REAL ESTATE INVESTMENTS (FY) (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2019

Dec. 31, 2018

The following table provides summary information regarding the Company’s real estate investment portfolio as of June 30, 2019:

Property	Location	Acquisition Date	Property Type	Land, Buildings and Improvements		Tenant Origination and Absorption Costs		Accumulated Depreciation and Amortization			Total Investment in Real Estate Property, Net
Accredo Health	Orlando, FL	6/15/2016	Office	$	9,855,847	$	1,053,637	$	(1,516,731	)	$	9,392,753
Walgreens	Stockbridge, GA	6/21/2016	Retail		4,147,948		705,423		(997,540	)		3,855,831
Dollar General	Litchfield, ME	11/4/2016	Retail		1,281,812		116,302		(105,640	)		1,292,474
Dollar General	Wilton, ME	11/4/2016	Retail		1,543,776		140,653		(135,196	)		1,549,233
Dollar General	Thompsontown, PA	11/4/2016	Retail		1,199,860		106,730		(101,501	)		1,205,089
Dollar General	Mt. Gilead, OH	11/4/2016	Retail		1,174,188		111,847		(97,316	)		1,188,719
Dollar General	Lakeside, OH	11/4/2016	Retail		1,112,872		100,857		(99,877	)		1,113,852
Dollar General	Castalia, OH	11/4/2016	Retail		1,102,086		86,408		(97,041	)		1,091,453
Dana	Cedar Park, TX	12/27/2016	Industrial		8,392,906		1,210,874		(1,246,883	)		8,356,897
Northrop Grumman	Melbourne, FL	3/7/2017	Office		12,382,991		1,341,199		(1,794,441	)		11,929,749
exp US Services	Maitland, FL	3/27/2017	Office		5,920,121		388,248		(497,611	)		5,810,758
Harley	Bedford, TX	4/13/2017	Retail		13,178,288		—		(734,877	)		12,443,411
Wyndham	Summerlin, NV	6/22/2017	Office		10,406,483		669,232		(638,485	)		10,437,230
Williams Sonoma	Summerlin, NV	6/22/2017	Office		8,079,612		550,486		(591,123	)		8,038,975
Omnicare	Richmond, VA	7/20/2017	Industrial		7,262,747		281,442		(465,575	)		7,078,614
EMCOR	Cincinnati, OH	8/29/2017	Office		5,960,610		463,488		(335,108	)		6,088,990
Husqvarna	Charlotte, NC	11/30/2017	Industrial		11,840,200		1,013,948		(578,086	)		12,276,062
AvAir	Chandler, AZ	12/28/2017	Industrial		27,357,900		—		(1,070,027	)		26,287,873
3M	DeKalb, IL	3/29/2018	Industrial		14,762,819		2,356,361		(1,608,573	)		15,510,607
Cummins	Nashville, TN	4/4/2018	Office		14,465,491		1,536,998		(960,095	)		15,042,394
Northrop Grumman Parcel	Melbourne, FL	6/21/2018	Land		329,410		—		—			329,410
24 Hour Fitness	Las Vegas, NV	7/27/2018	Retail		11,453,337		1,204,973		(428,401	)		12,229,909
Texas Health	Dallas, TX	9/13/2018	Office		6,976,703		713,221		(235,372	)		7,454,552
Bon Secours	Richmond, VA	10/31/2018	Office		10,042,551		800,356		(308,484	)		10,534,423
Costco	Issaquah, WA	12/20/2018	Office		27,263,632		2,765,136		(702,672	)		29,326,096
				$	217,494,190	$	17,717,819	$	(15,346,655	)	$	219,865,354

The following table provides summary information regarding the Company’s real estate portfolio as of December 31, 2018:

Property	Location	Acquisition Date	Property Type	Land, Buildings and Improvements		Tenant Origination and Absorption Costs		Accumulated Depreciation and Amortization			Total Investment in Real Estate Property, Net
Accredo	Orlando, FL	6/15/2016	Office	$	9,855,847	$	1,053,637	$	(1,265,678	)	$	9,643,806
Walgreens	Stockbridge, GA	6/21/2016	Retail		4,147,948		705,423		(833,561	)		4,019,810
Dollar General	Litchfield, ME	11/4/2016	Retail		1,281,812		116,302		(85,518	)		1,312,596
Dollar General	Wilton, ME	11/4/2016	Retail		1,543,776		140,653		(109,445	)		1,574,984
Dollar General	Thompsontown, PA	11/4/2016	Retail		1,199,860		106,730		(82,167	)		1,224,423
Dollar General	Mt. Gilead, OH	11/4/2016	Retail		1,174,188		111,847		(78,780	)		1,207,255
Dollar General	Lakeside, OH	11/4/2016	Retail		1,112,872		100,857		(80,853	)		1,132,876
Dollar General	Castalia, OH	11/4/2016	Retail		1,102,086		86,408		(78,557	)		1,109,937
Dana	Cedar Park, TX	12/27/2016	Industrial		8,392,906		1,210,874		(1,001,594	)		8,602,186
Northrop Grumman	Melbourne, FL	3/7/2017	Office		12,382,991		1,341,199		(1,402,927	)		12,321,263
exp US Services	Maitland, FL	3/27/2017	Office		5,920,121		388,248		(389,042	)		5,919,327
Harley	Bedford, TX	4/13/2017	Retail		13,178,288		—		(562,523	)		12,615,765
Wyndham	Summerlin, NV	6/22/2017	Office		10,406,483		669,232		(461,240	)		10,614,475
Williams Sonoma	Summerlin, NV	6/22/2017	Office		8,079,612		550,486		(435,346	)		8,194,752
Omnicare	Richmond, VA	7/20/2017	Industrial		7,262,747		281,442		(343,275	)		7,200,914
EMCOR	Cincinnati, OH	8/29/2017	Office		5,960,610		463,488		(245,453	)		6,178,645
Husqvarna	Charlotte, NC	11/30/2017	Industrial		11,840,200		1,013,948		(399,615	)		12,454,533
AvAir	Chandler, AZ	12/28/2017	Industrial		27,357,900		—		(722,991	)		26,634,909
3M	DeKalb, IL	3/29/2018	Industrial		14,762,819		2,356,361		(985,899	)		16,133,281
Cummins	Nashville, TN	4/4/2018	Office		14,465,491		1,536,998		(562,814	)		15,439,675
Northrop Grumman Parcel	Melbourne, FL	6/21/2018	Land		329,410		—		—			329,410
24 Hour Fitness	Las Vegas, NV	7/27/2018	Retail		11,453,337		1,204,973		(204,887	)		12,453,423
Texas Health	Dallas, TX	9/13/2018	Office		6,976,703		713,221		(86,716	)		7,603,208
Bon Secours	Richmond, VA	10/31/2018	Office		10,042,551		800,356		(90,731	)		10,752,176
Costco	Issaquah, WA	12/20/2018	Retail		27,263,632		2,765,136		(54,052	)		29,974,716
				$	217,494,190	$	17,717,819	$	(10,563,664	)	$	224,648,345

Property Acquisitions

During the six months ended June 30, 2018, the Company acquired the following properties:

Property	Acquisition Date	Land		Buildings and Improvements		Tenant Origination and Absorption Costs		Below- Market Lease Intangibles			Total
3M	3/29/2018	$	758,780	$	14,004,039	$	2,356,361	$	(1,417,483	)	$	15,701,697
Cummins	4/4/2018		3,347,959		11,117,532		1,536,998		—			16,002,489
Northrop Grumman Parcel	6/21/2018		329,410		—		—		—			329,410
		$	4,436,149	$	25,121,571	$	3,893,359	$	(1,417,483	)	$	32,033,596

During the year ended December 31, 2018, the Company acquired the following properties:

Property	Land		Buildings and Improvements		Tenant Origination and Absorption Costs		Above- Market Lease Intangibles		Below- Market Lease Intangibles			Total
3M	$	758,780	$	14,004,039	$	2,356,361	$	—	$	(1,417,483	)	$	15,701,697
Cummins		3,347,959		11,117,531		1,536,998		—		—			16,002,488
Northrop Grumman Parcel		329,410		—		—		—		—			329,410
24 Hour Fitness		3,121,985		8,331,352		1,204,974		—		—			12,658,311
Texas Health		1,827,914		5,148,789		713,221		—		—			7,689,924
Bon Secours		1,658,659		8,383,892		800,356		—		—			10,842,907
Costco		8,202,915		19,060,717		2,765,136		—		—			30,028,768
	$	19,247,622	$	66,046,320	$	9,377,046	$	—	$	(1,417,483	)	$	93,253,505

During the year ended December 31, 2017, the Company acquired the following properties.

Property	Land		Buildings and Improvements		Tenant Origination and Absorption Costs		Above- Market Lease Intangibles		Below- Market Lease Intangibles			Total
Northrop Grumman	$	1,191,024	$	11,191,967	$	1,341,199	$	—	$	—		$	13,724,190
exp US Services		785,801		5,134,320		388,248		616,486		—			6,924,855
Harley		1,145,196		12,033,092		—		—		—			13,178,288
Wyndham		4,144,069		5,303,201		669,232		—		—			10,116,502
Williams Sonoma		3,546,744		3,478,337		550,486		—		(364,555	)		7,211,012
Omnicare		800,772		6,242,156		281,442		—		—			7,324,370
EMCOR		427,589		5,533,021		463,488		—		(285,562	)		6,138,536
Husqvarna		974,663		10,866,481		1,013,948		—		(852,044	)		12,003,048
AvAir		3,493,673		23,859,451		—		—		—			27,353,124
	$	16,509,531	$	83,642,026	$	4,708,043	$	616,486	$	(1,502,161	)	$	103,973,925

Property Purchase Price

Purchase price	$	32,033,596
Acquisition fees to affiliate		(930,000	)
Cash paid for acquisition of real estate investments	$	31,103,596

Purchase price and other acquisition costs	$	93,253,505
Acquisition fees to affiliate		(2,702,043	)
Acquisition of real estate before financing	$	90,551,462

Purchase price and other acquisition costs	$	103,973,925
Purchase deposits applied		(500,000	)
Acquisition fees to affiliate		(3,015,057	)
Acquisition of real estate before financing	$	100,458,868

Lease Expiration Dates

The non-cancelable lease terms of the properties acquired during the six months ended June 30, 2018 are as follows:

Property		Lease Expiration
3M		7/31/2022
Cummins		2/28/2023

The noncancellable lease terms of the properties acquired during the year ended December 31, 2018 are as follows:

Property	Lease Expiration
3M	7/31/2022
Cummins	2/28/2023
24 Hour Fitness	3/31/2030
Texas Health	12/31/2025
Bon Secours	8/31/2026
Costco	7/31/2025	(1)

(1)	The tenant’s right to cancel the lease on July 31, 2023 was not determined to be probable for financial accounting purposes.

The noncancellable lease terms of the properties acquired during the year ended December 31, 2017 are as follows:

Property		Lease Expiration
Northrop Grumman		5/31/2021
exp US Services		11/30/2026
Harley		4/12/2032
Wyndham		2/28/2025
Williams Sonoma		10/31/2022
Omnicare		5/31/2026
EMCOR		2/28/2027
Husqvarna		6/30/2027(1)
AvAir		12/31/2032

(1)	The tenant’s right to cancel lease on June 30, 2025 was not determined to be probable for financial accounting purposes.

Portfolios Asset Concentration

As of June 30, 2019 and December 31, 2018, the Company’s portfolio’s asset concentration (greater than 10% of total assets) was as follows:

	June 30, 2019					December 31, 2018
Property and Location	Net Carrying Value		Percentage of Total Assets			Net Carrying Value		Percentage of Total Assets
Costco, Issaquah, WA	$	29,326,096		11.7	%	$	29,974,716		11.9	%
AvAir, Chandler, AZ	$	26,287,873		10.5	%	$	26,634,909		10.6	%

Asset Concentration

The Company’s portfolio asset concentration as of December 31 was as follows (greater than 10% of total assets):

	2018					2017
Property and Location	Net Carrying Value		Percentage of Total Assets			Net Carrying Value		Percentage of Total Assets
AvAir, Chandler, AZ	$	26,634,909		10.6	%	$	27,353,125		17.4	%
Costco, Issaquah, WA	$	29,974,716		11.9	%	$	—		—

Revenue Concentration

The Company’s revenue concentration based on tenants representing greater than 10% of total revenues for the years ended December 31, 2018 and 2017 are as follows:

	2018					2017
Property and Location	Revenue		Percentage of Total Revenue			Revenue		Percentage of Total Revenue
AvAir, Chandler, AZ	$	2,670,159		14.8	%	$	2,100,000		19.9	%
Northrop Grumman, Melbourne, FL	$	—		—		$	1,162,274		11.0	%

Rental Payments for Operating Leases

As of June 30, 2019, the future minimum contractual rent payments due to the Company under the Company’s non-cancelable operating leases, excluding any renewal periods, are as follows:

July through December 2019	$	8,838,687
2020		17,834,035
2021		16,752,518
2022		15,520,338
2023		13,317,933
2024		12,958,858
Thereafter		46,224,832
	$	131,447,201

As of December 31, 2018, the future minimum contractual rent payments due under the Company’s operating leases, excluding any renewal periods, are as follows:

2019	$	17,588,378
2020		17,834,035
2021		16,752,518
2022		15,520,338
2023		13,317,933
Thereafter		59,183,690
	$	140,196,892

Finite-Lived Intangible Assets

As of June 30, 2019, the Company’s lease intangibles were as follows:

	Tenant Origination and Absorption Costs			Above-Market Lease Intangibles			Below-Market Lease Intangibles
Cost	$	17,717,819		$	783,115		$	(3,071,253	)
Accumulated amortization		(4,569,358	)		(247,390	)		713,067
Net amount	$	13,148,461		$	535,725		$	(2,358,186	)

As of December 31, 2018 and 2017, the Company’s intangible assets were as follows:

	2018									2017
	Tenant Origination and Absorption Costs			Above- Market Lease Intangibles			Below- Market Lease Intangibles			Tenant Origination and Absorption Costs			Above- Market Lease Intangibles			Below- Market Lease Intangibles
Cost	$	17,717,819		$	783,115		$	(3,071,253	)	$	8,340,774		$	783,115		$	(1,653,771	)
Accumulated amortization		(3,173,254	)		(198,867	)		475,871			(1,192,318	)		(101,822	)		69,542
Net amount	$	14,544,565		$	584,248		$	(2,595,382	)	$	7,148,456		$	681,293		$	(1,584,229	)

Finite-Lived Intangible Assets, Future Amortization

The intangible assets acquired in connection with these acquisitions have a weighted average amortization period of approximately 7.4 years as of June 30, 2019. The amortization of intangible assets over the next five years is expected to be as follows:

	Tenant Origination and Absorption Costs		Above-Market Lease Intangibles		Below-Market Lease Intangibles
July through December 2019	$	1,396,105	$	48,524	$	(237,195	)
2020		2,792,209		97,045		(474,391	)
2021		2,375,949		78,994		(474,391	)
2022		1,839,880		63,719		(306,829	)
2023		1,214,116		63,719		(78,369	)
2024		1,066,544		63,719		(67,420	)
Thereafter		2,463,658		120,005		(719,591	)
	$	13,148,461	$	535,725	$	(2,358,186	)

Weighted-average remaining amortization period	7.0 years		6.8 years		9.7 years

As of December 31, 2018, amortization of intangible assets over the next five years is expected to be as follows:

	Tenant Origination and Absorption Costs		Above-Market Lease Intangibles		Below-Market Lease Intangibles
2019	$	2,792,209	$	97,045	$	474,391
2020		2,792,209		97,045		474,391
2021		2,375,950		78,994		474,391
2022		1,839,880		63,720		306,829
2023		1,214,116		63,719		78,370
Thereafter		3,530,201		183,725		787,010
	$	14,544,565	$	584,248	$	2,595,382
Weighted-Average Remaining Amortization Period	7.2 years		7.2 years		9.8 years

Schedule of Capitalized Properties Acquisition

Capitalized acquisition fees paid to the Advisor for properties acquired during the year ended December 31, 2018 are as follows:

Property	Amount
3M	$	456,000
Cummins		465,000
Northrop Grumman Parcel		9,000
24 Hour Fitness		366,000
Texas Health		222,750
Bon Secours		313,293
Costco		870,000
Total	$	2,702,043

Capitalized acquisition fees paid to the Advisor for properties acquired during the year ended December 31, 2017 are as follows:

Property
Northrop Grumman	$	398,100
exp US Services		200,837
Harley		382,500
Wyndham		292,970
Williams Sonoma		209,165
Omnicare		211,275
EMCOR		177,210
Husqvarna		348,000
AvAir		795,000
Total	$	3,015,057