Subsequent Events

3 Months Ended

Mar. 31, 2016

Subsequent Events [Abstract]

Subsequent Events

Note 16 — Subsequent Events

The Company has evaluated subsequent events through the filing of this Quarterly Report on Form 10-Q, and determined that there have not been any events that have occurred that would require adjustments to disclosures in the consolidated financial statements, except for the following events:

Based on the Advisor's calculations, 805,679 LTIP units were earned by the Advisor on April 15, 2016 under the terms of the OPP. Under the OPP, these LTIP units will not be earned until approved by the Company's compensation committee.

On April 22, 2016, the Company, with the approval of its board of directors, entered into an amendment to the Advisory Agreement, which amended certain provisions relating to the term and termination of the advisory relationship with the Advisor. The amendment provides that that the Advisory Agreement will be renewed automatically for successive six-month periods beginning on June 26, 2016, unless terminated automatically upon consummation of a change of control or upon 60-days' written notice prior to the expiration of the original term or any subsequent renewal period.

On May 2, 2016, in accordance with the provisions of the agreement of limited partnership of the OP, the Company issued 94,659 shares of its common stock upon redemption of 94,659 OP units held by certain individuals who are current or former employees of the Advisor and its affiliates.