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Subsequent Events
3 Months Ended
Mar. 31, 2017
Subsequent Events [Abstract]  
Subsequent Events
Subsequent Events
Distributions Paid
On April 3, 2017, the Company paid aggregate distributions of $11,032,000 ($5,359,000 in cash and $5,673,000 in shares of the Company’s common stock issued pursuant to the DRIP Offering), which related to distributions declared for each day in the period from March 1, 2017 through March 31, 2017.
On May 1, 2017, the Company paid aggregate distributions of $10,685,000 ($5,174,000 in cash and $5,511,000 in shares of the Company’s common stock issued pursuant to the DRIP Offering), which related to distributions declared for each day in the period from April 1, 2017 through April 30, 2017.
Distributions Declared
On May 4, 2017, the board of directors of the Company approved and declared a distribution to the Company’s stockholders of record as of the close of business on each day of the period commencing on June 1, 2017 and ending on August 31, 2017. The distributions will be calculated based on 365 days in the calendar year and will be equal to $0.001917808 per share of common stock. The distributions declared for each record date in June 2017, July 2017 and August 2017 will be paid in July 2017, August 2017 and September 2017, respectively. The distributions will be payable to stockholders from legally available funds therefor.
Lease Termination
On April 25, 2017, the Company terminated a lease agreement with one of its tenants due to several events of default under the lease agreement by the tenant, which included the tenant's failure to pay certain rental amounts and failure to comply with certain financial covenants set forth in the lease agreement. After the lease termination, the tenant will continue to operate the property for a reasonable amount of time in a manner compliant with the state law requirements.
Tenant Experiencing Financial Difficulty
A tenant comprising approximately 5.0% of the Company’s rental revenue at March 31, 2017, has been experiencing financial difficulty and may undergo a restructuring of its liabilities.  As of May 12, 2017, the tenant is and has been current with rental payments.