Condensed Consolidated Balance Sheets - USD ($) $ in Thousands		Mar. 31, 2017	Dec. 31, 2016
ASSETS
Investments in real estate, net		$ 379,499	$ 326,311
Lease intangibles, net		1,872	2,000
Cash and cash equivalents		2,473	2,438
Deferred financing costs related to borrowings under line of credit, net		225	239
Other assets, net		2,913	2,997
TOTAL ASSETS		386,982	333,985
LIABILITIES:
Borrowings under line of credit		20,050	16,550
Mortgage notes and bonds payable, net		220,720	190,797
Series A cumulative term preferred stock, par value $0.001 per share; $25.00 per share liquidation preference; 2,000,000 shares authorized, 1,150,000 shares issued and outstanding as of March 31, 2017, and December 31, 2016, net	[1]	27,714	27,655
Accounts payable and accrued expenses		2,596	2,801
Due to related parties, net	[2]	980	751
Other liabilities, net		8,974	7,654
Total liabilities		281,034	246,208
Commitments and contingencies	[3]
Stockholders’ equity:
Common stock, $0.001 par value; 18,000,000 shares authorized, 11,850,624 shares issued and outstanding as of March 31, 2017; 18,000,000 shares authorized, 10,024,875 shares issued and outstanding as of December 31, 2016		12	10
Additional paid-in capital		109,012	90,082
Accumulated deficit		(14,621)	(13,402)
Total stockholders’ equity		94,403	76,690
Non-controlling interests in the Operating Partnership		11,545	11,087
Total equity		105,948	87,777
TOTAL LIABILITIES AND EQUITY		$ 386,982	$ 333,985

[1] Refer to Note 5, “Mandatorily-Redeemable Preferred Stock,” for additional information.

[2] Refer to Note 6, “Related-Party Transactions,” for additional information.

[3] Refer to Note 8, “Commitments and Contingencies,” for additional information.