INVESTMENTS IN UNCONSOLIDATED ENTITIES (Tables)
|
3 Months Ended |
Mar. 31, 2018 |
|---|
| Equity Method Investments [Table Text Block] |
The Company’s investments in unconsolidated entities are as follows: | | | March 31,
2018 | | December 31,
2017 | | | RU Martin Street Santa Clara (“TIC”) | | $ | 10,973,640 | | $ | 11,103,547 | | | Rich Uncles Real Estate Investment Trust I (“REIT I”) | | | 3,357,258 | | | 3,420,475 | | | | | $ | 14,330,898 | | $ | 14,524,022 | |
|
| Equity Method Investments, Entities Equity In Earnings [Table Text Block] |
The Company’s income from investments in unconsolidated entities is as follows: | | | Three Months Ended March 31, | | | | | 2018 | | 2017 | | | TIC | | $ | 49,780 | | $ | — | | | REIT I | | | 5,099 | | | 7,957 | | | | | $ | 54,879 | | $ | 7,957 | |
|
| RuMartin Street Santa Clara [Member] |
|
| Equity Method Investments, Summarized Financial Information [Table Text Block] |
The following is summarized financial information for the TIC: | | | March 31
2018 | | December 31
2017 | | | Assets: | | | | | | | | | Real estate investments, net | | $ | 32,412,708 | | $ | 32,587,034 | | | Cash and cash equivalents | | | 599,327 | | | 615,436 | | | Other assets | | | 122,016 | | | 103,700 | | | Total assets | | $ | 33,134,051 | | $ | 33,306,170 | | | Liabilities: | | | | | | | | | Mortgage notes payable | | $ | 14,172,229 | | $ | 14,235,256 | | | Below-market lease, net | | | 3,216,592 | | | 3,247,480 | | | Other liabilities | | | 344,788 | | | 246,085 | | | Total liabilities | | | 17,733,609 | | | 17,728,821 | | | Total equity | | | 15,400,442 | | | 15,577,349 | | | Total liabilities and equity | | $ | 33,134,051 | | $ | 33,306,170 | | | | | Three Months Ended
March 31, 2018 (1) | | | Total revenue | | $ | 608,794 | | | Expenses: | | | | | | Interest expense | | | 145,025 | | | Depreciation and amortization | | | 247,213 | | | Other expense | | | 146,336 | | | Total expenses | | | 538,574 | | | Net income | | $ | 70,220 | | (1) The Company’s investment in the TIC commenced on September 28, 2017; therefore, no TIC operating results are presented for the three months ended March 31, 2017. |
| Rich Uncles Real Estate Investment Trust 1 [Member] |
|
| Equity Method Investments, Summarized Financial Information [Table Text Block] |
The following is summarized financial information for REIT I: | | | March 31,
2018 | | December 31,
2017 | | | Assets: | | | | | | | | | Real estate investments, net | | $ | 129,945,167 | | $ | 131,166,670 | | | Cash and cash equivalents and restricted cash | | | 6,248,951 | | | 6,027,807 | | | Other assets | | | 2,784,434 | | | 2,658,777 | | | Total assets | | $ | 138,978,552 | | $ | 139,853,254 | | | Liabilities: | | | | | | | | | Mortgage notes payable, net | | $ | 62,054,451 | | $ | 62,277,387 | | | Below-market lease intangibles, net | | | 3,750,967 | | | 3,966,008 | | | Other liabilities | | | 3,992,026 | | | 2,937,247 | | | Total liabilities | | | 69,797,444 | | | 69,180,642 | | | Redeemable common stock | | | 586,895 | | | 586,242 | | | Total shareholders’ equity | | | 68,594,213 | | | 70,086,370 | | | Total liabilities and shareholders’ equity | | $ | 138,978,552 | | $ | 139,853,254 | | | | | Three Months Ended March 31, | | | | | 2018 | | 2017 | | | Total revenue | | $ | 3,231,218 | | $ | 2,726,267 | | | Expenses: | | | | | | | | | Depreciation and amortization | | | 1,448,244 | | | 1,218,074 | | | Interest expense | | | 484,873 | | | 461,200 | | | Other expense | | | 1,180,037 | | | 652,825 | | | Total expenses | | | 3,113,154 | | | 2,332,099 | | | Other income: | | | | | | | | | Other income | | | — | | | 280 | | | Net income | | $ | 118,064 | | $ | 394,448 | | |