Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2017

A summary of the Company’s Initial Public Offering (including shares sold through the primary offering and distribution reinvestment plan (“DRIP”)) and its private offering, as of June 30, 2017, is as follows:



							Notes to
	Class T		Class W		Class I		Stockholders (1)		Total
Amount of gross proceeds raised:
Primary offering (2)	$	—	$	—	$	2,000,000	$	—	$	2,000,000
DRIP (2)	—		—		13,644		—		13,644
Private offering	62,300		—		62,300		375,400		500,000
Total offering	$	62,300	$	—	$	2,075,944	$	375,400	$	2,513,644

Number of shares issued:
Primary offering	—		—		221,349		—		221,349
DRIP	—		—		1,510		—		1,510
Private offering	7,000		—		7,000		—		14,000
Stock dividends	26		—		920		—		946
Total offering	7,026		—		230,779		—		237,805


(1)	Amount relates to notes payable issued to investors in the private offering.

(2)

Subscriptions from Ohio residents will not be released from escrow until subscriptions for shares totaling at least $7,000,000 have been received from all sources, subscriptions from Pennsylvania residents will not be released from escrow until subscriptions for shares totaling at least $75,000,000 have been received from all sources, and subscriptions from Washington residents will not be released from escrow until subscriptions for shares totaling at least $10,000,000 have been received from all sources.

A summary of the Company’s Initial Public Offering (including shares sold through the primary offering and distribution reinvestment plan) and its private offering, as of August 2, 2017, is as follows:



							Notes to
	Class T		Class W		Class I		Stockholders (1)		Total
Amount of gross proceeds raised:
Primary offering (2)	$	—	$	—	$	2,000,000	$	—	$	2,000,000
DRIP (2)	—		—		27,506		—		27,506
Private offering	62,300		—		62,300		375,400		500,000
Total offering	$	62,300	$	—	$	2,089,806	$	375,400	$	2,527,506

Number of shares issued:
Primary offering	—		—		221,349		—		221,349
DRIP	—		—		2,897		—		2,897
Private offering	7,000		—		7,000		—		14,000
Stock dividends	52		—		1,858		—		1,910
Total offering	7,052		—		233,104		—		240,156


(1)	Amount relates to notes payable issued to investors in the private offering.

(2)

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 and the aggregate par value of the outstanding shares for each class of common stock for the periods presented below:



	Class T			Class W			Class I			Total
	Shares	Amount		Shares	Amount		Shares (1)	Amount		Shares	Amount
Balance as of December 31, 2016	7,000	$	70	—	$	—	248,349	$	2,483	255,349	$	2,553
Issuance of common stock:
DRIP	—	—		—	—		1,510	15		1,510	15
Stock dividends	26	—		—	—		920	10		946	10
Balance as of June 30, 2017	7,026	$	70	—	$	—	250,779	$	2,508	257,805	$	2,578


(1)	Includes 20,000 shares of Class I common stock sold to BCI IV Advisors LLC (the “Advisor”) in November 2014.

Schedule of Stock Dividends

The following table summarizes the Company’s stock dividend activity:



Quarter Ended	Issuance Date	Shares	Amount
June 30, 2017	July 2017	964	$	9,623
March 31, 2017	April 2017	946	9,443
Total		1,910	$	19,066

Cash Distribution

Dividends Payable [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):



		Amount
	Payment Date	Declared per Common Share (1)		Paid in Cash		Reinvested in Shares		Distribution Fees (2)		Gross Distributions (3)
2017
June 30	July 2017	$	0.1295	$	23,162	$	10,216	$	—	$	33,378
March 31	April 2017	0.1295		23,076		10,040		—		33,116
Total				$	46,238	$	20,256	$	—	$	66,494

2016
December 31 (4)	January 2017	$	0.1295	$	7,517	$	3,604	$	—	$	11,121

(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. The quarterly distributions on Class T shares and Class W shares of common stock were reduced by the respective distribution fees that were payable with respect to such Class T shares and Class W shares (as calculated on a daily basis).

(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 Initial Public Offering only. Refer to “Note 4” for further detail regarding distribution fees. Since no Class T shares nor Class W shares had been issued in connection with the Initial Public Offering as of June 30, 2017, no distribution fees had been incurred as of June 30, 2017.


(3)	Gross distributions are total distributions before the deduction of distribution fees relating to Class T shares and Class W shares.

(4)

Cash distributions were authorized to all common stockholders of record as of the close of business on each day commencing on the date that the minimum offering requirements were met in connection with the Initial Public Offering and ending on the last day of the quarter in which the minimum offering requirements were met (the “Initial Quarter”). The Company met the minimum offering requirements in connection with the Initial Public Offering on November 30, 2016. Accordingly, the Initial Quarter commenced on that date and ended on December 31, 2016.