Equity (Tables)

12 Months Ended

Dec. 31, 2019

Equity [Abstract]

Schedule of Common Stock

As of December 31, 2019, the Company had an aggregate of 60,094,623 shares of $0.01 par value common stock outstanding, including the Advisor's additional purchase of 117,778 shares of common stock for $1.1 million, as follows (dollars in thousands):

	Shares			Gross Proceeds
Shares issued through initial public offering		55,791,297		$	556,197
Shares issued through stock distributions		246,365			—
Shares issued through distribution reinvestment plan		9,826,431			85,348
Advisor's initial investment, net of 5,000 share conversion		15,000			150
Total		65,879,093		$	641,695
Shares redeemed and retired		(5,784,470	)
Total shares outstanding		60,094,623

During the year ended December 31, 2019, the Company redeemed shares of common stock as follows (in thousands, except per share data):

Period	Total Number of Shares Redeemed (1)		Average Price Paid per Share		Cumulative Number of Shares Purchased as Part of a Publicly Announced Plan or Program (2)		Approximate Dollar Value of Shares Available That May Yet Be Redeemed Under the Program
January 2019		—	$	—		—	(2)
February 2019		—	$	—		—	(2)
March 2019	664		$	8.97	664		(2)
April 2019		—	$	—		—	(2)
May 2019		—	$	—		—	(2)
June 2019		1,671	$	8.34		2,335	(2)
July 2019		—	$	—		—	(2)
August 2019		—	$	—		—	(2)
September 2019	467		$	8.36		2,802	(2)
October 2019		—	$	—		—	(2)
November 2019		—	$	—		—	(2)
December 2019		236	$	8.33		3,038	(2)

(1) All purchases of equity securities by the Company in the year ended December 31, 2019 were made pursuant to the Company's share redemption program.

(2) The Company currently limits the dollar value and number of shares that may be repurchased under the program, as discussed below.

Schedule of Distributions

For the year ended December 31, 2019, the Company paid aggregate distributions of $27.2 million including $12.5 million of distributions paid in cash and $14.7 million of distributions reinvested in shares of common stock through the Company's distribution reinvestment plan, as follows (in thousands):

Authorization Date	Per Common Share		Record Dates	Distribution Date	Distributions reinvested in shares of Common Stock		Net Cash Distributions		Total Aggregate Distributions
December 14, 2018	$	0.00164384	December 29, 2018 through January 30, 2019	January 31, 2019	$	1,717	$	1,412	$	3,129
December 14, 2018		0.00164384	January 31, 2019 through February 27, 2019	February 28, 2019		1,553		1,281		2,834
December 14, 2018		0.00164384	February 28, 2019 through March 28, 2019	March 29, 2019		1,594		1,342		2,936
March 20, 2019		0.00109589	March 29, 2019 through April 29, 2019	April 30, 2019		1,164		985		2,149
March 20, 2019		0.00109589	April 30, 2019 through May 30, 2019	May 31, 2019		1,131		956		2,087
March 20, 2019		0.00109589	May 31, 2019 through June 27, 2019	June 28, 2019		1,012		858		1,870
June 11, 2019		0.00109589	June 28, 2019 through July 30, 2019	July 31, 2019		1,174		996		2,170
June 11, 2019		0.00109589	July 31 2019 through August 29, 2019	August 30, 2019		1,068		909		1,977
June 11, 2019		0.00109589	August 30, 2019 through September 27, 2019	September 30, 2019		1,026		881		1,907
September 10, 2019		0.00109589	September 28, 2019 through October 30, 2019	October 31, 2019		1,159		1,008		2,167
September 10, 2019		0.00109589	October 31, 2019 through November 26, 2019	November 27, 2019		944		834		1,778
September 10, 2019		0.00109589	November 27, 2019 through December 30, 2019	December 31, 2019		1,182		1,057		2,239
					$	14,724	$	12,519	$	27,243

The following is a reconciliation of total aggregate distributions paid to total distributions declared for the year ended December 31, 2019 (in thousands):

Total aggregate distributions paid	$	27,243
Less: distribution payable at December 31, 2018		(8,878	)
Add: distribution payable at December 31, 2019		5,993
Total distributions declared	$	24,358