CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
Investment property
Land and improvements	$ 8,363	$ 7,140
Building and improvements	35,298	27,284
Furniture and fixtures	5,432	2,589
Construction in progress	3,431	323
Gross investment property	52,524	37,336
Less accumulated depreciation	(1,536)	(850)
Net investment property	50,988	36,486
Investments in unconsolidated affiliated entities	3,994	5,950
Cash and cash equivalents	10,271	8,152
Marketable securities, available for sale	7,834	8,144
Restricted escrows	708	2,799
Notes receivable from affiliate	325	2,340
Prepaid expenses and other assets	1,061	863
Total assets	75,181	64,734
Liabilities and Stockholders' Equity
Accounts payable and other accrued expenses	1,515	1,017
Margin loan	2,217	2,716
Mortgages payable	11,052	11,157
Due to sponsor	87	113
Notes payable to affiliate	4,000
Distributions payable	952	860
Total liabilities	19,823	15,863
Commitments and contingencies (Note 11)
Company's stockholders' equity:
Preferred shares, $0.01 par value, 10,000 shares authorized, none issued and outstanding
Common stock, $0.01 par value; 100,000 shares authorized, 6,090 and 5,311 shares issued and outstanding in 2013 and 2012, respectively	61	53
Additional paid-in capital	47,703	41,652
Subscription receivable	(30)
Accumulated other comprehensive income	99	229
Accumulated surplus	464	939
Total Company stockholders' equity	48,297	42,873
Noncontrolling interests	7,061	5,998
Total Stockholders' Equity	55,358	48,871
Total Liabilities and Stockholders' Equity	$ 75,181	$ 64,734