INVESTMENT IN SELF-STORAGE REAL ESTATE VENTURE (Tables)

6 Months Ended

Jun. 30, 2018

INVESTMENT IN SELF-STORAGE REAL ESTATE VENTURE [Abstract]

Equity Method Investments

As of June 30, 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) (4)	$	13,867	$	11,829	$	2,038	$	14,263
5/14/2015	Miami 2 (2) (3)		14,849		12,704		2,145		14,137
9/25/2015	Fort Lauderdale (2) (3)		13,230		11,211		2,019		13,166
4/15/2016	Washington DC (4)		17,269		16,426		843		18,980
4/29/2016	Atlanta 1 (4)		10,223		9,304		919		10,299
7/19/2016	Jacksonville (4)		8,127		7,378		749		11,594
7/21/2016	New Jersey (3)		7,828		3,493		4,335		3,525
8/15/2016	Atlanta 2 (4)		8,772		7,982		790		9,119
8/25/2016	Denver (4)		11,032		9,998		1,034		12,335
9/28/2016	Columbia (4)		9,199		8,566		633		9,780
12/22/2016	Raleigh (4)		8,877		7,243		1,634		8,642
	Total	$	123,273	$	106,134	$	17,139	$	125,840

(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)	Facility had achieved at least 40% construction completion but construction was not considered substantially complete as of June 30, 2018. See Note 4, Fair Value of Financial Instruments, for information regarding recognition of entrepreneurial profit.
(4)	Construction at the facility was substantially complete and/or certificate of occupancy had been received as of June 30, 2018. See Note 4, Fair Value of Financial Instruments, for information regarding recognition of entrepreneurial profit.