STOCKHOLDERS' EQUITY (Tables)

12 Months Ended

Dec. 31, 2019

A summary of the Company’s public offerings, including shares sold through the primary offering and the Company’s distribution reinvestment plan (“DRIP”), and its private offering, as of December 31, 2019, is as follows:



(in thousands)	Class T		Class W		Class I		Notes to Stockholders (1)		Total
Amount of gross proceeds raised:
Primary offering	$	465,829	$	27,526	$	12,393	$	—	$	505,748
DRIP	10,816		370		308		—		11,494
Private offering	62		—		62		376		500
Total offering	$	476,707	$	27,896	$	12,763	$	376	$	517,742
Number of shares issued:
Primary offering	44,316		2,738		1,253		—		48,307
DRIP	1,077		37		31		—		1,145
Private offering	7		—		7		—		14
Stock grants	—		6		3		—		9
Total offering	45,400		2,781		1,294		—		49,475


(1)	On October 1, 2019, the Company repaid the notes to stockholders in their entirety, plus accrued interest. See “Note 6 to the Consolidated Financial Statements” for further detail regarding the notes to stockholders.

Summary of Changes in Shares Outstanding and Aggregate Par Value of Outstanding Shares for Each Class of Common Stock

The following table summarizes the changes in the shares outstanding for each class of common stock for the periods presented below:



(in thousands)	Class T Shares		Class W Shares		Class I Shares (1)		Total Shares
Balance as of December 31, 2016	7		—		248		255
Issuance of common stock:
Primary shares	968		—		—		968
DRIP	1		—		5		6
Stock dividends	—		6		3		9
Balance as of December 31, 2017	976		6		256		1,238
Issuance of common stock:
Primary shares	18,643		154		97		18,894
DRIP	189		1		6		196
Redemptions	(49	)	—		(14	)	(63	)
Balance as of December 31, 2018	19,759		161		345		20,265
Issuance of common stock:
Primary shares	24,705		2,584		935		28,224
DRIP	887		36		20		943
Stock grants	—		—		76		76
Redemptions	(111	)	(45	)	(77	)	(233	)
Balance as of December 31, 2019	45,240		2,736		1,299		49,275


(1)	Includes 20,000 Class I shares sold to the Advisor in November 2014. See “Note 10” for additional information.

Share Redemption Activity

The following table summarizes the Company’s redemption activity for the periods presented below:



	For the Year Ended December 31,
(in thousands, except per share data)	2019		2018		2017
Number of eligible shares redeemed	233		63		—
Aggregate dollar amount of shares redeemed	$	2,285	$	603	$	—
Average redemption price per share	$	9.81	$	9.57	$	—

Cash Distribution

Class of Stock [Line Items]

Schedule of Stock Dividends

The following table summarizes the Company’s cash distribution activity (including distributions reinvested in shares of the Company’s common stock) for each of the quarters ended below:



	Amount
(in thousands, except per share data)	Declared per Common Share (1)		Paid in Cash		Reinvested in Shares		Distribution Fees (2)		Gross Distributions (3)
2019
December 31	$	0.13625	$	2,058	$	3,242	$	1,105	$	6,405
September 30	0.13625		1,841		2,866		992		5,699
June 30	0.13625		1,558		2,319		818		4,695
March 31	0.13625		1,178		1,744		620		3,542
Total	$	0.54500	$	6,635	$	10,171	$	3,535	$	20,341
2018
December 31	$	0.13625	$	747	$	1,102	$	406	$	2,255
September 30	0.13625		495		681		256		1,432
June 30	0.13625		305		399		147		851
March 31	0.13625		140		197		67		404
Total	$	0.54500	$	1,687	$	2,379	$	876	$	4,942
2017
December 31	$	0.13625	$	45	$	44	$	12	$	101
September 30	0.13625		25		11		—		36
June 30	0.12950		23		10		—		33
March 31	0.12950		23		10		—		33
	$	0.53150	$	116	$	75	$	12	$	203

(1)

Amounts reflect the quarterly distribution rate authorized by the Company’s board of directors per Class T share, per Class W share, and per Class I share of common stock. As noted above, commencing with the third quarter of 2017, distributions were declared and paid as of monthly record dates. These monthly distributions have been aggregated and presented on a quarterly basis. The distributions on Class T shares and Class W shares of common stock are reduced by the respective distribution fees that are payable with respect to such Class T shares and Class W shares.


(2)	Distribution fees are paid monthly to the Dealer Manager with respect to Class T shares and Class W shares issued in the primary portion of the Company’s public offerings only. Refer to “Note 10” for further detail regarding distribution fees.


(3)	Gross distributions are total distributions before the deduction of any distribution fees relating to Class T shares and Class W shares issued in the primary portion of the Company’s public offerings.