INVESTMENTS IN UNCONSOLIDATED ENTITIES (Tables)

6 Months Ended

Jun. 30, 2018

Equity Method Investments [Table Text Block]

The Company’s investments in unconsolidated entities are as follows:

	June 30, 2018		December 31, 2017
Santa Clara Property Tenant-in-Common Interest (“TIC Interest”)	$	10,907,699	$	11,103,547
Rich Uncles Real Estate Investment Trust I (“REIT I”)		3,256,641		3,420,475
	$	14,164,340	$	14,524,022

Equity Method Investments, Entities Equity In Earnings [Table Text Block]

The Company’s (loss) income from investments in unconsolidated entities is as follows:

	Three Months Ended June 30,					Six Months Ended June 30,
	2018			2017		2018			2017
REIT I	$	(32,301	)	$	159,399	$	(27,202	)	$	167,356
TIC Interest		70,907			—		120,687			—
	$	38,606		$	159,399	$	93,485		$	167,356

RuMartin Street Santa Clara [Member]

Equity Method Investments, Summarized Financial Information [Table Text Block]

The following is summarized financial information for the Santa Clara property:

	June 30, 2018		December 31, 2017
Assets:
Real estate investments, net	$	32,164,572	$	32,587,034
Cash and cash equivalents		273,589		615,436
Other assets		244,756		103,700
Total assets	$	32,682,917	$	33,306,170
Liabilities:
Mortgage notes payable	$	14,114,248	$	14,235,256
Below-market lease, net		3,178,988		3,247,480
Other liabilities		81,687		246,085
Total liabilities		17,374,923		17,728,821
Total equity		15,307,994		15,577,349
Total liabilities and equity	$	32,682,917	$	33,306,170

	Three Months Ended June 30, 2018 (1)		Six Months Ended June 30, 2018 (1)
Total revenues	$	713,218	$	1,322,012
Expenses:
Interest expense		145,960		290,985
Depreciation and amortization		248,136		495,349
Other expenses		223,358		369,694
Total expenses		617,454		1,156,028
Net income	$	95,764	$	165,984


	(1)	The Company’s TIC Interest in the Santa Clara property commenced on September 28, 2017; therefore, no Santa Clara property operating results are presented for the three and six months ended June 30, 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:

	June 30, 2018		December 31, 2017
Assets:
Real estate investments, net	$	127,870,774	$	131,166,670
Cash and cash equivalents and restricted cash		4,606,282		6,027,807
Other assets		3,083,486		2,658,777
Total assets	$	135,560,542	$	139,853,254
Liabilities:
Mortgage notes payable, net	$	61,839,052	$	62,277,387
Below-market lease intangibles, net		3,535,926		3,966,008
Other liabilities		3,644,436		2,937,247
Total liabilities		69,019,414		69,180,642
Redeemable common stock		224,035		586,242
Total shareholders’ equity		66,317,093		70,086,370
Total liabilities and shareholders’ equity	$	135,560,542	$	139,853,254

	Three Months Ended June 30,					Six Months Ended June 30,
	2018			2017		2018			2017
Total revenues	$	3,365,163		$	3,507,951	$	6,596,381		$	6,234,218
Expenses:
Depreciation and amortization		1,409,093			1,452,354		2,857,337			2,670,428
Interest expense		631,838			761,743		1,116,711			1,222,944
Impairment of real estate investment property (1)		862,190			—		862,190			—
Other expenses		1,206,883			1,104,954		2,386,920			1,757,779
Total expenses		4,110,004			3,319,051		7,223,158			5,651,151
Other income:
Other income		—			748,514		—			748,795
Net (loss) income	$	(744,841	)	$	937,414	$	(626,777	)	$	1,331,862

(1) During the three months ended June 30, 2018, REIT I recorded an impairment charge of $862,190 related to its investment in a property in Antioch, California due to the expiration of the tenant’s lease term at December 31, 2017 and REIT I’s subsequent difficulties encountered during the second quarter in its efforts to re-lease the property at acceptable rent rates and without incurring substantial potential tenant improvement costs. The impairment charge is less than 1% of REIT I’s total investments in real estate property and the book value of the property after the impairment charge is less than 2.0% of REIT I’s total investments in real estate property as of June 30, 2018.