Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
ASSETS
Land and improvements	$ 540,859	$ 497,343
Building and improvements	602,547	479,360
Tenant improvements	3,051	3,051
Furniture, fixtures and equipment	11,707	10,978
Real estate under development	31,787	125,467
Total investment in real estate	1,189,951	1,116,199
Accumulated depreciation	(109,418)	(90,462)
Investment in real estate, net	1,080,533	1,025,737
Cash and cash equivalents	42,500	37,028
Restricted cash	14,432	8,836
Tenant and other receivables, net of allowance for doubtful accounts of $3,361 and $2,624, respectively	4,187	3,580
Deferred rent	1,274	2,485
Deferred costs and intangible assets, net	8,782	9,964
Prepaid expenses and other assets	14,499	13,378
TOTAL ASSETS	1,166,207	1,101,008
LIABILITIES AND EQUITY
Notes payable, net of unamortized loan costs of $11,528 and $12,049, respectively	997,903	913,564
Accounts payable and accrued liabilities	13,029	12,550
Security deposits	7,570	6,637
Below-market leases, net	1,625	2,923
Other liabilities	4,297	3,849
TOTAL LIABILITIES	1,024,424	939,523
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, 17,814,672 and 17,812,755 shares issued and outstanding, respectively	178	178
Additional paid-in-capital	93,431	92,945
Accumulated deficit	(36,375)	(27,941)
Total stockholders’ equity	57,234	65,182
Non-controlling interests	84,549	96,303
TOTAL EQUITY	141,783	161,485
TOTAL LIABILITIES AND EQUITY	$ 1,166,207	$ 1,101,008