Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
ASSETS
Land and improvements	$ 497,343	$ 497,343
Building and improvements	479,360	463,727
Tenant improvements	3,051	3,023
Furniture, fixtures and equipment	10,978	10,245
Real estate under development	125,467	96,268
Total investment in real estate	1,116,199	1,070,606
Accumulated depreciation	(90,462)	(73,714)
Investment in real estate, net	1,025,737	996,892
Cash and cash equivalents	37,028	7,940
Restricted cash	8,836	13,730
Tenant and other receivables, net of allowance for doubtful accounts of $2,624 and $2,524, respectively	3,580	6,569
Deferred rent	2,485	3,514
Deferred costs and intangible assets, net	9,964	11,894
Prepaid expenses and other assets	13,378	11,546
TOTAL ASSETS	1,101,008	1,052,085
Liabilities:
Notes payable, net of unamortized loan costs of $12,049 and $11,170, respectively	913,564	843,946
Accounts payable and accrued liabilities	12,550	8,595
Security deposits	6,637	6,048
Below-market leases, net	2,923	5,075
Other liabilities	3,849	2,830
TOTAL LIABILITIES	939,523	866,494
Equity:
Preferred stock, $0.01 par value; 100,000 shares authorized (including 140 shares of 12.5% Series A cumulative non-voting preferred stock), zero shares issued and outstanding
Common stock, $0.01 par value; 500,000,000 shares authorized, 17,812,755 shares issued and outstanding	178	178
Additional paid-in-capital	92,945	92,273
Accumulated deficit	(27,941)	(17,539)
Total stockholders’ equity	65,182	74,912
Non-controlling interests	96,303	110,679
TOTAL EQUITY	161,485	185,591
TOTAL LIABILITIES AND EQUITY	$ 1,101,008	$ 1,052,085