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Common Stock
3 Months Ended
Mar. 31, 2018
Equity [Abstract]  
Common Stock

Note 10 — Common Stock

In March 2018, the Company effected a 1-for-10 reverse stock split pursuant to which each of ten Common Shares issued and outstanding as of the close of market on March 15, 2018 were automatically combined into one Common Share, subject to elimination of fractional shares.

As of March 31, 2018 and December 31, 2017 the Company had 16.8 million shares of common stock outstanding, including unvested shares of restricted common stock (“restricted shares”). On January 3, 2017, the Company issued 84,166 shares of its common stock upon redemption of 841,660 OP units held by certain individuals who were members of the Former Advisor or its affiliates. As of March 31, 2018 and December 31, 2017, there were no OP units outstanding, other than OP units held by the Company. See Note 15 – Non-Controlling Interests.

The Company expects to make periodic liquidating distributions out of net proceeds of asset sales, subject to satisfying its liabilities and obligations, in lieu of regular monthly dividends. During 2017, the Company paid aggregate liquidating distributions equal to $30.70 per share. On January 26, 2018, the Company paid a cash liquidating distribution of $20.00 per share. On May 1, 2018, the Company declared a cash liquidating distribution of $4.85 per share payable to stockholders of record as of May 11, 2018. There can be no assurance as to the actual amount or timing of future liquidating distributions stockholders will receive.