Equity

3 Months Ended

Mar. 31, 2019

Equity [Abstract]

Equity

9. Equity

Subscription Proceeds — In October 2018, in light of the Company’s decision to terminate its Offering, the Company suspended the Reinvestment Plan and the Redemption Plan.  As such, there were no subscriptions proceeds received for the three months ended March 31, 2019.  For the three months ended March 31, 2018, the Company received subscription proceeds of approximately $7.0 million (0.7 million shares) and $0.2 million (0.02 million shares) through its Offering and Reinvestment Plan, respectively.

Distributions — In October 2018, in light of the Company’s decision to terminate its Offering, the Company suspended the Reinvestment Plan and discontinued the issuance of stock dividends concurrently.  For the three months ended March 31, 2019 and 2018, the Company declared cash distributions of approximately $0.7 million and $0.4 million, respectively, of which approximately $0.7 million and $0.2 million, respectively, were paid in cash to stockholders.  None of the cash distributions were reinvested during three months ended March 31, 2019 due to the suspension of the Reinvestment Plan.  For the three months ended March 31, 2018, approximately $0.2 million was reinvested pursuant to the Reinvestment Plan.  

In March 2019, in connection with the Company’s strategic alternatives discussed in Note 1. “Organization,” the Company’s board of directors suspended monthly cash distributions to stockholders effective April 1, 2019.  

Redemptions — In October 2018, in light of the Company’s decision to terminate its Offering, the Company suspended the Reinvestment Plan and the Redemption Plan.  As such, there were no requests for the redemption of common stock during the three months ended March 31, 2019.  During the three months ended March 31, 2018, the Company received requests for the redemption of common stock of approximately $25,000, all of which were approved for redemption at an average price of $10 per share.