CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Mar. 31, 2017		Dec. 31, 2016
Investments in real estate
Land		$ 22,365		$ 15,510
Building and improvements		57,395		47,810
Tenant improvements		2,926		2,307
Investments in real estate, gross		82,686		65,627
Accumulated depreciation		(8,770)		(8,163)
Investments in real estate, net		73,916		57,464
Properties under development and development costs
Land		25,851		25,851
Buildings		597		601
Development costs		5,645		4,377
Properties under development and development costs		32,093		30,829
Cash and cash equivalents		3,030		3,130
Restricted cash		3,867		4,728
Prepaid expenses and other assets, net		283		1,070
Tenant receivables, net of $72 and $38 bad debt reserve		912		1,269
Investments in unconsolidated joint ventures		2,795		4,761
Lease intangibles, net		4,616		3,825
Assets held for sale		11,697		24,157
Deferred financing costs, net		1,486		264
TOTAL ASSETS (1)		134,695	[1]	131,497
LIABILITIES
Notes payable, net	[2]	61,734		54,304
Accounts payable and accrued expenses		1,888		2,955
Amounts due to affiliates		114		111
Other liabilities		585		461
Liabilities related to assets held for sale		14,116		22,182
Below-market lease liabilities, net		3,061		3,049
Deferred gain on sale of properties to unconsolidated joint venture		668		1,202
TOTAL LIABILITIES (1)		82,166		84,264
Commitments and contingencies (Note 13)
EQUITY
Preferred stock, $0.01 par value; 50,000,000 shares authorized, none issued and outstanding		0		0
Common stock, $0.01 par value; 400,000,000 shares authorized; 10,906,370 and 10,938,245 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively		111		111
Additional paid-in capital		95,829		96,032
Accumulated deficit		(45,382)		(50,676)
Total stockholders’ equity		50,558		45,467
Non-controlling interests		1,971		1,766
TOTAL EQUITY		52,529		47,233
TOTAL LIABILITIES AND EQUITY		134,695		131,497
Variable Interest Entity, Primary Beneficiary [Member]
Properties under development and development costs
Land		25,851		25,851
Buildings		597		601
Development costs		5,645		4,377
Properties under development and development costs		32,093		30,829
Cash and cash equivalents		317		334
Restricted cash		1,956		1,666
Prepaid expenses and other assets, net		19		14
Tenant receivables, net of $72 and $38 bad debt reserve		0		1
TOTAL ASSETS (1)	[3]	34,385		32,844
LIABILITIES
Notes payable, net	[4]	19,106		19,103
Accounts payable and accrued expenses		432		806
Amounts due to affiliates		9		9
Other liabilities		27		27
TOTAL LIABILITIES (1)		$ 19,574		$ 19,945

[1] As of March 31, 2017 and December 31, 2016, includes approximately $34.4 million and $32.8 million, respectively, of assets related to consolidated variable interest entities that can be used only to settle obligations of the consolidated variable interest entities and approximately $19.6 million and $19.9 million, respectively, of liabilities of consolidated variable interest entities for which creditors do not have recourse to the general credit of the Company. Refer to Note 5. “Variable Interest Entities”.

[2] The carrying value of the Company’s notes payable represents the outstanding principal as of March 31, 2017, and December 31, 2016. The carrying values and fair values of the notes payable include the reclassification of deferred financing costs, net, of approximately $0.3 million as a contra-liability, as of both March 31, 2017 and December 31, 2016.

[3] The assets of the Gelson’s Joint Venture and Wilshire Joint Venture can be used only to settle obligations of the respective consolidated joint ventures.

[4] ncludes reclassification of approximately $0.1 million, respectively, of deferred financing costs, net, as a contra-liability. The creditors of the consolidated joint ventures do not have recourse to the general credit of the Company. The notes payable of the consolidated joint ventures are not guaranteed by the Company.