401(k) Plan - We maintain a 401(k) plan for qualified employees which is subject to “safe harbor” provisions and which requires that we match 100.0% of the first 3.0% of employee contributions and 50.0% of the next 2.0% of employee contributions. All employer matching funds vest immediately in accordance with the “safe harbor” provision. Contributions to the plan totaled $27,861 and $26,898 for the three months ended March 31, 2019 and 2018, respectively.

Employee Stock Ownership Plan - The Company adopted an Employee Stock Ownership Plan in December 2016, effective January 1, 2016. The ESOP is a non-contributory defined contribution plan covering all employees of the Company. The Company sponsors and maintains the ESOP and related trust for the benefit of its eligible employees. The ESOP is a leveraged ESOP, meaning funds are loaned to the ESOP from the Company. The Company entered into a loan agreement with the ESOP on December 29, 2016, pursuant to which the ESOP may borrow up to $5.0 million to purchase shares of the Company’s common stock on the open market, which serve as collateral for the loan. Between January 3, 2017 and February 28, 2017, the Company’s ESOP purchased 682,500 shares of the Company’s common stock of an aggregate cost of $4.9 million.

Shares purchased by the ESOP are held in a suspense account for allocation among participants as contributions are made to the ESOP by the Company. The share allocations will be accounted for at fair value at the date of allocation. As of March 31, 2019, the ESOP had purchased 682,500 shares of the Company’s common stock in the open market for approximately $4.9 million, which the ESOP borrowed from the Company pursuant to the loan agreement. A total of 9,399 and 6,531 shares with a fair value of $64,007 and $41,208 were allocated or committed to be released from the suspense account and recognized as compensation cost during the three months ended March 31, 2019 and 2018, respectively. The remaining 603,781 unallocated shares have an approximate fair value of $4.1 million, as of March 31, 2019. At March 31, 2019, the ESOP held a total of 69,320 allocated shares, 9,399 committed-to-be-released shares and 603,781 suspense shares. Dividends on allocated and unallocated shares are used to pay down the ESOP loan from the Operating Partnership. The share allocations are accounted for at fair value on the date of allocation as follows:

	March 31, 2019				December 31, 2018
	Number of Shares		Fair Value		Number of Shares		Fair Value
Allocated shares		69,320	$	472,069		33,832	$	189,798
Committed to be released shares		9,399		64,007		35,474		199,007
Total Allocated and Committed-to-be-Released		78,719	$	536,076		69,306	$	388,805

Unallocated shares		603,781		4,111,749		613,194		3,440,020

Total ESOP Shares		682,500	$	4,647,825		682,500	$	3,828,825