SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 2018

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 June 30, 2018:

	Fair Value Measurements Using
	Total		Level 1		Level 2		Level 3
Development property investments	$	302,245	$	-	$	-	$	302,245
Bridge loan investments (1)		79,581		-		-		79,581
Operating property loans		5,862		-		-		5,862
Total investments	$	387,688	$	-	$	-	$	387,688

 The Company closed its first bridge loan investment on March 2, 2018.

The following table presents the financial instruments measured at fair value on a recurring basis at December 31, 2017:

	Fair Value Measurements Using
	Total		Level 1		Level 2		Level 3
Development property investments	$	228,233	$	-	$	-	$	228,233
Operating property loans		5,938		-		-		5,938
Total investments	$	234,171	$	-	$	-	$	234,171

Schedule of Consolidated Statements of Cash Flows - Supplemental Disclosures

The following table provides supplemental disclosures related to the Consolidated Statements of Cash Flows:

	Six months ended June 30,
	2018		2017
Supplemental disclosure of cash flow information:
Interest paid	$	743	$	433
Supplemental disclosure of non-cash investing and financing activities:
Stock dividend paid on preferred stock	$	2,169	$	1,194
Dividends declared, but not paid, on preferred stock		4,580		177
Dividends declared, but not paid, on common stock		6,739		4,983
Reclassification of self-storage real estate owned		35,281		6,066
Assumed liabilities with acquisition of self-storage real estate owned		1,258		-
Other loans paid off with issuance of development property investments		117		1,410
Reclassification of deferred costs to cumulative preferred stock		559		-