Equity (Tables)

6 Months Ended

Jun. 30, 2019

Equity [Abstract]

Schedule of Stock Issuances

Since inception through June 30, 2019, shares of the Company's $0.01 par value Class A, Class T, Class R, and Class I common stock have been issued as follows:

	Class A					Class T					Class R					Class I
	Shares Issued			Gross Proceeds		Shares Issued			Gross Proceeds		Shares Issued			Gross Proceeds		Shares Issued		Gross Proceeds
Shared issued through primary offering (1)		586,207		$	5,601,476		1,049,996		$	9,943,465		9,051,083		$	86,943,065		612,560	$	5,649,613
Shares issued through stock dividends		12,860			—		15,495			—		—			—		—		—
Shares issued through distribution reinvestment plan		26,085			244,121		64,618			586,806		244,080			2,219,124		1,702		15,418
Shares issued in conjunction with the Advisor's initial investment, net of 5,000 share conversion		15,000			200,000		—			—		—			—		—		—
Total		640,152		$	6,045,597		1,130,109		$	10,530,271		9,295,163		$	89,162,189		614,262	$	5,665,031
Shares redeemed and retired		(16,914	)				(30,695	)				(945	)				—
Total shares issued and outstanding at June 30, 2019		623,238					1,099,414					9,294,218					614,262

(1)Includes 222,222 of Class A shares issued to RAI.

Schedule of Stock Redemptions

During the six months ended June 30, 2019, the Company redeemed shares of its outstanding Class A and Class T common stock. During the six months ended June 30, 2019, there were no redemptions of Class R or Class I common stock. Redemptions for the six months ended June 30, 2019 were as follows:

	Class A				Class T
Period	Total Number of Shares Redeemed		Average Price Paid per Share		Total Number of Shares Redeemed		Average Price Paid per Share
January 2019		—		—		—		—
February 2019		—		—		—		—
March 2019		—		—		—		—
April 2019		—		—		—		—
May 2019		—		—		—		—
June 2019		16,914	$	8.66		28,087	$	8.61
		16,914				28,087

Dividends Declared

The following table presents information regarding the Company's distributions declared and paid to stockholders during the three and six months ended June 30, 2019:

	Three Months Ended June 30, 2019										Six Months Ended June 30, 2019
	Class A		Class T		Class R		Class I		Total		Class A		Class T		Class R		Class I		Total
Distributions declared	$	84,122	$	121,467	$	1,047,968	$	99,443	$	1,353,000	$	169,363	$	243,997	$	2,034,919	$	161,764	$	2,610,043
Distributions reinvested in shares of common stock paid	$	26,066	$	74,229	$	558,826	$	7,235	$	666,356	$	51,470	$	146,516	$	1,035,611	$	9,631	$	1,243,229
Cash distributions paid		59,019		48,096		418,723		70,168		596,007		115,178		92,942		764,725		115,985		1,088,830
Total distributions paid	$	85,085	$	122,325	$	977,549	$	77,403	$	1,262,363	$	166,648	$	239,459	$	1,800,336	$	125,616	$	2,332,059