2019 Jacksonville, FL (1) 70,255 - 582 11,022 3 582 11,025 11,607 234 2019 Miami, FL (1) 74,685 - 3,324 20,863 - 3,324 20,863 24,187 525 2019 Miami, FL (1) 77,075 - 996 14,182 1 996 14,183 15,179 192 2019 Miami, FL (1) 76,765 - 3,432 16,643 1 3,432 16,644 20,076 417 2019 Miami, FL (1) 86,450 - 3,637 17,907 - 3,637 17,907 21,544 314 2019 Miami, FL (1) 51,923 - 1,836 13,734 2 1,836 13,736 15,572 340 2019 Subtotal 1,032,946 $ 41,175 $ 25,530 $ 193,095 $ 1,950 $ 25,530 $ 195,045 $ 220,575 $ 10,092 Property under development: Miami, FL 69,823 - 3,900 16,461 - 3,900 16,461 20,361 - 2019 Subtotal 69,823 $ - $ 3,900 $ 16,461 $ - $ 3,900 $ 16,461 $ 20,361 $ - Total 1,102,769 $ 41,175 $ 29,430 $ 209,556 $ 1,950 $ 29,430 $ 211,506 $ 240,936 $ 10,092 (1) As of December 31, 2019, this investment was pledged as collateral to the Company’s Credit Facility. (2) Total aggregate costs for federal income tax purposes is approximately $186,764. (3) The costs of building and improvements are generally depreciated using the straight-line method based on a useful life of 40 years. December 31, 2019 Self-storage real estate owned: Balance at beginning of period $ 100,099 Acquisitions & improvements 125,047 Construction in progress 15,790 Balance at end of period $ 240,936 Accumulated Depreciation: Balance at beginning of period $ 3,897 Depreciation expense 6,195 Dispositions and other - Balance at end of period $ 10,092

SCHEDULE IV - MORTGAGE LOANS ON

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE	12 Months Ended
	Dec. 31, 2019
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE [Abstract]
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE	JERNIGAN CAPITAL, INC. Schedule IV Mortgage Loans on Real Estate December 31, 2019 (Dollars in thousands) Column A Column B Column C Column D Column E Column F Column G Column H Principal Amount Periodic Face Carrying of Loans Subject Interest Final Maturity Payment Amount of Amount of to Delinquent Description Location (6) Rate Date Terms Prior Liens Loans Loans (1) Principal or Interest Development property investments: Development investments with a profits interest Self-storage development project Milwaukee 6.90 % 1-Aug-21 (2)(8) - 7,648 8,884 - Self-storage development project Raleigh 6.90 % 1-Sep-21 (2)(8) - 8,789 8,593 - Self-storage development project Austin 6.90 % 27-Oct-21 (2)(8) - 8,136 8,099 - Self-storage development project Charlotte 6.90 % 20-Sep-22 (2)(8) - 12,677 13,984 - Self-storage development project Atlanta 6.90 % 1-Feb-23 (3)(8) - 13,297 16,130 - Self-storage development project Atlanta 6.90 % 1-Feb-23 (3)(8) - 13,497 17,082 - Self-storage development project Orlando 6.90 % 24-Feb-23 (3)(8) - 7,767 9,725 - Self-storage development project New Orleans 6.90 % 24-Feb-23 (3)(8) - 12,021 14,504 - Self-storage development project Atlanta 6.90 % 27-Feb-23 (3)(8) - 17,492 19,970 - Self-storage development project Fort Lauderdale 6.90 % 28-Feb-23 (3)(8) - 9,383 13,635 - Self-storage development project Houston 12.90 % 28-Feb-23 (3)(8) - 14,825 17,820 14,825 Self-storage development project Louisville 6.90 % 14-Apr-23 (3)(8) - 7,552 9,550 - Self-storage development project Denver 6.90 % 20-Apr-23 (3)(8) - 9,616 10,947 - Self-storage development project Denver 6.90 % 20-Apr-23 (3)(8) - 11,009 12,383 - Self-storage development project Atlanta 6.90 % 1-Jun-23 (3)(8) - 12,025 14,744 - Self-storage development project Tampa 6.90 % 1-Jun-23 (3)(8) - 7,644 9,196 - Self-storage development project Tampa 6.90 % 1-Jun-23 (3)(8) - 8,326 10,086 - Self-storage development project Tampa 6.90 % 1-Jul-23 (3)(8) - 9,614 12,673 - Self-storage development project Baltimore 9.50 % 1-Jul-23 (3)(5)(8) - 11,010 13,581 - Self-storage development project Knoxville 6.90 % 28-Jun-23 (3)(8) - 8,628 10,355 - Self-storage development project New York City 9.50 % 1-Jul-23 (4)(5)(8) - 28,974 31,047 - Self-storage development project Jacksonville 6.90 % 27-Jul-23 (3)(8) - 7,751 10,129 - Self-storage development project Orlando 6.90 % 1-Sep-23 (3)(8) - 8,107 10,251 - Self-storage development project Los Angeles 6.90 % 30-Sep-24 (10)(11) - 10,157 10,347 - Self-storage development project Miami 6.90 % 14-Sep-23 (3)(8) - 12,618 13,373 - Self-storage development project Louisville 6.90 % 30-Sep-23 (3)(8) - 9,530 11,688 - Self-storage development project Miami 9.50 % 1-Nov-23 (3)(5)(8) - 1,494 1,280 - Self-storage development project New York City 9.50 % 1-Nov-23 (3)(5)(8) - 6,776 6,383 - Self-storage development project Miami 9.50 % 1-Dec-23 (3)(5)(8) - 12,086 12,898 - Self-storage development project Minneapolis 6.90 % 21-Nov-23 (3)(8) - 10,684 12,290 - Self-storage development project Boston 6.90 % 1-Jan-24 (3)(8) - 7,918 10,024 - Self-storage development project New York City 6.90 % 15-Dec-23 (3)(8) - 6,705 7,528 - Self-storage development project Boston 6.90 % 27-Dec-23 (3)(9) - 2,757 2,674 - Self-storage development project New York City 6.90 % 1-Jan-24 (8)(11) - 13,817 16,373 - Self-storage development project Minneapolis 6.90 % 8-Feb-24 (3)(8) - 9,904 11,763 - Self-storage development project Philadelphia 15.50 % 1-Apr-24 (3)(5)(8) - 11,536 11,807 11,536 Self-storage development project Minneapolis 6.90 % 6-Apr-24 (3)(8) - 10,337 12,043 - Self-storage development project Miami 9.50 % 1-Jun-24 (3)(5)(8) - 3,560 3,427 - Self-storage development project Atlanta 6.90 % 1-Jun-24 (3)(8) - 6,563 7,683 - Self-storage development project Kansas City 6.90 % 1-Jun-24 (3)(8) - 8,235 9,663 - Self-storage development project Orlando 6.90 % 7-Jun-24 (3)(8) - 10,340 11,780 - Self-storage development project Baltimore 6.90 % 16-Nov-24 (3)(7) - 757 709 - Self-storage development project New York City 6.90 % 1-Mar-25 (4)(8) - 3,168 3,122 - Self-storage development project New York City 9.50 % 17-Apr-25 (4)(5)(8) - 7,304 7,067 - $ - $ 422,034 $ 487,290 $ 26,361 (1) The face amount of loans in Column F approximate the aggregate cost for federal income tax purposes. (2) Development property investments with a Profits Interest are comprised of a construction loan secured by a first mortgage on the development project and a mezzanine loan secured by a first priority security interest in the membership interests of the owners of the project. These loans are entered into simultaneously and are valued as a single instrument for accounting purposes. (3) Development property investments with a Profits Interest are comprised of a construction loan secured by a first mortgage on the development project. (4) Development property investments with a Profits Interest are comprised of a construction lending facility secured by a first mortgage on the development project. This project is located in New York state, and in order to comply with the New York lien law, our typical investment commitment amount was divided into three tranches with three individual promissory notes, each secured by the first mortgage on the development project. The first note is comprised of land costs only, the second is comprised of construction hard costs only, and the third is comprised of all the remaining costs in the project, with the total amount of all three notes equaling our total investment commitment amount. (5) For this investment, interest accrues at a rate of 9.5% per annum, with 6.5% payable monthly from interest reserves and the remaining 3.0% accruing but not payable until the loan matures or is paid off. (6) Represents the MSA of the development project. (7) Interest only monthly (funded from interest reserve until the project is generating positive cash flows, in which case, all or a portion of the interest is paid in cash); balloon payment due at maturity; prepayment penalty – Prior to 49th month, 3%; on or after 49th month but prior to 61st month, 2%; on or after 61st month but prior to 70th month, 1%; on or after 70th month - no prepayment premium. (8) Interest only monthly (funded from interest reserve until the project is generating positive cash flows, in which case, all or a portion of the interest is paid in cash); balloon payment due at maturity; prepayment penalty - On or before 37th month - no prepayment permitted; on or after 37th month but prior to 49th month, 3%; on or after 49th month but prior to 61st month, 2%; on or after 61st month but prior to 70th month, 1%; on or after 70th month - no prepayment premium. (9) Interest only monthly (funded from interest reserve); balloon payment due at maturity; prepayment penalty - On or before 37th month, 4%; on or after 37th month but prior to 49th month, 3%; on or after 49th month but prior to 61st month, 2%; on or after 61st month but prior to 67th month, 1%; on or after 67th month - no prepayment premium. (10) Interest only monthly (funded from interest reserve); balloon payment due at maturity; prepayment penalty - On or before 37th month - no prepayment permitted; on or after 37th month but prior to 49th month, 2%; on or after 49th month but prior to 70th month, 1%; on or after 70th month - no prepayment premium. (11) This development property investment with a Profits Interest is a mezzanine loan secured by a first priority security interest in the membership interest of the developer partner of the project. The following table sets forth the activity of mortgage loans for the year ended December 31, 2019: Balance as of December 31, 2018 $ 450,752 Fundings of principal, net of unamortized origination fees 102,787 Reclassification of self-storage real estate owned (125,715) Payment-in-kind interest 26,606 Repayments of principal (362) Net unrealized gains 33,222 Balance as of December 31, 2019 $ 487,290

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 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”). 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, payables, and derivative financial instruments. The following table presents the financial instruments measured at fair value on a recurring basis at December 31, 2019: Fair Value Measurements Using Total Level 1 Level 2 Level 3 Derivative financial instruments (asset position) $ 14 $ - $ 14 $ - Derivative financial instruments (liability position) (393) - (393) - Development property investments 549,684 - - 549,684 The following table presents the financial instruments measured at fair value on a recurring basis at December 31, 2018: Fair Value Measurements Using Total Level 1 Level 2 Level 3 Development property investments $ 373,564 $ - $ - $ 373,564 Bridge investments 84,383 - - 84,383 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.
Derivative instruments and hedging activities	Derivative instruments and hedging activities All derivative financial instruments are recorded on the balance sheet at fair value. Changes in fair value are recognized either in earnings or as other comprehensive income (loss), depending on whether the derivative has been designated as a fair value or cash flow hedge and whether it qualifies as part of a hedging relationship, the nature of the exposure being hedged, and how effective the derivative is at offsetting movements in underlying exposure. Hedge accounting is discontinued when it is determined that the derivative is no longer effective in offsetting changes in the fair value or cash flows of a hedged item; the derivative expires or is sold, terminated, or exercised; it is no longer probable that the forecasted transaction will occur; or management determines that designating the derivative as a hedging instrument is no longer appropriate. The Company uses interest rate swaps and interest rate caps to effectively convert a portion of its variable rate debt to fixed rate, thus reducing the impact of changes in interest rates on interest payments (see Note 7, Debt, and Note 8, Risk Management and Use of Financial Instruments ). The changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in "Accumulated other comprehensive income (loss)" and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. In accordance with ASU 2017-12, Derivatives and Hedging (Topic 815) as long as a hedging instrument is designated and the results of the effectiveness testing support that the instrument qualifies for hedge accounting treatment, there is no longer the requirement for periodic measurement or recognition of ineffectiveness. Rather, the full impact of hedge gains and losses will be recognized in the period in which hedged transactions impact earnings, regardless of whether or not economic mismatches exist in the hedging relationship. Amounts reported in "Accumulated other comprehensive income (loss)" related to derivatives designated as qualifying cash flow hedges will be reclassified to interest expense as interest payments are made on the Company's variable rate or fixed rate debt. Changes in fair value for financial instruments not designated as cash flow hedges are recognized in earnings within interest expense in the Consolidated Statements of Operations.
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. All of the Company’s acquisitions have been asset acquisitions and the Company expects that the majority of future self-storage facility acquisitions will be considered asset acquisitions, however, the Company will continue to evaluate each future acquisition using Accounting Standards Update (“ASU”) 2017-01 - Business Combinations (Topic 805): Clarifying the Definition of a Business to determine whether accounting for a business combination or asset acquisition applies. When facilities are acquired, the cost is allocated to the tangible and intangible assets acquired and liabilities assumed based on relative fair values. Allocations to the individual assets and liabilities are based upon their relative fair values as estimated by management. In allocating the purchase price for an acquisition, the Company determines whether the acquisition includes intangible assets or liabilities. The Company allocates a portion of the cost to an intangible asset attributable to the value of in-place leases. This intangible asset is amortized to expense over the expected remaining term of the respective leases, which is generally one year. Substantially all of the leases in place at acquired facilities are at market rates, as the majority of the leases are month-to-month contracts. Accordingly, to date, no portion of the basis for an acquired property has been allocated to above- or below-market lease intangibles. To date, no intangible asset has been recorded for the value of customer relationships, because the Company does not have any concentrations of significant customers and the average customer turnover is fairly frequent. The Company evaluates long-lived assets for impairment when events and circumstances, such as declines in occupancy and operating results, indicate that there may be an impairment. The carrying value of these long-lived assets is compared to the undiscounted future net operating cash flows, plus a terminal value, attributable to the assets to determine if the facility’s basis is recoverable. If an asset’s basis is not considered recoverable, an impairment loss is recorded to the extent the net carrying value of the asset exceeds the fair value. The impairment loss recognized equals the excess of net carrying value over the related fair value of the asset. There were no impairment losses recognized in accordance with these procedures during the years ended December 31, 2019, 2018, and 201 7 .
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, short-term mortgage loans, and land loans made by the Company in situations where it was determined that making such loans would benefit the Company’s primary business. These loans are accounted for under the cost method, and fair value approximates cost at December 31, 2019 and 2018. None of these loans are in non-accrual status as of December 31, 2019 and 2018. The Company determined that no allowance for loan loss was necessary at December 31, 2019 and 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. The Company’s loan origination fees are accreted into interest income over the term of the investment using the effective yield method. The operations of the self-storage real estate owned are managed by a third-party self-storage management company. All rental leases are operating leases, and rental income is recognized in accordance with the terms of the leases, which generally are month to month.
Debt Issuance Costs	Debt Issuance Costs Costs related to the issuance of a debt instrument are deferred and amortized as interest expense over the estimated life of the related debt instrument using the straight-line method, which approximates the effective interest method. If a debt instrument is repurchased, modified, or exchanged prior to its original maturity date, the Company evaluates both the unamortized balance of debt issuance costs as well as any new debt issuance costs, including third party fees, to determine if the costs should be written off to interest expense or, if significant, included in “loss on modification or extinguishment of debt” in the accompanying Consolidated Statements of Operations. Debt issuance costs related to the term loans are presented in the accompanying Consolidated Balance Sheets as a deduction from the carrying amount of the principal balance. Debt issuance costs related to the revolving Credit Facility are presented in the accompanying Consolidated Balance Sheets as Deferred Financing Costs.
Other expenses	Other expenses Other expenses of $2.2 million during the year ended December 31, 2019 consist of professional costs incurred with respect to ongoing discussions and negotiations related to our Management Agreement. Other expenses of $0.3 million during the year ended December 31, 2018 consist of costs related to the termination of an employee contract and have been expensed as incurred. The Company incurred no other expense during the year ended December 31, 2017.
Offering and Registration Costs	Offering and Registration Costs Offering and registration costs represent underwriting discounts and commissions, professional fees, fees paid to various regulatory agencies, and other costs incurred in connection with the registration and sale of the Company’s securities. Offering and registration costs incurred in connection with the Company’s 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.
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 smaller reporting companies for fiscal years and for interim periods within those fiscal years, beginning after December 15, 2022, 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 adopted the this new accounting guidance on January 1, 2019, and the adoption did 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)	12 Months Ended
	Dec. 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 December 31, 2019: Fair Value Measurements Using Total Level 1 Level 2 Level 3 Derivative financial instruments (asset position) $ 14 $ - $ 14 $ - Derivative financial instruments (liability position) (393) - (393) - Development property investments 549,684 - - 549,684 The following table presents the financial instruments measured at fair value on a recurring basis at December 31, 2018: Fair Value Measurements Using Total Level 1 Level 2 Level 3 Development property investments $ 373,564 $ - $ - $ 373,564 Bridge investments 84,383 - - 84,383
Consolidated Statements of Cash Flows - Supplemental Disclosures	The following table provides supplemental disclosures related to the Consolidated Statements of Cash Flows: Year ended December 31, 2019 2018 2017 Supplemental disclosure of cash flow information: Interest paid $ 5,645 $ 1,448 $ 926 Supplemental disclosure of non-cash investing and financing activities: Stock dividend paid on preferred stock $ 8,500 $ 6,419 $ 1,325 Dividends declared, but not paid, on preferred stock 5,195 5,049 423 Dividends declared, but not paid, on common stock 7,936 7,150 5,051 Reclassification of self-storage real estate owned 125,715 66,390 12,919 Assumed liabilities with acquisition of self-storage real estate owned - 252 - Consideration payable due to acquisition of self-storage real estate owned - 100 - Construction and other costs incurred, but not paid, on self-storage real estate owned 50 270 - Other loans paid off with issuance of development property investments 404 117 1,727 Other deferred fees paid-in-kind - 500 - Reclassification of deferred costs to cumulative preferred stock - 559 1,648

SELF-STORAGE INVESTMENT PORTF_2

SELF-STORAGE INVESTMENT PORTFOLIO (Tables)	12 Months Ended
	Dec. 31, 2019
SELF-STORAGE INVESTMENT PORTFOLIO [Abstract]
Schedule of Investments	As of December 31, 2019, the aggregate committed principal amount of the Company’s development property investments was approximately $608.9 million and outstanding principal was $478.6 million, as described in more detail in the table below, (dollars in thousands) : 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 $ 8,884 8/14/2015 Raleigh (2)(7) 8,792 8,789 3 8,593 10/27/2015 Austin (2)(7) 8,658 8,136 522 8,099 9/20/2016 Charlotte 2 (2)(7) 12,888 12,677 211 13,984 1/18/2017 Atlanta 3 (2)(7) 14,115 13,297 818 16,130 1/31/2017 Atlanta 4 (2)(7) 13,678 13,497 181 17,082 2/24/2017 Orlando 3 (2)(7) 8,056 7,767 289 9,725 2/24/2017 New Orleans (2)(7) 12,549 12,021 528 14,504 2/27/2017 Atlanta 5 (2)(7) 17,492 17,492 - 19,970 3/1/2017 Fort Lauderdale (2)(7) 9,952 9,383 569 13,635 3/1/2017 Houston (2)(9) 14,825 14,825 - 17,820 4/14/2017 Louisville 1 (2)(7) 8,523 7,552 971 9,550 4/20/2017 Denver 1 (2)(7) 9,806 9,616 190 10,947 4/20/2017 Denver 2 (2)(7) 11,164 11,009 155 12,383 5/2/2017 Atlanta 6 (2)(7) 12,543 12,025 518 14,744 5/2/2017 Tampa 2 (2)(7) 8,091 7,644 447 9,196 5/19/2017 Tampa 3 (2)(7) 9,224 8,326 898 10,086 6/12/2017 Tampa 4 (2)(7) 10,266 9,614 652 12,673 6/19/2017 Baltimore 1 (2)(4)(7) 10,775 11,010 274 13,581 6/28/2017 Knoxville (2)(7) 9,115 8,628 487 10,355 6/29/2017 Boston 1 (2)(6) - - - 3,361 6/30/2017 New York City 2 (2)(4) 27,982 28,974 665 31,047 7/27/2017 Jacksonville 3 (2)(7) 8,096 7,751 345 10,129 8/30/2017 Orlando 4 (2)(7) 9,037 8,107 930 10,251 9/14/2017 Los Angeles 1 28,750 10,157 18,593 10,347 9/14/2017 Miami 1 (3) 14,657 12,618 2,039 13,373 9/28/2017 Louisville 2 (2)(7) 9,940 9,530 410 11,688 10/12/2017 Miami 2 (4) 9,459 1,494 8,045 1,280 10/30/2017 New York City 3 (4) 15,301 6,776 8,822 6,383 11/16/2017 Miami 3 (3)(4) 20,168 12,086 8,413 12,898 11/21/2017 Minneapolis 1 (2)(7) 12,674 10,684 1,990 12,290 12/1/2017 Boston 2 (2)(7) 8,771 7,918 853 10,024 12/15/2017 New York City 4 (3) 10,591 6,705 3,886 7,528 12/27/2017 Boston 3 10,174 2,757 7,417 2,674 12/28/2017 New York City 5 (2) 16,073 13,817 2,256 16,373 2/8/2018 Minneapolis 2 (2)(7) 10,543 9,904 639 11,763 3/30/2018 Philadelphia (2)(4)(8) 14,338 11,536 3,263 11,807 4/6/2018 Minneapolis 3 (2)(7) 12,883 10,337 2,546 12,043 5/1/2018 Miami 9 (4) 12,421 3,560 9,006 3,427 5/15/2018 Atlanta 7 (3) 9,418 6,563 2,855 7,683 5/23/2018 Kansas City (2) 9,968 8,235 1,733 9,663 6/7/2018 Orlando 5 (2) 12,969 10,340 2,629 11,780 11/16/2018 Baltimore 2 9,247 757 8,490 709 3/1/2019 New York City 6 18,796 3,168 15,628 3,122 4/18/2019 New York City 7 (4) 23,462 7,304 16,287 7,067 $ 553,880 $ 422,034 $ 135,455 $ 490,651 Preferred equity investments: 6/12/2018 Los Angeles 2 (5) 9,298 9,173 649 9,403 3/15/2019 Stamford (2)(5) 2,904 3,064 - 4,952 5/8/2019 New York City 8 (5) 21,000 21,945 - 22,359 7/11/2019 New York City 9 (5) 13,095 13,526 - 13,489 8/21/2019 New York City 10 (5) 8,674 8,892 - 8,830 $ 54,971 $ 56,600 $ 649 $ 59,033 Total investments reported at fair value $ 608,851 $ 478,634 $ 136,104 $ 549,684 (1) Represents principal balance of loan gross of origination fees. The principal balance includes interest accrued on the investment. (2) Construction at the facility was substantially complete and/or certificate of occupancy had been received as of December 31, 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 December 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 has or 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 December 31, 2019, this investment was pledged as collateral to the Company’s Credit Facility. (8) The Company has commenced foreclosure proceedings against the borrower of its $14.3 million Philadelphia development property investment because it has defaulted under the loan by, among other things, failing to pay the general contractor. As the investment was a collateral dependent loan, the Company considered the fair value of the collateral when determining the fair value of the investment as of December 31, 2019. (9) The Company has commenced foreclosure proceedings against the borrower of its $14.8 million Houston development property because the borrower has defaulted under the loan by, among other things, failing to pay interest and operating expenses with respect to the property. The total unpaid balance of the loan is $14.8 million. As the investment was a collateral dependent loan, the Company considered the fair value of the collateral when determining the fair value of the investment as of December 31, 2019. As of December 31, 201 8 , 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 (dollars in thousands) : 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)(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)(9) 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 (10) 17,733 17,733 - 17,733 $ $ $ - $ Total development property investments $ $ $ $ Bridge investments (includes a profits interest): 3/2/2018 Miami 4 (2)(8)(9) 20,201 20,201 - 22,823 3/2/2018 Miami 5 (2)(4)(8)(9) 17,738 16,883 855 14,432 3/2/2018 Miami 6 (2)(8)(9) 13,370 13,370 - 17,372 3/2/2018 Miami 7 (2)(4)(8)(9) 18,462 17,581 881 15,971 3/2/2018 Miami 8 (2)(8)(9) 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 has or 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 year ended December 31, 2019, the Company purchased its partner’s 50.1% Profits Interest in this investment. (10) During the year ended December 31, 2019, the Company purchased the interests in the entity that owned the property securing the Miami construction loan in connection with the entry into a settlement agreement related to foreclosure proceedings that the Company had commenced against the borrower.
Schedule of Changes in Fair Value of Investments	The following table provides a reconciliation of the funded principal to the fair market value of investments at December 31, 2019: Funded principal $ 478,634 Adjustments: Unamortized origination and other fees (5,633) Net unrealized gain on investments 76,767 Other (84) Fair value of investments $ 549,684 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
Real Estate Investment, Impact in Consolidated Statement of Operations, Disclosure	The following table shows the components of the real estate investments as presented in the Company’s accompanying Consolidated Balance Sheets as of December 31, 2019 and 2018: December 31, 2019 December 31, 2018 Land $ 29,430 $ 10,797 Building and improvements 186,295 85,067 In-place leases 8,629 3,552 Property equipment 122 13 Construction-in-progress 16,460 670 Accumulated depreciation and amortization (10,092) (3,897) Self-storage real estate owned, net $ 230,844 $ 96,202

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2019
Summary of Valuation Techniques and Inputs Used to Measure the Fair Value	The following table summarizes the instruments measured at fair value on a recurring basis 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, the Company 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) December 31, 2019 December 31, 2018 Up 25 basis points $ (2.1) $ (1.9) Down 25 basis points, subject to a minimum yield/rate of 10 basis points 2.2 2.0 Up 50 basis points (4.2) (3.9) Down 50 basis points, subject to a minimum yield/rate of 10 basis points 4.5 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) December 31, 2019 December 31, 2018 Up 25 basis points $ (10.2) $ (8.9) Down 25 basis points 11.1 9.8 Up 50 basis points (19.4) (17.0) Down 50 basis points 23.4 20.5
Changes in Investments that Use Level 3 Inputs	The following tables present changes in investments that use Level 3 inputs : Year ended December 31, 2019 2018 Balance at beginning of period $ 457,947 $ 234,171 Realized gains - (619) Unrealized gains 36,402 43,564 Fundings of principal and change in unamortized origination fees 152,528 257,454 Repayments of loans (362) (33,047) Payment-in-kind interest 28,884 22,814 Reclassification of self-storage real estate owned (125,715) (66,390) Net transfers in or out of Level 3 - - Balance at end of period $ 549,684 $ 457,947
Schedule Of Financial Components Related To Sale Of Investment [Table Text Block]	The following tables reflect the various financial components related to the transaction: Tampa 1 investment as of June 30, 2018: Fair value of investment $ 5,931 Funded investment, net of unamortized origination fee 5,260 Unrealized gain recorded as of June 30, 2018 $ 671 Cash received on third party sale $ 6,010 Funded investment (5,285) Value realized 725 Unrealized gain recorded as of June 30, 2018 (671) Income realized in excess of unrealized gain previously recorded $ 54 Value realized: Classification in Statement of Operations Profits interest $ 619 Realized gain on investments Prepayment penalty 106 Interest income on investments $ 725
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 investments categorized within Level 3 as of December 31, 2019 and 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 December 31, 2019 Unobservable Inputs Primary Valuation Weighted Techniques Input Estimated Range Average Income approach analysis Market yields/discount rate 6.89 - 10.16% 8.39% Exit date (a) 1.50 - 6.69 years 3.40 years Option pricing model Volatility 60.95 - 93.83% 73.24% Exit date (a) 1.50 - 6.69 years 3.40 years Capitalization rate (b) 4.75 - 5.75% 5.46% Discount rate (b) 7.75 - 8.75% 8.46% (a) The exit dates for the development property investments are generally the estimated date of stabilization of the underlying property. (b) Thirty-eight 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. As of December 31, 2018 Unobservable Inputs Primary Valuation Weighted Asset Category Techniques Input Estimated Range Average Development property Income approach analysis Market yields/discount rate 4.72 - 13.09% 9.48% investments and bridge investments (a) Exit date (d) 2.25 - 5.95 years 3.44 years Development property Option pricing model Volatility 53.25 - 94.30% 75.10% investments with a profits interest Exit date (d) 2.25 - 5.95 years 3.44 years and bridge investments (b) Capitalization rate (c) 4.75 - 6.00% 5.42% Discount rate (c) 7.75 - 11.74% 8.83% (a) The valuation technique for the development property investments with a Profits Interest does not differ from the development property investments without a Profits Interest. Therefore, this line item focuses on all development property investments, including those with a Profits Interest. The significant unobservable inputs associated with the construction loan presented as a development property investment are not included as the fair value was determined based on the fair value of the underlying collateral. The fair value of the underlying collateral was determined using a market comparable approach and an income approach based on a capitalization rate within the range provided above for capitalization rates associated with development property investments with a profits interest. (b) The valuation technique for the development property investments with a Profits Interest does not differ from the development property investments without a Profits Interest. The development property investments with a Profits Interest only require incremental valuation techniques to determine the value of the Profits Interest. Therefore this line only focuses on the Profits Interest valuation. (c) Thirty-five properties were 40% - 100% complete, thus requiring a capitalization rate and/or discount rate to derive entrepreneurial profit which are used to derive the enterprise value input to the OPM. Capitalization rates are estimated based on current data derived from independent sources in the markets in which the Company holds investments. (d) The exit dates for the development property investments and bridge investments are generally the estimated date of stabilization of the underlying property.

INVESTMENT IN SELF-STORAGE RE_2

INVESTMENT IN SELF-STORAGE REAL ESTATE VENTURE (Tables)	12 Months Ended
	Dec. 31, 2019
INVESTMENT IN SELF-STORAGE REAL ESTATE VENTURE [Abstract]
Equity Method Investments	As of December 31, 2019, the SL1 Venture had six 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 $ 13,114 $ 753 $ 16,222 5/14/2015 Miami 2 (2)(3) 14,849 14,519 330 16,588 9/25/2015 Fort Lauderdale (2)(3) 13,230 12,899 331 17,156 4/15/2016 Washington DC (3)(4) - - - 3,339 7/21/2016 New Jersey (3) 7,828 7,357 471 9,036 9/28/2016 Columbia (3) 9,199 9,073 126 10,445 Total $ 58,973 $ 56,962 $ 2,011 $ 72,786 (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 December 31, 2019. See Note 4, Fair Value of Financial Instruments , for information regarding recognition of entrepreneurial profit . (4) The SL1 Venture’s loan was repaid in full through a refinancing initiated by the SL1 Venture’s partner. This investment represents the SL1 Venture’s 49.9% Profits Interest which was retained during the transaction. 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)(4) 8,877 8,432 445 9,450 Total $ 123,273 $ 114,468 $ 8,805 $ 135,126 (1) Represents principal balance of loan gross of origination fees. The principal balance includes interest accrued on the investment . (2) These development property investments (having approximately $8.1 million of outstanding principal at contribution) were contributed to the SL1 Venture on March 31, 2016 by the Company . (3) Construction at the facility was substantially complete and/or certificate of occupancy had been received as of December 31, 2018. See Note 4, Fair Value of Financial Instruments , for information regarding recognition of entrepreneurial profit . (4) During the year ended December 31, 2019, the SL1 Venture purchased its developer partner’s 50.1% equity interest in this investment. As a result, the SL1 Venture now wholly owns the self-storage property.

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	12 Months Ended
	Dec. 31, 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 : December 31, 2019 2018 Assets recorded related to VIEs $ 549,684 $ 457,947 Unfunded loan commitments to VIEs 136,104 220,877 Maximum exposure to loss $ 685,788 $ 678,824

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Dec. 31, 2019
DEBT [Abstract]
Schedule of debt	A summary of the Company’s debt is as follows: Effective Carrying Value as of Maturity Date Interest Rate December 31, 2019 December 31, 2018 Secured revolving credit facility (1) December 28, 2021 $ 162,000 $ - Term Loans: Term loan 1 (2) August 1, 2021 9,150 9,150 Term loan 2 (2) August 1, 2021 7,125 7,125 Term loan 3 (2) August 1, 2021 8,625 8,625 Term loan 4 (2) August 1, 2021 9,188 - Term loan 5 (2) August 1, 2021 7,087 - Total Term Loans 41,175 24,900 Term loan debt issuance costs (384) (291) Net Term Loans 40,791 24,609 Total debt $ 202,791 $ 24,609 (1) Includes amounts subject to interest rate cap. Effective interest rate represents the weighted average contractual interest rate before the interest rate cap as of December 31, 2019. See further discussion of interest rate cap in Note 8, Risk Management and Use of Financial Instruments . (2) Balance is subject to interest rate swap. Interest rate represents the contractual interest on the loan as of December 31, 2019. See further discussion in Note 8, Risk Management and Use of Financial Instruments .

RISK MANAGEMENT AND USE OF FI_2

RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Schedule of changes in accumulated other comprehensive loss	The changes in accumulated other comprehensive income (loss) for years ended December 31, 2019, 2018 and 2017, are summarized as follows ( dollars in thousands ) : Year ended December 31, 2019 2018 2017 Accumulated other comprehensive income beginning of period $ - $ - $ - Other comprehensive income (loss): Unrealized losses on interest rate swaps (423) - - Reclassification of realized losses on interest rate swaps 30 - - Amount included in other comprehensive income (loss) (393) - - Accumulated other comprehensive income (loss) end of period $ (393) $ - $ -
Designated [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Schedule of terms and fair values of derivative financial instruments designated as hedges	The following table summarizes the terms and fair values of the Company’s derivative financial instruments designated as hedges as of December 31, 2019 and December 31, 2018, respectively ( dollars in thousands ): Notional Amount Fair Value Hedge Product Hedge Type (1) December 31, 2019 December 31, 2018 Strike Effective Date Maturity December 31, 2019 December 31, 2018 Swap Cash flow $ 9,150 $ - % 6/3/2019 8/1/2021 $ (104) $ - Swap Cash flow 7,125 - % 6/3/2019 8/1/2021 (81) - Swap Cash flow 8,625 - % 6/3/2019 8/1/2021 (98) - Swap Cash flow 9,188 - % 6/3/2019 8/1/2021 (105) - Swap Cash flow 7,087 - % 8/13/2019 8/1/2021 (5) - $ 41,175 $ - $ (393) $ - (1) Hedging variable rate Term Loans by fixing 30-day LIBOR.
Schedule of effect of derivatives gain loss on the consolidated statements of comprehensive income	The following table presents the effect of derivatives designated as hedging instruments on the Consolidated Statements of Comprehensive Income: Derivatives in Cash Flow Hedging Relationships Amount of Loss Recognized in Accumulated OCL on Derivative Gain Reclassified from Accumulated OCL into Interest Expense Location of Gain Reclassified from Accumulated OCL into Expense Year ended December 31, 2019 2018 2017 2019 2018 2017 Term loan interest rate contracts $ (423) $ - $ - $ 30 $ - $ - Interest Expense
Nondesignated [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Schedule of effect of derivatives gain loss on the consolidated statements of comprehensive income	The following table presents the effect of derivatives not designated as hedging instruments on the Consolidated Statements of Operations: Derivatives Not Designated as Hedging Instruments Amount of Gain (Loss) Recognized in Earnings on Derivative Location of Gain (Loss) Recognized in Income on Derivative Year ended December 31, 2019 2018 2017 Credit Facility interest rate cap $ (100) $ - $ - Interest Expense

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	12 Months Ended
	Dec. 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 years ended December 31, 2019 and 2018 is as follows: Year ended December 31, 2019 2018 Weighted Weighted average grant average grant Shares date fair value Shares date fair value Nonvested at beginning of period, 159,165 $ 18.39 185,002 $ 21.58 Granted 145,922 21.60 75,333 19.18 Vested (87,256) 18.95 (99,503) 18.48 Forfeited (1,666) 18.10 (1,667) 18.10 Nonvested at end of period, 216,165 $ 20.34 159,165 $ 18.39

DIVIDENDS AND DISTRIBUTIONS (Ta

DIVIDENDS AND DISTRIBUTIONS (Tables)	12 Months Ended
	Dec. 31, 2019
DIVIDENDS AND DISTRIBUTIONS [Abstract]
Summary of Dividends Declared	The following table summarizes the Company’s dividends declared on its common stock during the year ended December 31, 2019: Date declared Record date Payment date Per share amount Total amount February 22, 2019 April 1, 2019 April 15, 2019 $ 0.35 $ 7,205 May 1, 2019 July 1, 2019 July 15, 2019 0.35 7,754 July 31, 2019 October 1, 2019 October 15, 2019 0.35 7,783 October 29, 2019 January 2, 2020 January 15, 2020 0.35 7,936 The following table summarized the Company’s dividends declared on its Series A Preferred Stock during the year ended December 31, 2019: Date declared Record date Payment date Per share amount Total amount Cash dividend: February 22, 2019 April 1, 2019 April 15, 2019 $ 17.45 $ 2,219 May 1, 2019 July 1, 2019 July 15, 2019 17.65 2,281 July 31, 2019 October 1, 2019 October 15, 2019 17.84 2,344 October 29, 2019 January 1, 2020 January 15, 2020 17.85 2,382 Stock dividend: February 22, 2019 April 1, 2019 April 15, 2019 (1) $ 16.72 $ 2,125 May 1, 2019 July 1, 2019 July 15, 2019 (1) 16.44 2,125 July 31, 2019 October 1, 2019 October 15, 2019 (1) 16.18 2,125 October 29, 2019 January 1, 2020 January 15, 2020 (1) 15.92 2,125 (1) 2,125 shares of Series A Preferred Stock were issued at the election of the Holders The following table summarizes the Company’s dividends declared on its Series B Preferred Stock during the year ended December 31, 2019: Date declared Record date Payment date Per share amount Total amount February 22, 2019 April 1, 2019 April 15, 2019 $ 0.43750 $ 688 May 1, 2019 July 1, 2019 July 15, 2019 0.43750 688 July 31, 2019 October 1, 2019 October 15, 2019 0.43750 688 October 29, 2019 January 2, 2020 January 15, 2020 0.43750 688 The following table summarizes the Company’s dividends declared on its common stock during the year ended December 31, 2018: Date declared Record date Payment date Per share amount Total amount February 28, 2018 April 2, 2018 April 13, 2018 $ 0.35 $ 5,056 May 2, 2018 July 2, 2018 July 13, 2018 0.35 6,739 July 31, 2018 October 1, 2018 October 15, 2018 0.35 6,777 October 31, 2018 January 2, 2019 January 15, 2019 0.35 7,150 The following table summarized the Company’s dividends declared on its Series A Preferred Stock during the year ended December 31, 2018: Date declared Record date Payment date Per share amount Total amount Cash dividend: February 28, 2018 April 1, 2018 April 13, 2018 $ 12.12 $ 909 May 2, 2018 July 1, 2018 July 13, 2018 16.07 1,767 July 31, 2018 October 1, 2018 October 15, 2018 15.81 1,977 October 31, 2018 January 1, 2019 January 15, 2019 17.89 2,236 Stock dividend: February 28, 2018 April 1, 2018 April 13, 2018 (1) $ 28.33 $ 2,125 May 2, 2018 July 1, 2018 July 13, 2018 (2) 19.32 2,125 July 31, 2018 October 1, 2018 October 15, 2018 (3) 17.00 2,125 October 31, 2018 January 1, 2019 January 15, 2019 (4) 17.00 2,125 (1) 120,028 shares of common stock were issued at the election of the Holders (2) 111,199 shares of common stock were issued at the election of the Holders (3) 109,494 shares of common stock were issued at the election of the Holders (4) 2,125 shares of Series A Preferred Stock were issued at the election of the Holders The following table summarizes the Company’s dividends declared on its Series B Preferred Stock during the year ended December 31, 2018: Date declared Record date Payment date Per share amount Total amount February 28, 2018 April 2, 2018 April 13, 2018 $ 0.37431 $ 561 May 2, 2018 July 2, 2018 July 13, 2018 0.43750 688 July 31, 2018 October 1, 2018 October 15, 2018 0.43750 688 October 31, 2018 January 2, 2019 January 15, 2019 0.43750 688

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2019
EARNINGS PER SHARE [Abstract]
Schedule of Earnings per Share, Basic and Diluted	For the years ended December 31, 2019, 2018 and 2017, the Company’s basic earnings per share is computed using the two-class method, and the Company’s diluted earnings per share is computed using the more dilutive of the treasury stock method or two-class method: Year ended December 31, Shares outstanding 2019 2018 2017 Weighted average common shares - basic 21,391,218 17,111,035 11,735,455 Effect of dilutive securities 197,562 173,125 173,057 Weighted average common shares, all classes 21,588,780 17,284,160 11,908,512 Calculation of Earnings per Share - basic Net income $ 44,406 $ 54,366 $ 14,559 Less: Net income allocated to preferred stockholders 20,478 18,014 1,456 Net income allocated to unvested restricted shares (1) 220 364 188 Net income attributable to common shareholders – two-class method $ 23,708 $ 35,988 $ 12,915 Weighted average common shares - basic 21,391,218 17,111,035 11,735,455 Earnings per share - basic $ 1.11 $ 2.10 $ 1.10 Calculation of Earnings per Share - diluted Net income $ 44,406 $ 54,366 $ 14,559 Less: Net income allocated to preferred stockholders 20,478 18,014 1,456 Net income attributable to common shareholders – two-class method $ 23,928 $ 36,352 $ 13,103 Weighted average common shares - diluted 21,588,780 17,284,160 11,908,512 Earnings per share - diluted $ 1.11 $ 2.10 $ 1.10 (1) Unvested restricted shares of common stock participate in dividends with unrestricted shares of common stock on a 1:1 basis and thus are considered participating securities under the two-class method for the years ended December 31, 2019, 2018 and 2017.

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2019
COMMITMENTS AND CONTINGENCIES [Abstract]
Summary of Maturities of Credit Facility and Term Loans	The following table summarizes the maturities of the Company’s Credit Facility and FirstBank Term Loans as of December 31, 2019: Contractual Obligations 2020 2021 2022 2023 2024 Thereafter Total Long-term debt obligations (1)(2) $ - $ 203,175 $ - $ - $ - $ - $ 203,175 (1) Represents principal payments gross of discounts and debt issuance costs. (2) Amount excludes interest, which is variable based on 30-day LIBOR plus spreads ranging from 2.25% to 3.25%.

QUARTERLY FINANCIAL DATA (UNA_2

QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2019
QUARTERLY FINANCIAL DATA [Abstract]
Summary of Quarterly Financial Results	The following table summarizes the Company’s quarterly financial results for each quarter of the year ended December 31, 2019: For the three month period ended, March 31 June 30 September 30 December 31 2019: Total revenues $ 9,884 $ 10,832 $ 12,249 $ 12,128 Net income $ 12,114 $ 14,874 $ 10,954 $ 6,465 Net income attributable to common stockholders $ 7,082 $ 9,780 $ 5,797 $ 1,270 Net income per common share - basic $ 0.35 $ 0.46 $ 0.26 $ 0.06 Net income per common share - diluted $ 0.35 $ 0.46 $ 0.26 $ 0.06 The following table summarizes the Company’s quarterly financial results for each quarter of the year ended December 31, 2018: For the three month period ended, March 31 June 30 September 30 December 31 2018: Total revenue $ 5,216 $ 7,241 $ 9,091 $ 9,666 Net income $ 5,354 $ 10,797 $ 15,964 $ 22,251 Net income attributable to common stockholders $ 1,759 $ 6,217 $ 11,174 $ 17,202 Net income per common share - basic $ 0.12 $ 0.40 $ 0.58 $ 0.87 Net income per common share - diluted $ 0.12 $ 0.40 $ 0.57 $ 0.87

ORGANIZATION AND FORMATION OF_2

ORGANIZATION AND FORMATION OF THE COMPANY (Narrative) (Details) - $ / shares	Feb. 20, 2020	Dec. 31, 2019
Operations commenced date		Oct. 1, 2014
Initial public offering		initial public offering (the "IPO") on April 1, 2015
Class B Operating Company Units [Member] | Subsequent Event [Member] | Asset Purchase Agreement [Member]
Number of operating company units issued	1,794,872
Minimum weighted average price threshold of share for additional shares issuance	$ 25
Number of additional operating company units to be issued	769,231

SIGNIFICANT ACCOUNTING POLICI_4

SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Significant Accounting Policies [Line Items]
Receivables in non-accrual status	$ 0	$ 0
Allowance for loan loss	0	0
Self-Storage Real Estate Owned, impairment loss	0	0	$ 0
Other expenses	2,186	290	0
Origination fees received in cash	$ (1,207)	(1,999)	(4,566)
Repurchase of senior loan participations		$ 732	$ 1,854
Share based compensation, grant date fair value	$ 18.10
Customer Relationships [Member]
Significant Accounting Policies [Line Items]
Finite-lived intangible asset, useful life	1 year
Intangible assets	$ 0
Assets Leased to Others [Member]
Significant Accounting Policies [Line Items]
Property, plant and equipment, useful life	40 years
Property, plant and equipment, depreciation methods	straight-line method
Furniture, Office, Computer Equipment and Software [Member]
Significant Accounting Policies [Line Items]
Property, plant and equipment, depreciation methods	straight-line basis
Development Property Investment [Member]
Significant Accounting Policies [Line Items]
Equity method investment, ownership percentage	49.90%
Maximum [Member] | Furniture, Office, Computer Equipment and Software [Member]
Significant Accounting Policies [Line Items]
Property, plant and equipment, useful life	7 years
Minimum [Member] | Furniture, Office, Computer Equipment and Software [Member]
Significant Accounting Policies [Line Items]
Property, plant and equipment, useful life	3 years

SIGNIFICANT ACCOUNTING POLICI_5

SIGNIFICANT ACCOUNTING POLICIES (Financial Instruments Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative financial instruments (asset position)	$ 14
Derivative financial instruments (liability position)	(393)
Development property investments at fair value	549,684	$ 373,564
Bridge investments at fair value		84,383
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative financial instruments (asset position)	14
Derivative financial instruments (liability position)	(393)
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	$ 549,684	373,564
Bridge investments at fair value		$ 84,383

SIGNIFICANT ACCOUNTING POLICI_6

SIGNIFICANT ACCOUNTING POLICIES (Schedule of Consolidated Statements of Cash Flows - Supplemental Disclosures) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Supplemental disclosure of cash flow information:
Interest paid	$ 5,645	$ 1,448	$ 926
Supplemental disclosure of non-cash investing and financing activities:
Stock dividend paid on preferred stock	8,500	6,419	1,325
Dividends declared, but not paid, on preferred stock	5,195	5,049	423
Dividends declared, but not yet paid, on common stock	7,936	7,150	5,051
Reclassification of self-storage real estate owned	125,715	66,390	12,919
Assumed liabilities with acquisition of self-storage real estate owned		252
Consideration payable due to acquisition of self-storage real estate owned		100
Construction and other costs incurred, but not paid, on self-storage real estate owned	50	270
Other loans paid off with issuance of development property investments	$ 404	117	1,727
Other deferred fees paid-in-kind		500
Reclassification of deferred costs to cumulative preferred stock		$ 559	$ 1,648

SELF-STORAGE REAL ESTATE OWNED

SELF-STORAGE REAL ESTATE OWNED (Narrative) (Details) ft² in Thousands

Dec. 21, 2018USD ($)

Aug. 31, 2018USD ($)

Aug. 09, 2017USD ($)

Feb. 03, 2017USD ($)

Dec. 31, 2019USD ($)ft²property

Dec. 31, 2018USD ($)property

Dec. 31, 2017USD ($)

Sep. 17, 2019

Aug. 16, 2019

Jul. 02, 2019USD ($)

Mar. 08, 2019

Feb. 20, 2018

Feb. 02, 2018

Jan. 10, 2018

Aug. 08, 2017

Feb. 02, 2017

Schedule of Investments [Line Items]

Cash consideration

$ 156,107,000

$ 258,604,000

$ 152,681,000

Investment commitment

608,851,000

634,337,000

Funded Investment, outstanding

478,634,000

413,460,000

Development property investments, Fair Value

$ 549,684,000

373,564,000

Net rentable area | ft²

1,102,769

Investment, income (loss)

18,700,000

Construction Loans [Member] | Miami [Member]

Schedule of Investments [Line Items]

Land

$ 3,900,000

Construction-in-progress

$ 16,500,000

Development Property Investments [Member]

Schedule of Investments [Line Items]

Investment commitment

551,013,000

Development property investments, Fair Value

$ 373,564,000

Development Property Investments [Member] | Put Option [Member]

Schedule of Investments [Line Items]

Number of investments | property

16

16

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] | Houston [Member]

Schedule of Investments [Line Items]

Investment commitment

$ 14,800,000

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

Schedule of Investments [Line Items]

Number of investments | property

50

Equity method investment, ownership percentage

49.90%

In-place leases

$ 3,000,000

In-place leases, estimated useful life

12 months

Mortgage loans on real estate, interest rate

6.90%

Investment commitment

$ 553,880,000

$ 533,280,000

Mortgage loans on real estate, periodic payment terms

have a term of 72 months

Development property investments, Fair Value

$ 490,651,000

355,831,000

Development property investment, assets

592,300,000

442,600,000

Development property investment, liabilities

531,700,000

395,700,000

Development property investment, revenue

7,400,000

4,900,000

Development property investment, operating expenses

$ 9,000,000

$ 4,200,000

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

Schedule of Investments [Line Items]

Percentage of financing provided by a traditional bank

60.00%

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%

70.00%

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

Schedule of Investments [Line Items]

Mortgage loans on real estate, interest rate

6.90%

Development Property Investments [Member] | Loan Investments [Member] | Orlando 1 [Member] | Limited Liability Company that Owned the Property [Member]

Schedule of Investments [Line Items]

Equity method investment, ownership percentage

74.90%

49.90%

Cash consideration

$ 1,300,000

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

Schedule of Investments [Line Items]

Mortgage loans on real estate, interest rate

6.90%

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

Schedule of Investments [Line Items]

Development property investment, revenue

$ 3,000,000

Development property investment, operating expenses

2,500,000

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

Schedule of Investments [Line Items]

Investment commitment

6,930,000

Development property investments, Fair Value

8,350,000

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

Schedule of Investments [Line Items]

Mortgage loans on real estate, interest rate

6.90%

Investment commitment

7,530,000

Development property investments, Fair Value

9,122,000

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

Schedule of Investments [Line Items]

Mortgage loans on real estate, interest rate

12.90%

Investment commitment

$ 14,825,000

14,825,000

Funded Investment, outstanding

14,800,000

Development property investments, Fair Value

$ 17,820,000

13,285,000

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

Schedule of Investments [Line Items]

Mortgage loans on real estate, interest rate

15.50%

Investment commitment

$ 14,338,000

14,338,000

Funded Investment, outstanding

11,200,000

Development property investments, Fair Value

$ 11,807,000

8,093,000

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

Schedule of Investments [Line Items]

Cash consideration

$ 16,800,000

Mortgage loans on real estate, interest rate

9.50%

Development property investments, Fair Value

$ 66,400,000

Development property investment, total income

$ 4,900,000

Development property investment, revenue

16,000

Development property investment, operating expenses

200,000

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

Schedule of Investments [Line Items]

Concentration risk percentage

20.00%

Development Property Investments [Member] | Loan Investments [Member] | 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] | Loan Investments [Member] | Class A Membership Units [Member] | Orlando 1 [Member] | Limited Liability Company that Owned the Property [Member]

Schedule of Investments [Line Items]

Equity method investment, ownership percentage

50.00%

50.00%

74.90%

Development Property Investments [Member] | Loan Investments [Member] | Class A Membership Units [Member] | Orlando 2 [Member] | Limited Liability Company that Owned the Property [Member]

Schedule of Investments [Line Items]

Equity method investment, ownership percentage

100.00%

49.90%

Cash consideration

$ 1,600,000

Development Property Investments [Member] | Loan 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] | Loan 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] | Class A Membership Units [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] | Loan Investments [Member] | Class A Membership Units [Member] | Jacksonville 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] | Loan Investments [Member] | Class A Membership Units [Member] | Charlotte 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] | Loan Investments [Member] | Class A Membership Units [Member] | New York City 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] | Construction Loans [Member]

Schedule of Investments [Line Items]

Investment commitment

17,733,000

Development property investments, Fair Value

17,733,000

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

Schedule of Investments [Line Items]

Investment commitment

17,733,000

Development property investments, Fair Value

$ 17,733,000

Development Property Investments [Member] | Preferred Investments [Member]

Schedule of Investments [Line Items]

Number of investments | property

5

Equity method investment, ownership percentage

90.00%

90.00%

Investment commitment

$ 54,971,000

Development property investments, Fair Value

$ 59,033,000

Development Property Investments [Member] | Preferred Investments [Member] | Minimum [Member]

Schedule of Investments [Line Items]

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

60.00%

Development Property Investments [Member] | Preferred Investments [Member] | Maximum [Member]

Schedule of Investments [Line Items]

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

70.00%

Bridge Loan Investments [Member]

Schedule of Investments [Line Items]

Investment commitment

$ 83,324,000

Bridge Loan Investments [Member] | Class A Membership Units [Member] | Miami 4, Miami 5, Miami 6, Miami 7 and Miami 8 [Member} | Limited Liability Company that Owned the Property [Member]

Schedule of Investments [Line Items]

Minority interest, ownership percentage

100.00%

Development Property Investment or Bridge Investment [Member] | Loan Investments [Member]

Schedule of Investments [Line Items]

Acquisition date basis of investment

$ 138,900,000

Cash consideration

10,500,000

In-place leases

$ 5,100,000

In-place leases, estimated useful life

12 months

Development property investments, Fair Value

$ 125,700,000

Loans Receivable [Member] | Development Property Investments [Member] | New York City 1 [Member]

Schedule of Investments [Line Items]

Acquisition date basis of investment

$ 83,600,000

Funded Investment [Member]

Schedule of Investments [Line Items]

Funded Investment, outstanding

478,634,000

413,460,000

Funded Investment [Member] | Development Property Investments [Member]

Schedule of Investments [Line Items]

Funded Investment, outstanding

331,953,000

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

Schedule of Investments [Line Items]

Funded Investment, outstanding

422,034,000

314,220,000

Funded Investment [Member] | Development Property Investments [Member] | Loan Investments [Member] | New Haven [Member]

Schedule of Investments [Line Items]

Funded Investment, outstanding

6,827,000

Funded Investment [Member] | Development Property Investments [Member] | Loan Investments [Member] | Jacksonville 2 [Member]

Schedule of Investments [Line Items]

Funded Investment, outstanding

7,157,000

Funded Investment [Member] | Development Property Investments [Member] | Loan Investments [Member] | Houston [Member]

Schedule of Investments [Line Items]

Funded Investment, outstanding

14,825,000

10,936,000

Funded Investment [Member] | Development Property Investments [Member] | Loan Investments [Member] | Philadelphia [Member]

Schedule of Investments [Line Items]

Funded Investment, outstanding

11,536,000

7,870,000

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

Schedule of Investments [Line Items]

Funded Investment, outstanding

17,733,000

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

Schedule of Investments [Line Items]

Funded Investment, outstanding

17,733,000

Funded Investment [Member] | Development Property Investments [Member] | Preferred Investments [Member]

Schedule of Investments [Line Items]

Funded Investment, outstanding

$ 56,600,000

Funded Investment [Member] | Bridge Loan Investments [Member]

Schedule of Investments [Line Items]

Funded Investment, outstanding

$ 81,507,000

SELF-STORAGE REAL ESTATE OWNE_2

SELF-STORAGE REAL ESTATE OWNED (Schedule of Investments) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Nov. 07, 2019	Dec. 21, 2018	Jun. 30, 2018
Schedule of Investments [Line Items]
Investment commitment	$ 608,851	$ 634,337
Funded Investment	478,634	413,460
Development property investments, Fair Value	549,684	373,564
Bridge investments at fair value		84,383
Total investments	549,684	457,947
Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	478,634	413,460
Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	136,104	220,877
Tampa 1 [Member]
Schedule of Investments [Line Items]
Funded Investment					$ 5,260
Development property investments, Fair Value					$ 5,931
Development Property Investments [Member]
Schedule of Investments [Line Items]
Investment commitment		551,013
Development property investments, Fair Value		373,564
Development Property Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment		331,953
Development Property Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment		219,060
Development Property Investments [Member] | Loan Investments [Member]
Schedule of Investments [Line Items]
Investment commitment	553,880	533,280
Development property investments, Fair Value	$ 490,651	355,831
Equity method investment, ownership percentage	49.90%
Total project cost of an investment		$ 29,500
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 not offered by the bank	30.00%	30.00%
Percentage of financing provided by a traditional bank	60.00%	60.00%
Development Property Investments [Member] | Loan Investments [Member] | Maximum [Member]
Schedule of Investments [Line Items]
Percentage of Financing not offered by the bank	40.00%	40.00%
Percentage of financing provided by a traditional bank	70.00%	70.00%
Development Property Investments [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	$ 422,034	$ 314,220
Development Property Investments [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	135,455	$ 219,060
Development Property Investments [Member] | Preferred Investments [Member]
Schedule of Investments [Line Items]
Investment commitment	54,971
Development property investments, Fair Value	$ 59,033
Equity method investment, ownership percentage	90.00%	90.00%
Preferred return on investment, percentage	6.90%	6.90%
Transaction fee, percentage of total project cost	1.00%	1.00%
Profits interest, percentage of total project cost	49.90%	49.90%
Development Property Investments [Member] | Preferred Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	$ 56,600
Development Property Investments [Member] | Preferred Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 649
Development Property Investments [Member] | Construction Loans [Member]
Schedule of Investments [Line Items]
Investment commitment		$ 17,733
Development property investments, Fair Value		17,733
Development Property Investments [Member] | Construction Loans [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment		$ 17,733
Development Property Investments [Member] | Tampa 1 [Member] | Loan Investments [Member]
Schedule of Investments [Line Items]
Equity method investment, ownership percentage		49.90%
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	8,884	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		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] | Raleigh [Member]
Schedule of Investments [Line Items]
Equity method investment, ownership percentage			100.00%
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	8,593	8,002
Development Property Investments [Member] | Raleigh [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	8,789	8,498
Development Property Investments [Member] | Raleigh [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 3	$ 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	8,099	7,763
Development Property Investments [Member] | Austin [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	8,136	7,817
Development Property Investments [Member] | Austin [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 522	$ 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	13,984	12,793
Development Property Investments [Member] | Charlotte 2 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	12,677	11,445
Development Property Investments [Member] | Charlotte 2 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 211	$ 1,443
Development Property Investments [Member] | Jacksonville 2 [Member] | Loan Investments [Member]
Schedule of Investments [Line Items]
Investment closing date		11/17/2016
Investment commitment		$ 7,530
Development property investments, Fair Value		9,122
Development Property Investments [Member] | Jacksonville 2 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment		7,157
Development Property Investments [Member] | Jacksonville 2 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment		$ 373
Development Property Investments [Member] | New York City 1 [Member] | Loan Investments [Member]
Schedule of Investments [Line Items]
Development property investments, Fair Value				$ 66,400
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	16,130	9,337
Development Property Investments [Member] | Atlanta 3 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	13,297	8,711
Development Property Investments [Member] | Atlanta 3 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 818	$ 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	17,082	16,031
Development Property Investments [Member] | Atlanta 4 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	13,497	12,957
Development Property Investments [Member] | Atlanta 4 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 181	$ 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	9,725	8,592
Development Property Investments [Member] | Orlando 3 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	7,767	7,229
Development Property Investments [Member] | Orlando 3 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 289	$ 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	14,504	12,221
Development Property Investments [Member] | New Orleans [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	12,021	10,587
Development Property Investments [Member] | New Orleans [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 528	$ 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	19,970	15,371
Development Property Investments [Member] | Atlanta 5 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	$ 17,492	14,095
Development Property Investments [Member] | Atlanta 5 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment		$ 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	13,635	10,475
Development Property Investments [Member] | Fort Lauderdale [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	9,383	7,604
Development Property Investments [Member] | Fort Lauderdale [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	569	$ 2,348
Development Property Investments [Member] | Houston [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 14,800
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
Funded Investment	14,800
Development property investments, Fair Value	17,820	13,285
Development Property Investments [Member] | Houston [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	$ 14,825	10,936
Development Property Investments [Member] | Houston [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment		$ 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	9,550	8,540
Development Property Investments [Member] | Louisville 1 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	7,552	6,979
Development Property Investments [Member] | Louisville 1 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 971	$ 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	10,947	7,706
Development Property Investments [Member] | Denver 1 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	9,616	6,884
Development Property Investments [Member] | Denver 1 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 190	$ 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	12,383	12,403
Development Property Investments [Member] | Denver 2 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	11,009	10,235
Development Property Investments [Member] | Denver 2 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 155	$ 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	14,744	12,774
Development Property Investments [Member] | Atlanta 6 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	12,025	10,589
Development Property Investments [Member] | Atlanta 6 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 518	$ 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	9,196	6,020
Development Property Investments [Member] | Tampa 2 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	7,644	5,493
Development Property Investments [Member] | Tampa 2 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 447	$ 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	10,086	8,391
Development Property Investments [Member] | Tampa 3 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	8,326	7,154
Development Property Investments [Member] | Tampa 3 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 898	$ 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	12,673	11,419
Development Property Investments [Member] | Tampa 4 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	9,614	8,846
Development Property Investments [Member] | Tampa 4 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 652	$ 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	13,581	10,805
Development Property Investments [Member] | Baltimore 1 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	11,010	9,177
Development Property Investments [Member] | Baltimore 1 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 274	$ 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	10,355	8,652
Development Property Investments [Member] | Knoxville [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	8,628	7,717
Development Property Investments [Member] | Knoxville [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 487	$ 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	$ 3,361	$ 2,614
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	$ 27,982	$ 26,482
Development property investments, Fair Value	31,047	28,102
Development Property Investments [Member] | New York City 2 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	28,974	24,760
Development Property Investments [Member] | New York City 2 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 665	$ 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	10,129	8,251
Development Property Investments [Member] | Jacksonville 3 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	7,751	6,836
Development Property Investments [Member] | Jacksonville 3 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 345	$ 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	10,251	8,264
Development Property Investments [Member] | Orlando 4 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	8,107	6,769
Development Property Investments [Member] | Orlando 4 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 930	$ 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	10,347	8,418
Development Property Investments [Member] | Los Angeles 1 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	10,157	8,692
Development Property Investments [Member] | Los Angeles 1 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 18,593	$ 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	13,373	6,562
Development Property Investments [Member] | Miami 1 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	12,618	6,882
Development Property Investments [Member] | Miami 1 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 2,039	$ 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	11,688	10,652
Development Property Investments [Member] | Louisville 2 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	9,530	8,691
Development Property Investments [Member] | Louisville 2 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 410	$ 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	1,280	1,082
Development Property Investments [Member] | Miami 2 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	1,494	1,335
Development Property Investments [Member] | Miami 2 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 8,045	$ 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	$ 15,301	$ 14,701
Development property investments, Fair Value	6,383	4,383
Development Property Investments [Member] | New York City 3 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	6,776	4,835
Development Property Investments [Member] | New York City 3 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 8,822	$ 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	12,898	3,542
Development Property Investments [Member] | Miami 3 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	12,086	4,096
Development Property Investments [Member] | Miami 3 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 8,413	$ 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	12,290	3,070
Development Property Investments [Member] | Minneapolis 1 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	10,684	3,214
Development Property Investments [Member] | Minneapolis 1 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 1,990	$ 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	10,024	4,246
Development Property Investments [Member] | Boston 2 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	7,918	3,978
Development Property Investments [Member] | Boston 2 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 853	$ 4,793
Development Property Investments [Member] | Miami [Member] | Construction Loans [Member]
Schedule of Investments [Line Items]
Investment closing date		12/23/2015
Investment commitment		$ 17,733
Development property investments, Fair Value		17,733
Development Property Investments [Member] | Miami [Member] | Construction Loans [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment		$ 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	7,528	1,631
Development Property Investments [Member] | New York City 4 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	6,705	1,777
Development Property Investments [Member] | New York City 4 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 3,886	$ 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	2,674	2,402
Development Property Investments [Member] | Boston 3 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	2,757	2,563
Development Property Investments [Member] | Boston 3 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 7,417	$ 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	16,373	6,400
Development Property Investments [Member] | New York City 5 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	13,817	6,523
Development Property Investments [Member] | New York City 5 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 2,256	$ 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	11,763	8,773
Development Property Investments [Member] | Minneapolis 2 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	9,904	7,802
Development Property Investments [Member] | Minneapolis 2 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 639	$ 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
Funded Investment	11,200
Development property investments, Fair Value	11,807	8,093
Development Property Investments [Member] | Philadelphia [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	11,536	7,870
Development Property Investments [Member] | Philadelphia [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 3,263	$ 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	12,043	2,206
Development Property Investments [Member] | Minneapolis 3 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	10,337	2,333
Development Property Investments [Member] | Minneapolis 3 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 2,546	$ 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	3,427	2,564
Development Property Investments [Member] | Miami 9 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	3,560	2,803
Development Property Investments [Member] | Miami 9 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 9,006	$ 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	7,683	775
Development Property Investments [Member] | Atlanta 7 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	6,563	861
Development Property Investments [Member] | Atlanta 7 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 2,855	$ 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	9,663	1,137
Development Property Investments [Member] | Kansas City [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	8,235	1,228
Development Property Investments [Member] | Kansas City [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 1,733	$ 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	11,780	673
Development Property Investments [Member] | Orlando 5 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	10,340	800
Development Property Investments [Member] | Orlando 5 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 2,629	$ 12,169
Development Property Investments [Member] | Los Angeles 2 [Member] | Loan Investments [Member]
Schedule of Investments [Line Items]
Investment closing date		6/12/2018
Investment commitment		$ 9,298
Development property investments, Fair Value		4,581
Development Property Investments [Member] | Los Angeles 2 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment		4,597
Development Property Investments [Member] | Los Angeles 2 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment		$ 4,701
Development Property Investments [Member] | Los Angeles 2 [Member] | Preferred Investments [Member]
Schedule of Investments [Line Items]
Investment closing date	6/12/2018
Investment commitment	$ 9,298
Development property investments, Fair Value	9,403
Development Property Investments [Member] | Los Angeles 2 [Member] | Preferred Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	9,173
Development Property Investments [Member] | Los Angeles 2 [Member] | Preferred Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 649
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	709	301
Development Property Investments [Member] | Baltimore 2 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	757	390
Development Property Investments [Member] | Baltimore 2 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 8,490	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	3,122
Development Property Investments [Member] | New York City 6 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	3,168
Development Property Investments [Member] | New York City 6 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 15,628
Development Property Investments [Member] | Stamford [Member] | Preferred Investments [Member]
Schedule of Investments [Line Items]
Investment closing date	3/15/2019
Investment commitment	$ 2,904
Development property investments, Fair Value	4,952
Development Property Investments [Member] | Stamford [Member] | Preferred Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	$ 3,064
Development Property Investments [Member] | New York City 7 [Member] | Loan Investments [Member]
Schedule of Investments [Line Items]
Investment closing date	4/18/2019
Investment commitment	$ 23,462
Development property investments, Fair Value	7,067
Development Property Investments [Member] | New York City 7 [Member] | Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	7,304
Development Property Investments [Member] | New York City 7 [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment	$ 16,287
Development Property Investments [Member] | New York City 8 [Member] | Preferred Investments [Member]
Schedule of Investments [Line Items]
Investment closing date	5/8/2019
Investment commitment	$ 21,000
Development property investments, Fair Value	22,359
Development Property Investments [Member] | New York City 8 [Member] | Preferred Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	$ 21,945
Development Property Investments [Member] | New York City 9 [Member] | Preferred Investments [Member]
Schedule of Investments [Line Items]
Investment closing date	7/11/2019
Investment commitment	$ 13,095
Development property investments, Fair Value	13,489
Development Property Investments [Member] | New York City 9 [Member] | Preferred Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	$ 13,526
Development Property Investments [Member] | New York City 10 [Member] | Preferred Investments [Member]
Schedule of Investments [Line Items]
Investment closing date	8/21/2019
Investment commitment	$ 8,674
Development property investments, Fair Value	8,830
Development Property Investments [Member] | New York City 10 [Member] | Preferred Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment	$ 8,892
Bridge Loan Investments [Member]
Schedule of Investments [Line Items]
Investment commitment		83,324
Operating property loans, Fair Value		84,383
Equity method investment percentage of additional equity acquired	50.10%
Bridge Loan Investments [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment		81,507
Bridge Loan Investments [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment		$ 1,817
Bridge Loan Investments [Member] | Miami 4 [Member]
Schedule of Investments [Line Items]
Investment closing date		3/2/2018
Investment commitment		$ 20,201
Operating property loans, Fair Value		22,823
Bridge Loan Investments [Member] | Miami 4 [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment		$ 20,201
Bridge Loan Investments [Member] | Miami 5 [Member]
Schedule of Investments [Line Items]
Investment closing date		3/2/2018
Investment commitment		$ 17,738
Development property investments, Fair Value		14,432
Bridge Loan Investments [Member] | Miami 5 [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment		16,883
Bridge Loan Investments [Member] | Miami 5 [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment		$ 855
Bridge Loan Investments [Member] | Miami 6 [Member]
Schedule of Investments [Line Items]
Investment closing date		3/2/2018
Investment commitment		$ 13,370
Development property investments, Fair Value		17,372
Bridge Loan Investments [Member] | Miami 6 [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment		$ 13,370
Bridge Loan Investments [Member] | Miami 7 [Member]
Schedule of Investments [Line Items]
Investment closing date		3/2/2018
Investment commitment		$ 18,462
Development property investments, Fair Value		15,971
Bridge Loan Investments [Member] | Miami 7 [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment		17,581
Bridge Loan Investments [Member] | Miami 7 [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment		$ 881
Bridge Loan Investments [Member] | Miami 8 [Member]
Schedule of Investments [Line Items]
Investment closing date		3/2/2018
Investment commitment		$ 13,553
Operating property loans, Fair Value		13,785
Bridge Loan Investments [Member] | Miami 8 [Member] | Funded Investment [Member]
Schedule of Investments [Line Items]
Funded Investment		13,472
Bridge Loan Investments [Member] | Miami 8 [Member] | Unfunded Commitment [Member]
Schedule of Investments [Line Items]
Investment commitment		$ 81

SELF-STORAGE REAL ESTATE OWNE_3

SELF-STORAGE REAL ESTATE OWNED (Schedule of Changes in Fair Value of Investments) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
SELF-STORAGE INVESTMENT PORTFOLIO [Abstract]
Funded investment, net of unamortized origination fee	$ 478,634	$ 413,460
Adjustments:
Unamortized origination and other fees	(5,633)	(6,382)
Net unrealized gain on investments	76,767	50,953
Other	(84)	(84)
Total investments	$ 549,684	$ 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	Dec. 31, 2019	Dec. 31, 2018
Schedule of Investments [Line Items]
Self-storage real estate owned	$ 230,844	$ 96,202
Real Estate Investment [Member]
Schedule of Investments [Line Items]
Land	29,430	10,797
Building and improvements	186,295	85,067
In-place leases	8,629	3,552
Property equipment	122	13
Construction-in-progress	16,460	670
Accumulated depreciation and amortization	(10,092)	(3,897)
Self-storage real estate owned	$ 230,844	$ 96,202

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Percentage of construction completion threshold percentage when most entrepreneurial profit is earned	40.00%
Investment owned, unrecognized unrealized appreciation (depreciation), net	$ 76,800,000	$ 51,000,000
Gains or losses attributable to changes in instrument-specific credit risk	$ 0	$ 0	$ 0
Eight Properties [Member]
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Percentage of completion of construction	40.00%
Minimum [Member] | Thirty Five Properties [Member]
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Percentage of construction completion threshold percentage when most entrepreneurial profit is earned		40.00%
Maximum [Member] | Thirty Five Properties [Member]
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Percentage of construction completion threshold percentage when most entrepreneurial profit is earned		100.00%
Loan Investments [Member] | Development Property Investments [Member]
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Percentage of completion of construction	40.00%	40.00%
Equity method investment, ownership percentage	49.90%
Loan Investments [Member] | Development Property Investments [Member] | Tampa 1 [Member]
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Equity method investment, ownership percentage		49.90%

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS (Summary of Significant Unobservable Inputs used to Value Investments) (Details)	12 Months Ended
	Dec. 31, 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	0.0689	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	1.50	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	0.1016	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	6.69	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	0.0839	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	3.40	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	0.6095	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	1.50	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	0.9383	0.943
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	0.0875	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	6.69	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	0.0575	0.060
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	0.7324	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	0.0846	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	3.40	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	0.0546	0.0542
Thirty Eight Development Properties [Member] | Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Percentage of completion of construction	40.00%
Thirty Eight 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 Thousands	12 Months Ended
	Dec. 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	$ (2,100)	$ (1,900)
Down 25 Basis Points [Member]
Investments in and Advances to Affiliates [Line Items]
Increase (decrease) in fair value of investments	2,200	2,000
Up 50 basis points [Member]
Investments in and Advances to Affiliates [Line Items]
Increase (decrease) in fair value of investments	(4,200)	(3,900)
Down 50 Basis Points [Member]
Investments in and Advances to Affiliates [Line Items]
Increase (decrease) in fair value of investments	$ 4,500	$ 4,100

FAIR VALUE OF FINANCIAL INSTR_6

FAIR VALUE OF FINANCIAL INSTRUMENTS (Schedule of Change in Fair Value of Investments Due to Change in Capitalization Rates) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Up 25 Basis Points [Member]
Investments in and Advances to Affiliates [Line Items]
Increase (decrease) in fair value of investments	$ (10,200)	$ (8,900)
Down 25 Basis Points [Member]
Investments in and Advances to Affiliates [Line Items]
Increase (decrease) in fair value of investments	11,100	9,800
Up 50 basis points [Member]
Investments in and Advances to Affiliates [Line Items]
Increase (decrease) in fair value of investments	(19,400)	(17,000)
Down 50 Basis Points [Member]
Investments in and Advances to Affiliates [Line Items]
Increase (decrease) in fair value of investments	$ 23,400	$ 20,500

FAIR VALUE OF FINANCIAL INSTR_7

FAIR VALUE OF FINANCIAL INSTRUMENTS (Changes in Investments that Use Level 3 Inputs) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Net unrealized gains	$ 36,402	$ 43,564	$ 10,804
Net unrealized gains	36,402	42,945	10,804
Fundings of principal and change in unamortized origination fees	102,787
Repayments of loans	(362)
Payment-in-kind interest	26,606
Reclassification of self-storage real estate owned	(125,715)	(66,390)	(12,919)
Fair Value, Inputs, Level 3 [Member]
Balance as of beginning of period	457,947	234,171
Realized gains		619
Net unrealized gains	36,402	43,564
Fundings of principal and change in unamortized origination fees	152,528	257,454
Repayments of loans	(362)	(33,047)
Payment-in-kind interest	28,884	22,814
Reclassification of self-storage real estate owned	(125,715)	(66,390)
Balance at end of period	$ 549,684	$ 457,947	$ 234,171

FAIR VALUE OF FINANCIAL INSTR_8

FAIR VALUE OF FINANCIAL INSTRUMENTS (Schedule of Financial Components Related to the Sale of Investment) (Details) - USD ($) $ in Thousands	Aug. 28, 2018	Jun. 30, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Fair value of investments			$ 549,684	$ 373,564
Funded investment, net of unamortized origination fee			478,634	413,460
Net unrealized gain on investments			36,402	43,564	$ 10,804
Cash received on third party sale				619
Unrealized gain recorded as of June 30, 2018			(36,402)	(43,564)	(10,804)
Profits interest				619
Prepayment penalty			$ 36	$ 399	$ 634
Tampa 1 [Member]
Fair value of investments		$ 5,931
Funded investment, net of unamortized origination fee		5,260
Net unrealized gain on investments		671
Cash received on third party sale		6,010
Funded investment		(5,285)
Value realized	$ 725	725
Unrealized gain recorded as of June 30, 2018		(671)
Income realized in excess of fair value previously recorded		$ 54
Gain (Loss) on Investments [Member] | Tampa 1 [Member]
Profits interest	619
Interest Income [Member] | Tampa 1 [Member]
Prepayment penalty	$ 106

INVESTMENT IN SELF-STORAGE RE_3

INVESTMENT IN SELF-STORAGE REAL ESTATE VENTURE (Narrative) (Details) $ in Thousands

Sep. 17, 2019USD ($)

Feb. 27, 2019USD ($)

Apr. 30, 2019USD ($)

Dec. 31, 2019USD ($)property

Dec. 31, 2018USD ($)property

Dec. 31, 2017USD ($)

Nov. 07, 2019USD ($)

Nov. 06, 2019

Mar. 31, 2019

Jan. 28, 2019USD ($)

Jan. 27, 2019

Mar. 31, 2016USD ($)

Mar. 07, 2016USD ($)

Investment In Real Estate Venture [Line Items]

Investment in and advances to self-storage real estate venture

$ 11,247

$ 14,155

Investment, income (loss)

$ 18,700

Investment commitment

$ 608,851

634,337

Debt instrument, basis spread on variable rate

4.85%

Funded investment, net of unamortized origination fee

$ 478,634

413,460

Return of capital from unconsolidated self-storage real estate venture

3,833

Development Property Investments [Member]

Investment In Real Estate Venture [Line Items]

Investment commitment

551,013

Development Property Investments [Member] | Raleigh [Member]

Investment In Real Estate Venture [Line Items]

Equity method investment, ownership percentage

100.00%

Parent Company [Member]

Investment In Real Estate Venture [Line Items]

Investment, income (loss)

2,300

SL1 Venture [Member]

Investment In Real Estate Venture [Line Items]

Investment in and advances to self-storage real estate venture

$ 300

400

Equity method investment, ownership percentage

50.10%

10.00%

Joint venture agreement percentage of priority distribution, percentage of committed principal amount

1.00%

Development property investment, assets

$ 139,700

135,200

Development property investment, liabilities

37,600

500

Investment, income (loss)

5,500

13,800

Investment commitment

12,300

123,300

Advances made to joint venture

$ 200

$ 200

Number of investments | property

6

11

Funded investment, net of unamortized origination fee

$ 12,200

Return of capital from unconsolidated self-storage real estate venture

7,300

Notional Amount

$ 36,100

Interest rate swap, maturity date

Apr. 1, 2021

SL1 Venture [Member] | London Interbank Offered Rate Libor Swap Rate [Member]

Investment In Real Estate Venture [Line Items]

Interest rate swap, fixed rate

2.29%

SL1 Venture [Member] | Development Property Investments [Member] | Raleigh [Member]

Investment In Real Estate Venture [Line Items]

Equity method investment, ownership percentage

100.00%

49.90%

Acquisition date basis of investment

$ 9,700

SL1 Venture [Member] | Eight Properties [Member]

Investment In Real Estate Venture [Line Items]

Investment commitment

$ 81,400

Number of investments | property

8

SL1 Venture [Member] | Four Properties [Member]

Investment In Real Estate Venture [Line Items]

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

Investment, income (loss)

$ 600

$ 1,500

Investment commitment

12,300

8,100

Investment in joint venture, fair value

7,700

Funded investment, net of unamortized origination fee

8,100

SL1 Venture [Member] | Parent Company [Member] | Washington DC [Member]

Investment In Real Estate Venture [Line Items]

Proceeds from issuance of debt

$ 1,700

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%

SL1 Venture - Three Borrowers [Member]

Investment In Real Estate Venture [Line Items]

Investment commitment

$ 1,200

Preferred return on investment, percentage

6.90%

Funded investment, net of unamortized origination fee

$ 400

Heitman And Large Institutional Co-Investor [Member] | SL1 Venture [Member]

Investment In Real Estate Venture [Line Items]

Investment in and advances to self-storage real estate venture

$ 300

$ 110,000

Equity method investment, ownership percentage

90.00%

Advances made to joint venture

400

Agreement metric, return multiple

1.48

HVP III Storage Lenders Investor, LLC [Member]

Investment In Real Estate Venture [Line Items]

Payment to acquire interest in joint venture

7,300

Investment, income (loss)

$ 16,400

HVP III Storage Lenders Investor, LLC [Member] | SL1 Venture [Member]

Investment In Real Estate Venture [Line Items]

Equity method investment, ownership percentage

90.00%

Investment, income (loss)

$ 4,900

(12,300)

Investment commitment

$ 111,000

HVP III Storage Lenders Investor, LLC [Member] | SL1 Venture [Member] | Washington DC [Member]

Investment In Real Estate Venture [Line Items]

Proceeds from issuance of debt

$ 15,500

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

$ 592,300

442,600

Development property investment, liabilities

531,700

395,700

Investment commitment

$ 553,880

533,280

Number of investments | property

50

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

Investment In Real Estate Venture [Line Items]

Investment commitment

$ 8,792

8,792

Loan maturity date

Sep. 1, 2021

Loan Investments [Member] | SL1 Venture [Member]

Investment In Real Estate Venture [Line Items]

Funded investment, net of unamortized origination fee

$ 8,100

Loan Investments [Member] | SL1 Venture [Member] | Development Property Investments [Member]

Investment In Real Estate Venture [Line Items]

Equity method investment, ownership percentage

49.90%

Investment commitment

$ 58,973

123,273

Loan Investments [Member] | SL1 Venture [Member] | Development Property Investments [Member] | Washington DC [Member]

Investment In Real Estate Venture [Line Items]

Equity method investment, ownership percentage

49.90%

Investment commitment

17,269

Loan Investments [Member] | SL1 Venture [Member] | Development Property Investments [Member] | Raleigh [Member]

Investment In Real Estate Venture [Line Items]

Investment commitment

$ 8,877

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	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Nov. 07, 2019	Nov. 06, 2019	Mar. 31, 2019	Jan. 28, 2019	Jan. 27, 2019	Mar. 31, 2016	Mar. 07, 2016
Real Estate Properties [Line Items]
Investment commitment	$ 608,851	$ 634,337
Funded Investment	478,634	413,460
Development property investments, Fair Value	549,684	373,564
Funded Investment [Member]
Real Estate Properties [Line Items]
Funded Investment	478,634	413,460
Unfunded Commitment [Member]
Real Estate Properties [Line Items]
Investment commitment	136,104	220,877
SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment commitment	12,300	$ 123,300
Funded Investment									$ 12,200
Equity method investment, ownership percentage					50.10%				10.00%
SL1 Venture [Member] | Miami 1 [Member]
Real Estate Properties [Line Items]
Investment Closing Date		5/14/2015
SL1 Venture [Member] | Miami 2 [Member]
Real Estate Properties [Line Items]
Investment Closing Date		5/14/2015
SL1 Venture [Member] | Fort Lauderdale [Member]
Real Estate Properties [Line Items]
Investment Closing Date		9/25/2015
SL1 Venture [Member] | Washington DC [Member]
Real Estate Properties [Line Items]
Investment Closing Date		4/15/2016
SL1 Venture [Member] | Atlanta 1 [Member]
Real Estate Properties [Line Items]
Investment Closing Date		4/29/2016
SL1 Venture [Member] | Jacksonville [Member]
Real Estate Properties [Line Items]
Investment Closing Date		7/19/2016
SL1 Venture [Member] | New Jersey [Member]
Real Estate Properties [Line Items]
Investment Closing Date		7/21/2016
SL1 Venture [Member] | Atlanta 2 [Member]
Real Estate Properties [Line Items]
Investment Closing Date		8/15/2016
SL1 Venture [Member] | Denver [Member]
Real Estate Properties [Line Items]
Investment Closing Date		8/25/2016
SL1 Venture [Member] | Columbia [Member]
Real Estate Properties [Line Items]
Investment Closing Date		9/28/2016
SL1 Venture [Member] | Raleigh [Member]
Real Estate Properties [Line Items]
Investment Closing Date		12/22/2016
SL1 Venture [Member] | Unfunded Commitment [Member]
Real Estate Properties [Line Items]
Investment commitment	200	$ 900
SL1 Venture [Member] | Loan Investments [Member]
Real Estate Properties [Line Items]
Funded Investment								$ 8,100
Development Property Investments [Member]
Real Estate Properties [Line Items]
Investment commitment		551,013
Development property investments, Fair Value		373,564
Development Property Investments [Member] | Raleigh [Member]
Real Estate Properties [Line Items]
Equity method investment, ownership percentage			100.00%
Development Property Investments [Member] | Funded Investment [Member]
Real Estate Properties [Line Items]
Funded Investment		331,953
Development Property Investments [Member] | Unfunded Commitment [Member]
Real Estate Properties [Line Items]
Investment commitment		219,060
Development Property Investments [Member] | Loan Investments [Member]
Real Estate Properties [Line Items]
Investment commitment	553,880	533,280
Development property investments, Fair Value	$ 490,651	$ 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	$ 13,373	$ 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	$ 1,280	$ 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	$ 13,635	$ 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	8,593	8,002
Development Property Investments [Member] | Loan Investments [Member] | Funded Investment [Member]
Real Estate Properties [Line Items]
Funded Investment	422,034	314,220
Development Property Investments [Member] | Loan Investments [Member] | Funded Investment [Member] | Miami 1 [Member]
Real Estate Properties [Line Items]
Funded Investment	12,618	6,882
Development Property Investments [Member] | Loan Investments [Member] | Funded Investment [Member] | Miami 2 [Member]
Real Estate Properties [Line Items]
Funded Investment	1,494	1,335
Development Property Investments [Member] | Loan Investments [Member] | Funded Investment [Member] | Fort Lauderdale [Member]
Real Estate Properties [Line Items]
Funded Investment	9,383	7,604
Development Property Investments [Member] | Loan Investments [Member] | Funded Investment [Member] | Raleigh [Member]
Real Estate Properties [Line Items]
Funded Investment	8,789	8,498
Development Property Investments [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Real Estate Properties [Line Items]
Investment commitment	135,455	219,060
Development Property Investments [Member] | Loan Investments [Member] | Unfunded Commitment [Member] | Miami 1 [Member]
Real Estate Properties [Line Items]
Investment commitment	2,039	7,775
Development Property Investments [Member] | Loan Investments [Member] | Unfunded Commitment [Member] | Miami 2 [Member]
Real Estate Properties [Line Items]
Investment commitment	8,045	8,124
Development Property Investments [Member] | Loan Investments [Member] | Unfunded Commitment [Member] | Fort Lauderdale [Member]
Real Estate Properties [Line Items]
Investment commitment	569	2,348
Development Property Investments [Member] | Loan Investments [Member] | Unfunded Commitment [Member] | Raleigh [Member]
Real Estate Properties [Line Items]
Investment commitment	3	294
Development Property Investments [Member] | SL1 Venture [Member] | Raleigh [Member]
Real Estate Properties [Line Items]
Equity method investment, ownership percentage			100.00%	49.90%
Development Property Investments [Member] | SL1 Venture [Member] | Loan Investments [Member]
Real Estate Properties [Line Items]
Investment commitment	58,973	123,273
Development property investments, Fair Value	$ 72,786	135,126
Equity method investment, ownership percentage	49.90%
Development Property Investments [Member] | SL1 Venture [Member] | Loan Investments [Member] | Miami 1 [Member]
Real Estate Properties [Line Items]
Investment Closing Date	5/14/2015
Investment commitment	$ 13,867	13,867
Development property investments, Fair Value	$ 16,222	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
Investment commitment	$ 14,849	14,849
Development property investments, Fair Value	$ 16,588	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
Investment commitment	$ 13,230	13,230
Development property investments, Fair Value	$ 17,156	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
Investment commitment		17,269
Development property investments, Fair Value	$ 3,339	19,200
Equity method investment, ownership percentage	49.90%
Development Property Investments [Member] | SL1 Venture [Member] | Loan Investments [Member] | Atlanta 1 [Member]
Real Estate Properties [Line Items]
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 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
Investment commitment	$ 7,828	7,828
Development property investments, Fair Value	$ 9,036	6,717
Development Property Investments [Member] | SL1 Venture [Member] | Loan Investments [Member] | Atlanta 2 [Member]
Real Estate Properties [Line Items]
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 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
Investment commitment	$ 9,199	9,199
Development property investments, Fair Value	10,445	9,972
Development Property Investments [Member] | SL1 Venture [Member] | Loan Investments [Member] | Raleigh [Member]
Real Estate Properties [Line Items]
Investment commitment		8,877
Development property investments, Fair Value		9,450
Development Property Investments [Member] | SL1 Venture [Member] | Loan Investments [Member] | Funded Investment [Member]
Real Estate Properties [Line Items]
Funded Investment	56,962	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	13,114	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	14,519	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	12,899	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		17,005
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	7,357	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	9,073	8,868
Development Property Investments [Member] | SL1 Venture [Member] | Loan Investments [Member] | Funded Investment [Member] | Raleigh [Member]
Real Estate Properties [Line Items]
Funded Investment		8,432
Development Property Investments [Member] | SL1 Venture [Member] | Loan Investments [Member] | Unfunded Commitment [Member]
Real Estate Properties [Line Items]
Investment commitment	2,011	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	753	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	330	888
Development Property Investments [Member] | SL1 Venture [Member] | Loan Investments [Member] | Unfunded Commitment [Member] | Fort Lauderdale [Member]
Real Estate Properties [Line Items]
Investment commitment	331	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	471	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	$ 126	331
Development Property Investments [Member] | SL1 Venture [Member] | Loan Investments [Member] | Unfunded Commitment [Member] | Raleigh [Member]
Real Estate Properties [Line Items]
Investment commitment		445
Eight Properties [Member]
Real Estate Properties [Line Items]
Percentage of completion of construction	40.00%
Eight Properties [Member] | SL1 Venture [Member]
Real Estate Properties [Line Items]
Investment commitment		$ 81,400
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	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Mar. 07, 2016
Variable Interest Entity [Line Items]
Assets recorded related to VIEs	$ 549,684	$ 457,947
Investment commitment	608,851	634,337
Funded investment, net of unamortized origination fee	478,634	413,460
Investment in and advances to self-storage real estate venture	11,247	14,155
SL1 Venture [Member]
Variable Interest Entity [Line Items]
Investment commitment	12,300	123,300
Funded investment, net of unamortized origination fee			$ 12,200
Investment in and advances to self-storage real estate venture	300	400
SL1 Venture - Three Borrowers [Member]
Variable Interest Entity [Line Items]
Investment commitment	1,200
Funded investment, net of unamortized origination fee	$ 400
Preferred return on investment, percentage	6.90%
Funded Investment [Member]
Variable Interest Entity [Line Items]
Funded investment, net of unamortized origination fee	$ 478,634	413,460
Unfunded Commitment [Member]
Variable Interest Entity [Line Items]
Investment commitment	136,104	220,877
Unfunded Commitment [Member] | SL1 Venture [Member]
Variable Interest Entity [Line Items]
Investment commitment	200	$ 900
Heitman And Large Institutional Co-Investor [Member] | SL1 Venture [Member]
Variable Interest Entity [Line Items]
Investment in and advances to self-storage real estate venture	$ 300		$ 110,000

VARIABLE INTEREST ENTITIES (Sch

VARIABLE INTEREST ENTITIES (Schedule of Variable Interest Entities) (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
VARIABLE INTEREST ENTITIES [Abstract]
Assets recorded related to VIEs	$ 549,684	$ 457,947
Unfunded loan commitments to VIEs	136,104	220,877
Maximum exposure to loss	$ 685,788	$ 678,824

DEBT (Summary of Debt) (Details

DEBT (Summary of Debt) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Debt maturity date	Dec. 28, 2021
Effective Interest Rate	4.85%
Secured revolving credit facility carrying value	$ 162,000
Total Term Loans	41,175	24,900
Term loan debt issuance costs	(384)	(291)
Term loans principal amount	40,791	24,609
Total debt	$ 202,791	24,609
Term loan 1 [Member]
Debt Instrument [Line Items]
Debt maturity date	Aug. 1, 2021
Effective Interest Rate	3.96%
Total Term Loans	$ 9,150	9,150
Term loan 2 {Member]
Debt Instrument [Line Items]
Debt maturity date	Aug. 1, 2021
Effective Interest Rate	3.96%
Total Term Loans	$ 7,125	7,125
Term loan 3 {Member]
Debt Instrument [Line Items]
Debt maturity date	Aug. 1, 2021
Effective Interest Rate	3.96%
Total Term Loans	$ 8,625	$ 8,625
Term loan 4 {Member]
Debt Instrument [Line Items]
Debt maturity date	Aug. 1, 2021
Effective Interest Rate	3.96%
Total Term Loans	$ 9,188
Term loan 5 [Member]
Debt Instrument [Line Items]
Debt maturity date	Aug. 1, 2021
Effective Interest Rate	3.96%
Total Term Loans	$ 7,087

DEBT (Credit Facility) (Narrati

DEBT (Credit Facility) (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 28, 2018
Line of Credit Facility [Line Items]
Proceeds from lines of credit	$ 160,802	$ 31,005	$ 285
Repayments of lines of credit		$ 35,000	$ 20,000
Debt maturity date	Dec. 28, 2021
Debt instrument, basis spread on variable rate	4.85%
Long term debt outstanding	$ 203,175
KeyBank National Association [Member]
Line of Credit Facility [Line Items]
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%
Debt instrument covenant debt service coverage ratio	2
Long term debt outstanding	$ 162,000
Line of credit facility, covenant compliance	As of December 31, 2019, the Company was in compliance with all of the covenants under the Credit Facility
KeyBank National Association [Member] | Jernigan Capital Operating Company Limited Liability Company [Member]
Line of Credit Facility [Line Items]
Line of credit, current maximum borrowing capacity	$ 52,200
Debt instrument covenant total consolidated indebtedness, maximum percentage of gross asset value	50
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	25,000
KeyBank National Association [Member] | After January 1, 2021 [Member]
Line of Credit Facility [Line Items]
Debt instrument covenants liquidity minimal amount	$ 25,000
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%
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]
Company loans secured by mortgage loans underlying real estate fair value minimum percentage to maximum principal amount borrowed	50.00%
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) $ in Thousands	Aug. 17, 2018USD ($)	Aug. 17, 2018USD ($)	Dec. 31, 2019USD ($)	Aug. 13, 2019USD ($)	Jan. 18, 2019USD ($)	Dec. 31, 2018USD ($)
Debt Instrument [Line Items]
Term loans principal amount			$ 40,791			$ 24,609
Debt maturity date			Dec. 28, 2021
Effective Interest Rate			4.85%
First Bank Term Loans [Member]
Debt Instrument [Line Items]
Term loans principal amount	$ 24,900	$ 24,900		$ 7,100	$ 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 December 31, 2019, the Company was in compliance with all of its financial covenants of the FirstBank Term Loans.
Debt instrument covenant related to debt service coverage amount ratio, maximum			1.35
London Interbank Offered Rate (LIBOR) [Member] | First Bank Term Loans [Member]
Debt Instrument [Line Items]
Effective Interest Rate		2.25%
London Interbank Offered Rate (LIBOR) [Member] | First Bank Term Loans [Member] | Interest Rate Swap 1 to 4 Fixes [Member]
Debt Instrument [Line Items]
Effective Interest Rate			2.2925%
London Interbank Offered Rate (LIBOR) [Member] | First Bank Term Loans [Member] | Interest Rate Swap 5 Fixes [Member]
Debt Instrument [Line Items]
Effective Interest Rate			1.6025%

RISK MANAGEMENT AND USE OF FI_3

RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reclassification to earnings as interest expense		$ (30)
Net carrying amount of interest rate swap		2
Scenario, Forecast [Member]
Reclassification to earnings as interest expense	$ 200
Interest Rate Cap [Member]
Interest rate swap, notional amount		$ 100,000
Interest rate cap		2.50%
Interest rate swap, maturity date		Dec. 28, 2021
Interest Rate Cap [Member] | Nondesignated [Member]
Net carrying amount of interest rate swap		$ 10	$ 0

RISK MANAGEMENT AND USE OF FI_4

RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS (Terms and Fair Values of Derivative Financial Instruments) (Details) - Designated [Member] - Cash Flow [Member] $ in Thousands	Dec. 31, 2019USD ($)
Derivative [Line Items]
Notional Amount	$ 41,175
Fair Value	(393)
Swap One [Member]
Derivative [Line Items]
Notional Amount	$ 9,150
Strike	2.2925%
Fair Value	$ (104)
Swap Two [Member]
Derivative [Line Items]
Notional Amount	$ 7,125
Strike	2.2925%
Fair Value	$ (81)
Swap Three [Member]
Derivative [Line Items]
Notional Amount	$ 8,625
Strike	2.2925%
Fair Value	$ (98)
Swap Four [Member]
Derivative [Line Items]
Notional Amount	$ 9,188
Strike	2.2925%
Fair Value	$ (105)
Swap Five [Member]
Derivative [Line Items]
Notional Amount	$ 7,087
Strike	1.6025%
Fair Value	$ (5)

RISK MANAGEMENT AND USE OF FI_5

RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS (Effect of Derivatives Designated as Hedging Instruments) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Reclassification of realized gains on interest rate swaps	$ 30
Cash Flow [Member] | Designated [Member] | Term Loan Interest Rate Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Loss Recognized in OCI on Derivatives	$ (423)

RISK MANAGEMENT AND USE OF FI_6

RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS (Changes in Accumulated Other Comprehensive Loss) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS
Accumulated other comprehensive income beginning of period
Other comprehensive income (loss):
Unrealized losses on interest rate swaps	$ (423)
Reclassification of realized gains on interest rate swaps	30
Amount included in other comprehensive income (loss)	(393)
Accumulated other comprehensive income (loss) end of period	$ (393)

RISK MANAGEMENT AND USE OF FI_7

RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS (Effect of Derivatives not Designated as Hedging Instruments) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Nondesignated [Member] | Interest Rate Cap [Member] | Interest Expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Earnings on Derivative	$ (100)

STOCKHOLDERS' EQUITY (Common St

STOCKHOLDERS' EQUITY (Common Stock Offerings and Repurchase Plan) (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended			13 Months Ended	43 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2019	Dec. 31, 2019	Dec. 07, 2018	May 20, 2016
Nonvested restricted stock	216,165	159,165		216,165	216,165
Common stock, shares issued	22,423,283	20,430,218		22,423,283	22,423,283
Common stock, shares outstanding	22,423,283	20,430,218		22,423,283	22,423,283
Net proceeds from issuance of common stock	$ 38,122	$ 101,625	$ 111,761
Number of shares repurchased and retired	213,078
Retirement of common stock	$ 469	$ 333	$ 177		$ 3,200
Stock repurchase program, remaining authorized amount	6,800			$ 6,800	$ 6,800
Maximum [Member]
Stock repurchase program, authorized amount							$ 10,000
ATM Program [Member]
Net proceeds from issuance of common stock	$ 38,100			$ 86,400
Issuance of shares, net of offering costs (in shares)	1,870,761			4,152,535
Shares issued, weighted average price per share	$ 20.90			$ 21.39
ATM Program [Member] | Maximum [Member]
Equity offering program, maximum aggregate offering price						$ 100,000
Series A Preferred Stock [Member]
Preferred stock, shares issued	133,500	125,000		133,500	133,500
Preferred stock, shares outstanding	133,500	125,000		133,500	133,500
Series B Preferred Stock [Member]
Preferred stock, shares issued	1,571,734	1,571,734		1,571,734	1,571,734
Preferred stock, shares outstanding	1,571,734	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	71,734
Restricted Stock [Member]
Nonvested restricted stock	216,165	159,165	185,002	216,165	216,165
Share based compensation expense, period for recognition	2 years

STOCKHOLDERS' EQUITY (Equity In

STOCKHOLDERS' EQUITY (Equity Incentive Plan and Restricted Stock Awards) (Narrative) (Details) - Restricted Stock [Member] - USD ($) $ / shares in Units, $ in Millions	May 03, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Apr. 01, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted		145,922	75,333
Number of shares forfeited		1,666	1,667
Restricted stock expense, recognized		$ 2.1	$ 1.9	$ 1.3
Unrecognized share based compensation expense		$ 3	$ 2.1	$ 2.7
Share based compensation expense, period for recognition		2 years
Number of shares, vested		87,256	99,503
Amended and Restated 2015 Equity Incentive Plan [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
Number of shares granted		509,509	363,587
Grant date fair value of non-vested awards									$ 18.10
Maximum [Member] | Amended and Restated 2015 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity award vesting period		5 years
Minimum [Member] | Amended and Restated 2015 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity award vesting period		3 years
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 forfeited		1,666	1,667	1,667
Number of shares, vested		87,256	99,503	46,413	55,172
Non Employee Director [Member] | Share-based Compensation Award, Tranche One [Member] | Scenario, Forecast [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								107,372
Non Employee Director [Member] | Share-based Compensation Award, Tranche Two [Member] | Scenario, Forecast [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							55,711
Non Employee Director [Member] | Share-based Compensation Award, Tranche Three [Member] | Scenario, Forecast [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						53,082

STOCKHOLDERS' EQUITY (Preferred

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

Feb. 21, 2020$ / shares

Oct. 29, 2019USD ($)$ / shares

Jul. 31, 2019USD ($)$ / shares

May 01, 2019USD ($)$ / shares

Feb. 22, 2019USD ($)$ / shares

Oct. 31, 2018USD ($)$ / shares

Jul. 31, 2018USD ($)$ / shares

May 02, 2018USD ($)$ / shares

Feb. 28, 2018USD ($)$ / shares

Jan. 26, 2018USD ($)shares

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

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

Dec. 31, 2017USD ($)

Mar. 29, 2018USD ($)

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

Class of Stock [Line Items]

Common stock, par value (in dollars per share)

$ 0.01

$ 0.01

Stock dividend paid on preferred stock | $

$ 8,500,000

$ 6,419,000

$ 1,325,000

Series A Preferred Stock [Member]

Class of Stock [Line Items]

Preferred stock, shares authorized | shares

300,000

300,000

Preferred stock, shares outstanding | shares

133,500

125,000

Preferred stock, par value (in dollars per share)

$ 0.01

$ 0.01

$ 0.01

Preferred stock, liquidation preference per share

$ 1,000

Preferred stock, redemption terms

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

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 | $

$ 84,931,000

$ 29,964,000

Preferred stock, shares issued | shares

133,500

125,000

Preferred stock cash dividend, total amount | $

$ 2,382,000

$ 2,344,000

$ 2,281,000

$ 2,219,000

$ 2,236,000

$ 1,977,000

$ 1,767,000

$ 909,000

Stock dividend paid on preferred stock | $

$ 8,500,000

Dividends declared date

Oct. 29, 2019

Jul. 31, 2019

May 1, 2019

Feb. 22, 2019

Oct. 31, 2018

Jul. 31, 2018

May 2, 2018

Feb. 28, 2018

Dividend payable, amount per share

$ 17.85

$ 17.84

$ 17.65

$ 17.45

$ 17.89

$ 15.81

$ 16.07

$ 12.12

Dividends payable date

Jan. 15, 2020

Oct. 15, 2019

Jul. 15, 2019

Apr. 15, 2019

Jan. 15, 2019

Oct. 15, 2018

Jul. 13, 2018

Apr. 13, 2018

Dividends payable, date of record

Jan. 1, 2020

Oct. 1, 2019

Jul. 1, 2019

Apr. 1, 2019

Jan. 1, 2019

Oct. 1, 2018

Jul. 1, 2018

Apr. 1, 2018

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

Class of Stock [Line Items]

Dividends declared date

Feb. 21, 2020

Dividends payable date

Apr. 15, 2020

Dividends payable, date of record

Apr. 1, 2020

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

Class of Stock [Line Items]

Dividends declared date

Oct. 29, 2019

Jul. 31, 2019

May 1, 2019

Feb. 22, 2019

Oct. 31, 2018

Jul. 31, 2018

May 2, 2018

Feb. 28, 2018

Dividend payable, amount per share

$ 15.92

$ 16.18

$ 16.44

$ 16.72

$ 17

$ 17

$ 19.32

$ 28.33

Dividends payable date

Jan. 15, 2020

Oct. 15, 2019

Jul. 15, 2019

Apr. 15, 2019

Jan. 15, 2019

Oct. 15, 2018

Jul. 13, 2018

Apr. 13, 2018

Dividends payable, date of record

Jan. 1, 2020

Oct. 1, 2019

Jul. 1, 2019

Apr. 1, 2019

Jan. 1, 2019

Oct. 1, 2018

Jul. 1, 2018

Apr. 1, 2018

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

Class of Stock [Line Items]

Preferred Stock Forecasted Dividend Payable | $

$ 2,125,000

Percentage of increase in book value

25.00%

Internal rate of return to the preferred shareholders

14.00%

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

Class of Stock [Line Items]

Percentage of Preferred stock redemption

105.00%

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

Class of Stock [Line Items]

Percentage of Preferred stock redemption

100.00%

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

Class of Stock [Line Items]

Preferred stock, dividend rate

8.50%

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

Class of Stock [Line Items]

Internal rate of return to the preferred shareholders

14.00%

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

Class of Stock [Line Items]

Preferred stock, dividend rate

5.00%

Series B Preferred Stock [Member]

Class of Stock [Line Items]

Preferred stock, shares authorized | shares

3,750,000

3,750,000

Preferred stock, shares outstanding | shares

1,571,734

1,571,734

Preferred stock, par value (in dollars per share)

$ 0.01

$ 0.01

Preferred stock, liquidation preference per share

$ 25

Preferred stock, redemption terms

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

Preferred stock redemption price per share

$ 25

Preferred stock, dividend rate

7.00%

7.00%

Preferred stock, dividend declared per share

$ 1.7500

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

1,500,000

Net proceeds (offering costs) from issuance of preferred stock | $

$ 36,000,000

$ (103,000)

$ 37,402,000

Preferred stock, shares issued | shares

1,571,734

1,571,734

Preferred ATM shares, aggregate maximum offering price | $

$ 45,000,000

Preferred stock cash dividend, total amount | $

$ 688,000

$ 688,000

$ 688,000

$ 688,000

$ 688,000

$ 688,000

$ 688,000

$ 561,000

Dividends declared date

Oct. 29, 2019

Jul. 31, 2019

May 1, 2019

Feb. 22, 2019

Oct. 31, 2018

Jul. 31, 2018

May 2, 2018

Feb. 28, 2018

Dividend payable, amount per share

$ 0.43750

$ 0.43750

$ 0.43750

$ 0.43750

$ 0.43750

$ 0.43750

$ 0.43750

$ 0.37431

Dividends payable date

Jan. 15, 2020

Oct. 15, 2019

Jul. 15, 2019

Apr. 15, 2019

Jan. 15, 2019

Oct. 15, 2018

Jul. 13, 2018

Apr. 13, 2018

Dividends payable, date of record

Jan. 2, 2020

Oct. 1, 2019

Jul. 1, 2019

Apr. 1, 2019

Jan. 2, 2019

Oct. 1, 2018

Jul. 2, 2018

Apr. 2, 2018

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

Class of Stock [Line Items]

Preferred stock, dividend declared per share

$ 0.43750

Dividends declared date

Feb. 21, 2020

Dividends payable date

Apr. 15, 2020

Dividends payable, date of record

Apr. 1, 2020

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

Class of Stock [Line Items]

Amount of preferred shares issuable in future | $

$ 125,000,000

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

Class of Stock [Line Items]

Net proceeds (offering costs) from issuance of preferred stock | $

$ 1,300,000

Preferred stock, shares issued | shares

71,734

Shares issued, price per share

$ 22.94

STOCKHOLDERS' EQUITY (Summary o

STOCKHOLDERS' EQUITY (Summary of Changes in Restricted Shares) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Class of Stock [Line Items]
Shares, Nonvested shares at beginning of period	159,165
Shares, Nonvested shares at end of period	216,165	159,165
Restricted Stock [Member]
Class of Stock [Line Items]
Shares, Nonvested shares at beginning of period	159,165	185,002
Shares, Granted	145,922	75,333
Shares, Vested	(87,256)	(99,503)
Shares, Forfeited	(1,666)	(1,667)
Shares, Nonvested shares at end of period	216,165	159,165
Weighted average grant date fair value, Nonvested at beginning of period	$ 18.39	$ 21.58
Weighted average grant date fair value, Granted	21.60	19.18
Weighted average grant date fair value, Vested	18.95	18.48
Weighted average grant date fair value, Forfeited	18.10	18.10
Weighted average grant date fair value, Nonvested at end of period	$ 20.34	$ 18.39

DIVIDENDS AND DISTRIBUTIONS (Su

DIVIDENDS AND DISTRIBUTIONS (Summary of Dividends Declared) (Details) - USD ($) $ / shares in Units, $ in Thousands	Oct. 29, 2019	Jul. 31, 2019	May 01, 2019	Feb. 22, 2019	Oct. 31, 2018	Jul. 31, 2018	May 02, 2018	Feb. 28, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Dividends Payable [Line Items]
Common stock cash dividend, total amount									$ 30,677	$ 25,722	$ 18,165
Common Stock Class [Member]
Dividends Payable [Line Items]
Dividends payable, date declared	Oct. 29, 2019	Jul. 31, 2019	May 1, 2019	Feb. 22, 2019	Oct. 31, 2018	Jul. 31, 2018	May 2, 2018	Feb. 28, 2018
Dividends payable, date of record	Jan. 2, 2020	Oct. 1, 2019	Jul. 1, 2019	Apr. 1, 2019	Jan. 2, 2019	Oct. 1, 2018	Jul. 2, 2018	Apr. 2, 2018
Dividends payable, payment date	Jan. 15, 2020	Oct. 15, 2019	Jul. 15, 2019	Apr. 15, 2019	Jan. 15, 2019	Oct. 15, 2018	Jul. 13, 2018	Apr. 13, 2018
Dividend payable, amount per share	$ 0.35	$ 0.35	$ 0.35	$ 0.35	$ 0.35	$ 0.35	$ 0.35	$ 0.35
Common stock cash dividend, total amount	$ 7,936	$ 7,783	$ 7,754	$ 7,205
Preferred stock cash dividend, total amount					$ 7,150	$ 6,777	$ 6,739	$ 5,056
Series A Preferred Stock [Member]
Dividends Payable [Line Items]
Dividends payable, date declared	Oct. 29, 2019	Jul. 31, 2019	May 1, 2019	Feb. 22, 2019	Oct. 31, 2018	Jul. 31, 2018	May 2, 2018	Feb. 28, 2018
Dividends payable, date of record	Jan. 1, 2020	Oct. 1, 2019	Jul. 1, 2019	Apr. 1, 2019	Jan. 1, 2019	Oct. 1, 2018	Jul. 1, 2018	Apr. 1, 2018
Dividends payable, payment date	Jan. 15, 2020	Oct. 15, 2019	Jul. 15, 2019	Apr. 15, 2019	Jan. 15, 2019	Oct. 15, 2018	Jul. 13, 2018	Apr. 13, 2018
Dividend payable, amount per share	$ 17.85	$ 17.84	$ 17.65	$ 17.45	$ 17.89	$ 15.81	$ 16.07	$ 12.12
Preferred stock cash dividend, total amount	$ 2,382	$ 2,344	$ 2,281	$ 2,219	$ 2,236	$ 1,977	$ 1,767	$ 909
Series A Preferred Stock [Member] | Stock Dividend [Member]
Dividends Payable [Line Items]
Dividends payable, date declared	Oct. 29, 2019	Jul. 31, 2019	May 1, 2019	Feb. 22, 2019	Oct. 31, 2018	Jul. 31, 2018	May 2, 2018	Feb. 28, 2018
Dividends payable, date of record	Jan. 1, 2020	Oct. 1, 2019	Jul. 1, 2019	Apr. 1, 2019	Jan. 1, 2019	Oct. 1, 2018	Jul. 1, 2018	Apr. 1, 2018
Dividends payable, payment date	Jan. 15, 2020	Oct. 15, 2019	Jul. 15, 2019	Apr. 15, 2019	Jan. 15, 2019	Oct. 15, 2018	Jul. 13, 2018	Apr. 13, 2018
Dividend payable, amount per share	$ 15.92	$ 16.18	$ 16.44	$ 16.72	$ 17	$ 17	$ 19.32	$ 28.33
Preferred stock dividend, total amount	$ 2,125	$ 2,125	$ 2,125	$ 2,125	$ 2,125	$ 2,125	$ 2,125	$ 2,125
Common stock dividends, shares						109,494	111,199	120,028
Preferred stock dividends, shares					2,125
Series B Preferred Stock [Member]
Dividends Payable [Line Items]
Dividends payable, date declared	Oct. 29, 2019	Jul. 31, 2019	May 1, 2019	Feb. 22, 2019	Oct. 31, 2018	Jul. 31, 2018	May 2, 2018	Feb. 28, 2018
Dividends payable, date of record	Jan. 2, 2020	Oct. 1, 2019	Jul. 1, 2019	Apr. 1, 2019	Jan. 2, 2019	Oct. 1, 2018	Jul. 2, 2018	Apr. 2, 2018
Dividends payable, payment date	Jan. 15, 2020	Oct. 15, 2019	Jul. 15, 2019	Apr. 15, 2019	Jan. 15, 2019	Oct. 15, 2018	Jul. 13, 2018	Apr. 13, 2018
Dividend payable, amount per share	$ 0.43750	$ 0.43750	$ 0.43750	$ 0.43750	$ 0.43750	$ 0.43750	$ 0.43750	$ 0.37431
Preferred stock cash dividend, total amount	$ 688	$ 688	$ 688	$ 688	$ 688	$ 688	$ 688	$ 561

EARNINGS PER SHARE (Schedule of

EARNINGS PER SHARE (Schedule of Earnings per Share, Basic and Diluted) (Details) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019USD ($)$ / shares	Sep. 30, 2019USD ($)$ / shares	Jun. 30, 2019USD ($)$ / shares	Mar. 31, 2019USD ($)$ / shares	Dec. 31, 2018USD ($)$ / shares	Sep. 30, 2018USD ($)$ / shares	Jun. 30, 2018USD ($)$ / shares	Mar. 31, 2018USD ($)$ / shares	Dec. 31, 2019USD ($)$ / sharesshares	Dec. 31, 2018USD ($)$ / sharesshares	Dec. 31, 2017USD ($)$ / sharesshares
Shares Outstanding
Weighted average common shares - basic | shares									21,391,218	17,111,035	11,735,455
Effect of dilutive securities | shares									197,562	173,125	173,057
Weighted average common shares, all classes | shares									21,588,780	17,284,160	11,908,512
Calculation of Earnings per Share - basic
Net income	$ 6,465	$ 10,954	$ 14,874	$ 12,114	$ 22,251	$ 15,964	$ 10,797	$ 5,354	$ 44,406	$ 54,366	$ 14,559
Net income allocated to preferred stockholders									20,478	18,014	1,456
Net income allocated to unvested restricted shares									220	364	188
Net income attributable to common shareholders - two-class method									$ 23,708	$ 35,988	$ 12,915
Weighted average common shares - basic | shares									21,391,218	17,111,035	11,735,455
Earnings per share - basic | $ / shares	$ 0.06	$ 0.26	$ 0.46	$ 0.35	$ 0.87	$ 0.58	$ 0.40	$ 0.12	$ 1.11	$ 2.10	$ 1.10
Calculation of Earnings per Share - diluted
Net income	$ 6,465	$ 10,954	$ 14,874	$ 12,114	$ 22,251	$ 15,964	$ 10,797	$ 5,354	$ 44,406	$ 54,366	$ 14,559
Net income allocated to preferred stockholders									20,478	18,014	1,456
Net income attributable to common shareholders - two-class method									$ 23,928	$ 36,352	$ 13,103
Weighted average common shares - diluted | shares									21,588,780	17,284,160	11,908,512
Earnings per share - diluted | $ / shares	$ 0.06	$ 0.26	$ 0.46	$ 0.35	$ 0.87	$ 0.57	$ 0.40	$ 0.12	$ 1.11	$ 2.10	$ 1.10
Unvested restricted shares of common stock participation ratio in dividends with unrestricted shares of common									1

RELATED PARTY TRANSACTIONS (Nar

RELATED PARTY TRANSACTIONS (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Related Party Transaction [Line Items]
Fair value of investments	$ 549,684	$ 373,564
Base management fee, annual rate	1.50%
Percentage of base management fee	0.375%
Base management fees	$ 8,300	6,700	$ 3,500
Fees to Manager	8,335	7,442	3,453
Due to Manager	$ 3,164	3,334
Management fee, description	The Manager computed the base management fee within 30 days after the end of the fiscal quarter with respect to which such installment is payable and promptly delivered 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	$ 4,300	3,800	3,000
Outstanding fees due to manager	3,200	3,300
Investment in and advances to self-storage real estate venture	11,247	14,155
Interest income from investments	36,451	27,576	11,457
Income (loss) from equity method investments	567	1,483	2,263
Incentive fee earned by the Manager	0	700	0
SL1 Venture [Member]
Related Party Transaction [Line Items]
Investment in and advances to self-storage real estate venture	11,200	14,200
Income (loss) from equity method investments	600	1,500	2,300
Equity Method Investments [Member]
Related Party Transaction [Line Items]
Fair value of investments	549,700	440,200
Interest income from investments	$ 63,400	$ 66,200	$ 18,000

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Narrative) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)
Other Commitments [Line Items]
Debt instrument, basis spread on variable rate	4.85%
Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Long Term Debt Obligation [Member]
Other Commitments [Line Items]
Debt instrument, basis spread on variable rate	2.25%
Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Long Term Debt Obligation [Member]
Other Commitments [Line Items]
Debt instrument, basis spread on variable rate	3.25%
Other Investments [Member]
Other Commitments [Line Items]
Unfunded loan commitment related to investment portfolio	$ 136.1
Other Loan [Member] | Nine Revolving Loan Agreements [Member]
Other Commitments [Line Items]
Unfunded loan commitment related to investment portfolio	$ 0.2

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES (Summary of the Maturities of Senior Participation and Future Minimum Payments) (Details) $ in Thousands	Dec. 31, 2019USD ($)
COMMITMENTS AND CONTINGENCIES [Abstract]
Long-term debt obligations, 2020
Long-term debt obligations, 2021	203,175
Long-term debt obligations, 2022
Long-term debt obligations, 2023
Long-term debt obligations, 2024
Long-term debt obligations, Thereafter
Long-term debt obligations	$ 203,175

QUARTERLY FINANCIAL DATA (UNA_3

QUARTERLY FINANCIAL DATA (UNAUDITED) (Summary of Quarterly (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
QUARTERLY FINANCIAL DATA [Abstract]
Total revenues	$ 12,128	$ 12,249	$ 10,832	$ 9,884	$ 9,666	$ 9,091	$ 7,241	$ 5,216	$ 45,093	$ 31,214	$ 12,191
Net income	6,465	10,954	14,874	12,114	22,251	15,964	10,797	5,354	44,406	54,366	14,559
Net income attributable to common stockholders	$ 1,270	$ 5,797	$ 9,780	$ 7,082	$ 17,202	$ 11,174	$ 6,217	$ 1,759	$ 23,928	$ 36,352	$ 13,103
Net income per share - basic	$ 0.06	$ 0.26	$ 0.46	$ 0.35	$ 0.87	$ 0.58	$ 0.40	$ 0.12	$ 1.11	$ 2.10	$ 1.10
Net income per share - diluted	$ 0.06	$ 0.26	$ 0.46	$ 0.35	$ 0.87	$ 0.57	$ 0.40	$ 0.12	$ 1.11	$ 2.10	$ 1.10

SUBSEQUENT EVENTS (Investment A

SUBSEQUENT EVENTS (Investment Activity) (Details) - Asset Purchase Agreement [Member] - Subsequent Event [Member] - USD ($)	Feb. 21, 2020	Feb. 20, 2020
Subsequent Event [Line Items]
Pro Forma net income, calculated as if the combination occurred on January 1, 2019		$ 30,572
Development Property Investments [Member]
Subsequent Event [Line Items]
Acquisition date basis of investment	$ 29,600,000
Class B Operating Company Units [Member]
Subsequent Event [Line Items]
Number of operating company units issued		1,794,872
Class B Operating Company Units [Member] | Development Property Investments [Member]
Subsequent Event [Line Items]
Number of operating company units issued	82,526

SUBSEQUENT EVENTS (First Quarte

SUBSEQUENT EVENTS (First Quarter Dividend Declarations) (Narrative) (Details) - $ / shares

Feb. 21, 2020

Oct. 29, 2019

Jul. 31, 2019

May 01, 2019

Feb. 22, 2019

Oct. 31, 2018

Jul. 31, 2018

May 02, 2018

Feb. 28, 2018

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Subsequent Event [Line Items]

Dividends declared per share of common stock

$ 1.40

$ 1.40

$ 1.40

Common Stock Class [Member]

Subsequent Event [Line Items]

Dividends payable, date declared

Oct. 29, 2019

Jul. 31, 2019

May 1, 2019

Feb. 22, 2019

Oct. 31, 2018

Jul. 31, 2018

May 2, 2018

Feb. 28, 2018

Dividends payable, payment date

Jan. 15, 2020

Oct. 15, 2019

Jul. 15, 2019

Apr. 15, 2019

Jan. 15, 2019

Oct. 15, 2018

Jul. 13, 2018

Apr. 13, 2018

Dividends payable, date of record

Jan. 2, 2020

Oct. 1, 2019

Jul. 1, 2019

Apr. 1, 2019

Jan. 2, 2019

Oct. 1, 2018

Jul. 2, 2018

Apr. 2, 2018

Series A Preferred Stock [Member]

Subsequent Event [Line Items]

Dividends payable, date declared

Oct. 29, 2019

Jul. 31, 2019

May 1, 2019

Feb. 22, 2019

Oct. 31, 2018

Jul. 31, 2018

May 2, 2018

Feb. 28, 2018

Dividends payable, payment date

Jan. 15, 2020

Oct. 15, 2019

Jul. 15, 2019

Apr. 15, 2019

Jan. 15, 2019

Oct. 15, 2018

Jul. 13, 2018

Apr. 13, 2018

Dividends payable, date of record

Jan. 1, 2020

Oct. 1, 2019

Jul. 1, 2019

Apr. 1, 2019

Jan. 1, 2019

Oct. 1, 2018

Jul. 1, 2018

Apr. 1, 2018

Series B Preferred Stock [Member]

Subsequent Event [Line Items]

Dividends payable, date declared

Oct. 29, 2019

Jul. 31, 2019

May 1, 2019

Feb. 22, 2019

Oct. 31, 2018

Jul. 31, 2018

May 2, 2018

Feb. 28, 2018

Preferred stock, dividend declared per share

$ 1.7500

Dividends payable, payment date

Jan. 15, 2020

Oct. 15, 2019

Jul. 15, 2019

Apr. 15, 2019

Jan. 15, 2019

Oct. 15, 2018

Jul. 13, 2018

Apr. 13, 2018

Dividends payable, date of record

Jan. 2, 2020

Oct. 1, 2019

Jul. 1, 2019

Apr. 1, 2019

Jan. 2, 2019

Oct. 1, 2018

Jul. 2, 2018

Apr. 2, 2018

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

Subsequent Event [Line Items]

Dividends declared per share of common stock

$ 0.23

Dividends payable, date declared

Feb. 21, 2020

Dividends payable, payment date

Apr. 15, 2020

Dividends payable, date of record

Apr. 1, 2020

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

Subsequent Event [Line Items]

Dividends payable, date declared

Feb. 21, 2020

Dividends payable, payment date

Apr. 15, 2020

Dividends payable, date of record

Apr. 1, 2020

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

Subsequent Event [Line Items]

Dividends payable, date declared

Feb. 21, 2020

Preferred stock, dividend declared per share

$ 0.43750

Dividends payable, payment date

Apr. 15, 2020

Dividends payable, date of record

Apr. 1, 2020

SCHEDULE III - REAL ESTATE AN_2

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Real Estate and Accumulated Depreciation) (Details) ft² in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)ft²	Dec. 31, 2018USD ($)
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Net rentable area | ft²	1,102,769
Debt	$ 41,175
Initial Cost [Abstract]
Land	29,430
Buildings and improvements	209,556
Costs Subsequent ro Acquisition [Abstract]
Cost subsequent to acquisition	1,950
Gross Carrying Amount [Abstract]
Land	29,430
Buildings and improvements	211,506
Real estate, gross, total	240,936	$ 100,099
Accumulated depreciation	$ 10,092	$ 3,897
Life on which depreciation in latest income statement is computed	40 years
Developed Properties [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Net rentable area | ft²	1,032,946
Debt	$ 41,175
Initial Cost [Abstract]
Land	25,530
Buildings and improvements	193,095
Costs Subsequent ro Acquisition [Abstract]
Cost subsequent to acquisition	1,950
Gross Carrying Amount [Abstract]
Land	25,530
Buildings and improvements	195,045
Real estate, gross, total	220,575
Accumulated depreciation	$ 10,092
Property Under Development [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Net rentable area | ft²	69,823
Initial Cost [Abstract]
Land	$ 3,900
Buildings and improvements	16,461
Gross Carrying Amount [Abstract]
Land	3,900
Buildings and improvements	16,461
Real estate, gross, total	$ 20,361
Ocoee Florida [Member] | Developed Properties [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Net rentable area | ft²	93,965
Debt	$ 9,150
Initial Cost [Abstract]
Land	1,505
Buildings and improvements	14,322
Costs Subsequent ro Acquisition [Abstract]
Cost subsequent to acquisition	2
Gross Carrying Amount [Abstract]
Land	1,505
Buildings and improvements	14,324
Real estate, gross, total	15,829
Accumulated depreciation	$ 1,532
Year acquired	Aug. 31, 2017
Marietta, Georgia [Member] | Developed Properties [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Net rentable area | ft²	66,187
Debt	$ 7,125
Initial Cost [Abstract]
Land	1,500
Buildings and improvements	10,166
Costs Subsequent ro Acquisition [Abstract]
Cost subsequent to acquisition	193
Gross Carrying Amount [Abstract]
Land	1,500
Buildings and improvements	10,359
Real estate, gross, total	11,859
Accumulated depreciation	$ 935
Year acquired	Dec. 31, 2018
Alpharetta, Georgia [Member] | Developed Properties [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Net rentable area | ft²	71,718
Debt	$ 8,625
Initial Cost [Abstract]
Land	3,407
Buildings and improvements	9,764
Costs Subsequent ro Acquisition [Abstract]
Cost subsequent to acquisition	27
Gross Carrying Amount [Abstract]
Land	3,407
Buildings and improvements	9,791
Real estate, gross, total	13,198
Accumulated depreciation	$ 953
Year acquired	Dec. 31, 2018
Fleming Island, Florida [Member] | Developed Properties [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Net rentable area | ft²	59,848
Initial Cost [Abstract]
Land	$ 1,438
Buildings and improvements	10,195
Costs Subsequent ro Acquisition [Abstract]
Cost subsequent to acquisition	31
Gross Carrying Amount [Abstract]
Land	1,438
Buildings and improvements	10,226
Real estate, gross, total	11,664
Accumulated depreciation	$ 1,100
Year acquired	Dec. 31, 2018
Pittsburgh, Pennsylvania [Member] | Developed Properties [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Net rentable area | ft²	47,828
Initial Cost [Abstract]
Land	$ 316
Buildings and improvements	8,609
Costs Subsequent ro Acquisition [Abstract]
Cost subsequent to acquisition	1,151
Gross Carrying Amount [Abstract]
Land	316
Buildings and improvements	9,760
Real estate, gross, total	10,076
Accumulated depreciation	$ 509
Year acquired	Dec. 31, 2018
Mallard Creek, North Carolina [Member] | Developed Properties [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Net rentable area | ft²	86,750
Debt	$ 9,188
Initial Cost [Abstract]
Land	1,445
Buildings and improvements	11,301
Costs Subsequent ro Acquisition [Abstract]
Cost subsequent to acquisition	35
Gross Carrying Amount [Abstract]
Land	1,445
Buildings and improvements	11,336
Real estate, gross, total	12,781
Accumulated depreciation	$ 903
Year acquired	Dec. 31, 2018
Bay Shore, New York [Member] | Developed Properties [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Net rentable area | ft²	105,272
Initial Cost [Abstract]
Land	$ 1,186
Buildings and improvements	24,262
Costs Subsequent ro Acquisition [Abstract]
Cost subsequent to acquisition	502
Gross Carrying Amount [Abstract]
Land	1,186
Buildings and improvements	24,764
Real estate, gross, total	25,950
Accumulated depreciation	$ 1,490
Year acquired	Dec. 31, 2018
New Haven, Connecticut [Member] | Developed Properties [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Net rentable area | ft²	64,225
Debt	$ 7,087
Initial Cost [Abstract]
Land	926
Buildings and improvements	10,125
Costs Subsequent ro Acquisition [Abstract]
Cost subsequent to acquisition	2
Gross Carrying Amount [Abstract]
Land	926
Buildings and improvements	10,127
Real estate, gross, total	11,053
Accumulated depreciation	$ 648
Year acquired	Dec. 31, 2019
Jacksonville, Florida [Member] | Developed Properties [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Net rentable area | ft²	70,255
Initial Cost [Abstract]
Land	$ 582
Buildings and improvements	11,022
Costs Subsequent ro Acquisition [Abstract]
Cost subsequent to acquisition	3
Gross Carrying Amount [Abstract]
Land	582
Buildings and improvements	11,025
Real estate, gross, total	11,607
Accumulated depreciation	$ 234
Year acquired	Dec. 31, 2019
Miami, Florida 4 [Member] | Developed Properties [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Net rentable area | ft²	74,685
Initial Cost [Abstract]
Land	$ 3,324
Buildings and improvements	20,863
Gross Carrying Amount [Abstract]
Land	3,324
Buildings and improvements	20,863
Real estate, gross, total	24,187
Accumulated depreciation	$ 525
Year acquired	Dec. 31, 2019
Miami, Florida 5 [Member] | Developed Properties [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Net rentable area | ft²	77,075
Initial Cost [Abstract]
Land	$ 996
Buildings and improvements	14,182
Costs Subsequent ro Acquisition [Abstract]
Cost subsequent to acquisition	1
Gross Carrying Amount [Abstract]
Land	996
Buildings and improvements	14,183
Real estate, gross, total	15,179
Accumulated depreciation	$ 192
Year acquired	Dec. 31, 2019
Miami, Florida 6 [Member] | Developed Properties [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Net rentable area | ft²	76,765
Initial Cost [Abstract]
Land	$ 3,432
Buildings and improvements	16,643
Costs Subsequent ro Acquisition [Abstract]
Cost subsequent to acquisition	1
Gross Carrying Amount [Abstract]
Land	3,432
Buildings and improvements	16,644
Real estate, gross, total	20,076
Accumulated depreciation	$ 417
Year acquired	Dec. 31, 2019
Miami, Florida 7 [Member] | Developed Properties [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Net rentable area | ft²	86,450
Initial Cost [Abstract]
Land	$ 3,637
Buildings and improvements	17,907
Gross Carrying Amount [Abstract]
Land	3,637
Buildings and improvements	17,907
Real estate, gross, total	21,544
Accumulated depreciation	$ 314
Year acquired	Dec. 31, 2019
Miami, Florida 8 [Member] | Developed Properties [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Net rentable area | ft²	51,923
Initial Cost [Abstract]
Land	$ 1,836
Buildings and improvements	13,734
Costs Subsequent ro Acquisition [Abstract]
Cost subsequent to acquisition	2
Gross Carrying Amount [Abstract]
Land	1,836
Buildings and improvements	13,736
Real estate, gross, total	15,572
Accumulated depreciation	$ 340
Year acquired	Dec. 31, 2019
Miami, Florida 9 [Member] | Property Under Development [Member]
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items]
Net rentable area | ft²	69,823
Initial Cost [Abstract]
Land	$ 3,900
Buildings and improvements	16,461
Gross Carrying Amount [Abstract]
Land	3,900
Buildings and improvements	16,461
Real estate, gross, total	$ 20,361
Year acquired	Dec. 31, 2019

SCHEDULE III - REAL ESTATE AN_3

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Real Estate and Accumulated Depreciation - Self-Storage) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Self-storage real estate owned:
Balance at beginning of period	$ 100,099
Acquisitions & improvements	125,047
Construction in progress	15,790
Balance at end of period	240,936
Accumulated Depreciation:
Balance at beginning of period	3,897
Depreciation expense	6,195
Balance at end of period	$ 10,092

SCHEDULE IV - MORTGAGE LOANS _2

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Interest income from investments	$ 36,451	$ 27,576	$ 11,457
Baltimore [Member] | Prepayment Penalty, Period One [Member]
Prepayment penalty percentage	3.00%
Baltimore [Member] | Prepayment Penalty, Period Two [Member]
Prepayment penalty percentage	2.00%
Baltimore [Member] | Prepayment Penalty Period Three [Member]
Prepayment penalty percentage	1.00%
Los Angeles [Member] | Prepayment Penalty, Period One [Member]
Prepayment penalty percentage	2.00%
Los Angeles [Member] | Prepayment Penalty, Period Two [Member]
Prepayment penalty percentage	1.00%
Boston 1 [Member] | Prepayment Penalty, Period One [Member]
Prepayment penalty percentage	4.00%
Boston 1 [Member] | Prepayment Penalty, Period Two [Member]
Prepayment penalty percentage	3.00%
Boston 1 [Member] | Prepayment Penalty Period Three [Member]
Prepayment penalty percentage	2.00%
Boston 1 [Member] | Prepayment Penalty Period Four [Member]
Prepayment penalty percentage	1.00%
Nine Development Properties [Member]
Mortgage loans on real estate, interest rate	9.50%
Nine Development Properties [Member] | Payable Monthly in Cash [Member]
Mortgage loans on real estate, interest rate	6.50%
Nine Development Properties [Member] | Payable Upon Maturity of Loan [Member]
Mortgage loans on real estate, interest rate	3.00%
Forty Development Properties [Member] | Prepayment Penalty, Period One [Member]
Prepayment penalty percentage	3.00%
Forty Development Properties [Member] | Prepayment Penalty, Period Two [Member]
Prepayment penalty percentage	2.00%
Forty Development Properties [Member] | Prepayment Penalty Period Three [Member]
Prepayment penalty percentage	1.00%

SCHEDULE IV - MORTGAGE LOANS _3

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE (Schedule of Real Estate Properties) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Mortgage Loans on Real Estate [Line Items]
Carrying Amount of Loans	$ 487,290	$ 450,752
Development Property Investments [Member] | Loan Investments [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	6.90%
Periodic Payment Terms	have a term of 72 months
Face Amount of Loans	$ 422,034
Carrying Amount of Loans	487,290
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 26,361
Development Property Investments [Member] | Loan Investments [Member] | Milwaukee [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	6.90%
Final Maturity Date	Aug. 1, 2021
Face Amount of Loans	$ 7,648
Carrying Amount of Loans	$ 8,884
Development Property Investments [Member] | Loan Investments [Member] | Raleigh [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	6.90%
Final Maturity Date	Sep. 1, 2021
Face Amount of Loans	$ 8,789
Carrying Amount of Loans	$ 8,593
Development Property Investments [Member] | Loan Investments [Member] | Austin [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	6.90%
Final Maturity Date	Oct. 27, 2021
Face Amount of Loans	$ 8,136
Carrying Amount of Loans	$ 8,099
Development Property Investments [Member] | Loan Investments [Member] | Charlotte [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	6.90%
Final Maturity Date	Sep. 20, 2022
Face Amount of Loans	$ 12,677
Carrying Amount of Loans	$ 13,984
Development Property Investments [Member] | Loan Investments [Member] | Atlanta 1 [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	6.90%
Final Maturity Date	Feb. 1, 2023
Face Amount of Loans	$ 13,297
Carrying Amount of Loans	$ 16,130
Development Property Investments [Member] | Loan Investments [Member] | Atlanta 2 [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	6.90%
Final Maturity Date	Feb. 1, 2023
Face Amount of Loans	$ 13,497
Carrying Amount of Loans	$ 17,082
Development Property Investments [Member] | Loan Investments [Member] | Orlando 1 [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	6.90%
Final Maturity Date	Feb. 24, 2023
Face Amount of Loans	$ 7,767
Carrying Amount of Loans	$ 9,725
Development Property Investments [Member] | Loan Investments [Member] | New Orleans [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	6.90%
Final Maturity Date	Feb. 24, 2023
Face Amount of Loans	$ 12,021
Carrying Amount of Loans	$ 14,504
Development Property Investments [Member] | Loan Investments [Member] | Atlanta 3 [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	6.90%
Final Maturity Date	Feb. 27, 2023
Face Amount of Loans	$ 17,492
Carrying Amount of Loans	$ 19,970
Development Property Investments [Member] | Loan Investments [Member] | Fort Lauderdale [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	6.90%
Final Maturity Date	Feb. 28, 2023
Face Amount of Loans	$ 9,383
Carrying Amount of Loans	$ 13,635
Development Property Investments [Member] | Loan Investments [Member] | Houston [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	12.90%
Final Maturity Date	Feb. 28, 2023
Face Amount of Loans	$ 14,825
Carrying Amount of Loans	17,820
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 14,825
Development Property Investments [Member] | Loan Investments [Member] | Louisville 1 [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	6.90%
Final Maturity Date	Apr. 14, 2023
Face Amount of Loans	$ 7,552
Carrying Amount of Loans	$ 9,550
Development Property Investments [Member] | Loan Investments [Member] | Denver 1 [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	6.90%
Final Maturity Date	Apr. 20, 2023
Face Amount of Loans	$ 9,616
Carrying Amount of Loans	$ 10,947
Development Property Investments [Member] | Loan Investments [Member] | Denver 2 [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	6.90%
Final Maturity Date	Apr. 20, 2023
Face Amount of Loans	$ 11,009
Carrying Amount of Loans	$ 12,383
Development Property Investments [Member] | Loan Investments [Member] | Atlanta 4 [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	6.90%
Final Maturity Date	Jun. 1, 2023
Face Amount of Loans	$ 12,025
Carrying Amount of Loans	$ 14,744
Development Property Investments [Member] | Loan Investments [Member] | Tampa 1 [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	6.90%
Final Maturity Date	Jun. 1, 2023
Face Amount of Loans	$ 7,644
Carrying Amount of Loans	$ 9,196
Development Property Investments [Member] | Loan Investments [Member] | Tampa 2 [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	6.90%
Final Maturity Date	Jun. 1, 2023
Face Amount of Loans	$ 8,326
Carrying Amount of Loans	$ 10,086
Development Property Investments [Member] | Loan Investments [Member] | Tampa 3 [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	6.90%
Final Maturity Date	Jul. 1, 2023
Face Amount of Loans	$ 9,614
Carrying Amount of Loans	$ 12,673
Development Property Investments [Member] | Loan Investments [Member] | Baltimore 1 [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	9.50%
Final Maturity Date	Jul. 1, 2023
Face Amount of Loans	$ 11,010
Carrying Amount of Loans	$ 13,581
Development Property Investments [Member] | Loan Investments [Member] | Knoxville [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	6.90%
Final Maturity Date	Jun. 28, 2023
Face Amount of Loans	$ 8,628
Carrying Amount of Loans	$ 10,355
Development Property Investments [Member] | Loan Investments [Member] | New York City 1 [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	9.50%
Final Maturity Date	Jul. 1, 2023
Face Amount of Loans	$ 28,974
Carrying Amount of Loans	$ 31,047
Development Property Investments [Member] | Loan Investments [Member] | Jacksonville 2 [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	6.90%
Final Maturity Date	Jul. 27, 2023
Face Amount of Loans	$ 7,751
Carrying Amount of Loans	$ 10,129
Development Property Investments [Member] | Loan Investments [Member] | Orlando 2 [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	6.90%
Final Maturity Date	Sep. 1, 2023
Face Amount of Loans	$ 8,107
Carrying Amount of Loans	$ 10,251
Development Property Investments [Member] | Loan Investments [Member] | Los Angeles 1 [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	6.90%
Final Maturity Date	Sep. 30, 2024
Face Amount of Loans	$ 10,157
Carrying Amount of Loans	$ 10,347
Development Property Investments [Member] | Loan Investments [Member] | Miami 1 [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	6.90%
Final Maturity Date	Sep. 14, 2023
Face Amount of Loans	$ 12,618
Carrying Amount of Loans	$ 13,373
Development Property Investments [Member] | Loan Investments [Member] | Louisville 2 [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	6.90%
Final Maturity Date	Sep. 30, 2023
Face Amount of Loans	$ 9,530
Carrying Amount of Loans	$ 11,688
Development Property Investments [Member] | Loan Investments [Member] | Miami 2 [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	9.50%
Final Maturity Date	Nov. 1, 2023
Face Amount of Loans	$ 1,494
Carrying Amount of Loans	$ 1,280
Development Property Investments [Member] | Loan Investments [Member] | New York City 2 [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	9.50%
Final Maturity Date	Nov. 1, 2023
Face Amount of Loans	$ 6,776
Carrying Amount of Loans	$ 6,383
Development Property Investments [Member] | Loan Investments [Member] | Miami 3 [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	9.50%
Final Maturity Date	Dec. 1, 2023
Face Amount of Loans	$ 12,086
Carrying Amount of Loans	$ 12,898
Development Property Investments [Member] | Loan Investments [Member] | Minneapolis 1 [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	6.90%
Final Maturity Date	Nov. 21, 2023
Face Amount of Loans	$ 10,684
Carrying Amount of Loans	$ 12,290
Development Property Investments [Member] | Loan Investments [Member] | Boston 1 [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	6.90%
Final Maturity Date	Jan. 1, 2024
Face Amount of Loans	$ 7,918
Carrying Amount of Loans	$ 10,024
Development Property Investments [Member] | Loan Investments [Member] | New York City 3 [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	6.90%
Final Maturity Date	Dec. 15, 2023
Face Amount of Loans	$ 6,705
Carrying Amount of Loans	$ 7,528
Development Property Investments [Member] | Loan Investments [Member] | Boston 2 [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	6.90%
Final Maturity Date	Dec. 27, 2023
Face Amount of Loans	$ 2,757
Carrying Amount of Loans	$ 2,674
Development Property Investments [Member] | Loan Investments [Member] | New York City 4 [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	6.90%
Final Maturity Date	Jan. 1, 2024
Face Amount of Loans	$ 13,817
Carrying Amount of Loans	$ 16,373
Development Property Investments [Member] | Loan Investments [Member] | Minneapolis 2 [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	6.90%
Final Maturity Date	Feb. 8, 2024
Face Amount of Loans	$ 9,904
Carrying Amount of Loans	$ 11,763
Development Property Investments [Member] | Loan Investments [Member] | Philadelphia [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	15.50%
Final Maturity Date	Apr. 1, 2024
Face Amount of Loans	$ 11,536
Carrying Amount of Loans	11,807
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 11,536
Development Property Investments [Member] | Loan Investments [Member] | Minneapolis 3 [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	6.90%
Final Maturity Date	Apr. 6, 2024
Face Amount of Loans	$ 10,337
Carrying Amount of Loans	$ 12,043
Development Property Investments [Member] | Loan Investments [Member] | Miami 4 [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	9.50%
Final Maturity Date	Jun. 1, 2024
Face Amount of Loans	$ 3,560
Carrying Amount of Loans	$ 3,427
Development Property Investments [Member] | Loan Investments [Member] | Atlanta 5 [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	6.90%
Final Maturity Date	Jun. 1, 2024
Face Amount of Loans	$ 6,563
Carrying Amount of Loans	$ 7,683
Development Property Investments [Member] | Loan Investments [Member] | Kansas City [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	6.90%
Final Maturity Date	Jun. 1, 2024
Face Amount of Loans	$ 8,235
Carrying Amount of Loans	$ 9,663
Development Property Investments [Member] | Loan Investments [Member] | Orlando 4 [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	6.90%
Final Maturity Date	Jun. 7, 2024
Face Amount of Loans	$ 10,340
Carrying Amount of Loans	$ 11,780
Development Property Investments [Member] | Loan Investments [Member] | Baltimore 2 [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	6.90%
Final Maturity Date	Nov. 16, 2024
Face Amount of Loans	$ 757
Carrying Amount of Loans	$ 709
Development Property Investments [Member] | Loan Investments [Member] | New York City 6 [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	6.90%
Final Maturity Date	Mar. 1, 2025
Face Amount of Loans	$ 3,168
Carrying Amount of Loans	$ 3,122
Development Property Investments [Member] | Loan Investments [Member] | New York City 7 [Member]
Mortgage Loans on Real Estate [Line Items]
Interest Rate	9.50%
Final Maturity Date	Apr. 17, 2025
Face Amount of Loans	$ 7,304
Carrying Amount of Loans	$ 7,067

SCHEDULE IV - MORTGAGE LOANS _4

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE (Activity of Mortgage Loans) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Balance as of December 31, 2018	$ 450,752
Fundings of principal, net of unamortized origination fees	102,787
Reclassification of self-storage real estate owned	(125,715)
Payment-in-kind interest	26,606
Repayments of principal	(362)
Fair value of investments	(549,684)	$ (373,564)
Net unrealized gains	33,222
Balance as of December 31, 2019	$ 487,290	$ 450,752