Series B Mandatorily Redeemable Preferred Stock	12 Months Ended
Dec. 31, 2018
Other Liabilities And Shares Subject To Mandatory Redemption [Abstract]
Series B Mandatorily Redeemable Preferred Stock	8. SERIES B MANDATORILY REDEEMABLE PREFERRED STOCK In August 2014, the Company entered into a private placement offering of $40 million of its mandatorily redeemable Series B Preferred Stock and issued 400,000 shares. The financing, was to be funded in installments and planned to be completed no later than the one year anniversary of the initial investment. The funds were used for Series B Preferred investor-approved property acquisitions. Certain specified management decisions were approved in advance by the Series B Preferred investor. Upon the occurrence of an event of default, the Preferred Stock investor has certain additional rights. As of December 31, 2018, the Company had 16,900 shares of its Series B Preferred Stock outstanding. The Company has classified the Series B Preferred Stock as a liability in accordance with ASC Topic No. 480, “Distinguishing Liabilities from Equity,” which states that mandatorily redeemable financial instruments should be classified as liabilities and therefore the related dividend payments are treated as a component of interest expense in the accompanying consolidated statements of operations. The Series B Preferred Stock has a $0.01 par value and a $1,000 liquidation preference. The Series B preferred stock shall be redeemed through a cash payment of the face value of the shares outstanding at redemption. The dividend yield on the funds invested is 14%. The Series B Preferred Stock was scheduled to be redeemed on August 1, 2017; however, the Company had two one year options to extend the redemption date. On June 30, 2017, the Company exercised its option to extend the redemption date to August 1, 2019 and paid an extension fee of $153,500. The Company incurred approximately $3.1 million in legal and underwriting costs related to this transaction. These costs have been recorded as deferred financing costs on the accompanying consolidated balance sheets and are being amortized over the term of the agreement using the effective interest method. Amortization expense totaling approximately $147,000 and $630,000 was included in interest expense for the years ended December 31, 2018 and 2017, respectively, in the accompanying consolidated statements of operations. The unamortized deferred stock costs totaled $122,000 and $115,000 as of December 31, 2018 and 2017, respectively. During the year ended December 31, 2018, the Company redeemed 13,800 shares of its Series B Preferred Stock for $13.8 million. During the year ended December 31, 2017, the Company redeemed 2,000 shares of its Series B preferred stock for $2.0 million. As of December 31, 2018, the remaining outstanding number of Series B Preferred Stock was 16,900 redeemable for $16.9 million in cash.

Series B Mandatorily Redeemable Preferred Stock

12 Months Ended

Dec. 31, 2018

Other Liabilities And Shares Subject To Mandatory Redemption [Abstract]

Series B Mandatorily Redeemable Preferred Stock

8. SERIES B MANDATORILY REDEEMABLE PREFERRED STOCK

In August 2014, the Company entered into a private placement offering of $40 million of its mandatorily redeemable Series B Preferred Stock and issued 400,000 shares. The financing, was to be funded in installments and planned to be completed no later than the one year anniversary of the initial investment. The funds were used for Series B Preferred investor-approved property acquisitions. Certain specified management decisions were approved in advance by the Series B Preferred investor. Upon the occurrence of an event of default, the Preferred Stock investor has certain additional rights. As of December 31, 2018, the Company had 16,900 shares of its Series B Preferred Stock outstanding. The Company has classified the Series B Preferred Stock as a liability in accordance with ASC Topic No. 480, “Distinguishing Liabilities from Equity,” which states that mandatorily redeemable financial instruments should be classified as liabilities and therefore the related dividend payments are treated as a component of interest expense in the accompanying consolidated statements of operations.

The Series B Preferred Stock has a $0.01 par value and a $1,000 liquidation preference. The Series B preferred stock shall be redeemed through a cash payment of the face value of the shares outstanding at redemption. The dividend yield on the funds invested is 14%. The Series B Preferred Stock was scheduled to be redeemed on August 1, 2017; however, the Company had two one year options to extend the redemption date. On June 30, 2017, the Company exercised its option to extend the redemption date to August 1, 2019 and paid an extension fee of $153,500. The Company incurred approximately $3.1 million in legal and underwriting costs related to this transaction. These costs have been recorded as deferred financing costs on the accompanying consolidated balance sheets and are being amortized over the term of the agreement using the effective interest method. Amortization expense totaling approximately $147,000 and $630,000 was included in interest expense for the years ended December 31, 2018 and 2017, respectively, in the accompanying consolidated statements of operations. The unamortized deferred stock costs totaled $122,000 and $115,000 as of December 31, 2018 and 2017, respectively.

During the year ended December 31, 2018, the Company redeemed 13,800 shares of its Series B Preferred Stock for $13.8 million. During the year ended December 31, 2017, the Company redeemed 2,000 shares of its Series B preferred stock for $2.0 million. As of December 31, 2018, the remaining outstanding number of Series B Preferred Stock was 16,900 redeemable for $16.9 million in cash.