Common Stock

The Company had 36,300,777 shares and 10,163,206 shares of common stock outstanding and had received total proceeds of $902.9 million and $252.9 million as of December 31, 2015 and December 31, 2014, respectively.

On February 3, 2014, the Company's board of directors declared distributions payable to stockholders of record each day during the applicable month at a rate equal to $0.0000465753 per day, equivalent to $1.70 per annum, per share of common stock. The first distribution was paid in May 2014 to holders of record in April 2014. The distributions are payable by the fifth day following each month end to stockholders of record at the close of business each day during the prior month.

To date, the Company has funded all of its distributions with proceeds from the Offering, which has been suspended as of December 31, 2015. Because the Company requires funds in addition to its operating cash flow and cash on hand to meet its capital requirements, beginning with distributions payable with respect to April 2016 the Company will pay distributions to its stockholders in shares of common stock instead of cash. The Company’s distribution policy is subject to revision at the discretion of its board of directors, and may be changed at any time. There can be no assurance that the Company will continue to pay distributions in shares of common stock or be able to pay distributions in cash in the future. The Company’s ability to make future cash distributions will depend on its future cash flows and may be dependent on its ability to obtain additional liquidity, which may not be available on favorable terms, or at all.

Share Repurchase Program

The Company has a Share Repurchase Program (“SRP”) that enables stockholders, subject to certain conditions and limitations, to sell their shares to the Company. Under the SRP, stockholders may request that the Company repurchase all or any portion of their shares of common stock, if such repurchase does not impair the Company's capital or operations. Repurchases of shares of the Company's common stock, when requested, are at the Company's sole discretion and generally were made quarterly. The Company funds repurchases from proceeds from the sale of common stock pursuant to the DRIP. On January 28, 2016 the Company announced that the board of directors had unanimously approved an amendment to the SRP. See Note 15 - Subsequent Events.

During the quarter ended December 31, 2015, the board of directors authorized the Company not to accept all of the repurchase requests that were received.

The following table reflects the cumulative number of shares repurchased as of and during the year ended December 31, 2015.



	Number of Shares Repurchased	Weighted Average price per share
Cumulative repurchases as of December 31, 2014	—	—
Three months ended March 31, 2015	—	—
Three months ended June 30, 2015	9,402	$	24.67
Three months ended September 30, 2015	30,121	$	24.04
Three months ended December 31, 2015⁽¹⁾	28,264	$	23.44
Cumulative repurchases as of December 31, 2015	67,787	$	23.87

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(1)

As permitted under the SRP, the board of directors authorized, with respect to redemption requests received during the three months ended December 31, 2015, the repurchase of shares validly submitted for repurchase in an amount equal to 1.0% of the weighted average number of shares of common stock outstanding during the fiscal year ended December 31, 2014, representing less than all the shares validly submitted for repurchase during the three months ended December 31, 2015. Accordingly, repurchases of 28,264 shares for $0.6 million at an average repurchase price per share of $23.44 (including all shares submitted for death or disability) were completed in January 2016, while repurchase requests for 64,454 shares for $1.5 million at an average price per share of $23.48 were not fulfilled. The accrual for repurchase requests that were approved but not completed during the three months ended December 31, 2015 is reflected in the accounts payable and accrued expenses line of the accompanying consolidated balance sheets. There were no other unfulfilled share repurchases for the period from July 25, 2013 (date of inception) to December 31, 2015.

Distribution Reinvestment Plan

Pursuant to the DRIP, to the extent the Company pays distributions in cash, stockholders may elect to reinvest distributions by purchasing shares of common stock in lieu of receiving cash. No dealer manager fees or selling commissions are paid with respect to shares purchased pursuant to the DRIP. Participants purchasing shares pursuant to the DRIP have the same rights and are treated in the same manner as if such shares were issued pursuant to the primary Offering. The board of directors may designate that certain cash or other distributions be excluded from the DRIP. The Company has the right to amend or suspend any aspect of the DRIP or terminate the DRIP with ten days’ notice to participants. Shares issued under the DRIP are recorded to equity in the accompanying balance sheets in the period distributions are paid. There were 828,217 shares issued under the DRIP as of December 31, 2015. There were 63,998 shares issued under the DRIP as of December 31, 2014.