Subsequent Events

9 Months Ended

Sep. 30, 2016

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

Offering Status

As of November 7, 2016, the Company had issued 12,771,351 shares of the Company’s common stock pursuant to the DRP Offerings for approximately $130.9 million.

Amended and Restated Distribution Reinvestment Plan

On October 10, 2016, the Company's board of directors amended and restated the Company's DRP to state that the purchase price for the shares pursuant to the DRP shall be equal to the most recently published estimated net asset value and to make certain other minor revisions. The amended and restated DRP is effective as of October 28, 2016.

Amendment to Share Redemption Program

On October 10, 2016, the Company's board of directors amended the Company's SRP to (i) revise the redemption price per share for shares purchased under the SRP, (ii) revise the redemption price per share in the event of death or qualifying disability, and (iii) make certain other clarifying changes regarding disability related redemptions. Pursuant to the amendment to the SRP, the redemption price per share shall be the lesser of (i) the amount paid for the shares or (ii) 95% of the NAV of the shares. The redemption price in connection with the death or qualifying disability of a stockholder shall be the greater of (i) the amount paid for the shares or (ii) 95% of the NAV of shares. The amendments to the SRP will be effective as of November 14, 2016.