10. Equity

Authorized Capital

The Company is authorized to issue preferred stock and four classes of common stock consisting of Class S shares, Class T shares, Class D shares, and Class I shares. The Company’s board of directors has the ability to establish the preferences and rights of each class or series of preferred stock, without stockholder approval, and as such, it may afford the holders of any series or class of preferred stock preferences, powers and rights senior to the rights of holders of common stock. The differences among the common share classes relate to upfront selling commissions, dealer manager fees and ongoing stockholder servicing fees. See Note 2 for a further description of such items. Other than the differences in upfront selling commissions, dealer manager fees and ongoing stockholder servicing fees, each class of common stock is subject to the same economic and voting rights.

As of June 30, 2017, the Company had authority to issue 2,100,000,000 shares, consisting of the following:

Classification	Number of Shares (in thousands)		Par Value
Preferred Stock		100,000	$	0.01
Class S Shares		500,000	$	0.01
Class T Shares		500,000	$	0.01
Class D Shares		500,000	$	0.01
Class I Shares		500,000	$	0.01
Total		2,100,000

Common Stock

As of June 30, 2017, the Company had sold 88.9 million shares of its common stock in the Offering for aggregate net proceeds of $890.3 million. The following table details the movement in the Company’s outstanding shares of common stock (in thousands):

	Six Months Ended June 30, 2017
	Class T		Class S		Class D		Class I		Total
Beginning balance		—		—		—		20		20
Common stock issued		13		71,060		216		17,192		88,481
Distribution reinvestment		—		322		1		99		422
Directors’ restricted stock grant⁽¹⁾		—		—		—		7		7
Ending balance		13		71,382		217		17,318		88,930

(1)	The directors’ restricted stock grant represents 25% of the annual compensation paid to the independent directors. The grant is amortized over the service period of such grant.

Distributions

The Company generally intends to distribute substantially all of its taxable income, which does not necessarily equal net income as calculated in accordance with GAAP, to its stockholders each year to comply with the REIT provisions of the Internal Revenue Code. Beginning March 2017, the Company declared a monthly distribution to stockholders of record as of the last day of each applicable month.

The following table details the aggregate distributions declared for each applicable class of common stock for the six months ended June 30, 2017 ($ in thousands, except share and per share data):

	Class S			Class I		Class D			Class T
Aggregate distributions declared per share of common stock	$	0.1732		$	0.1732	$	0.0958		$	0.0517
Stockholder servicing fee per share of common stock		(0.0377	)		—		(0.0042	)		(0.0071	)
Net distributions declared per share of common stock	$	0.1355		$	0.1732	$	0.0916		$	0.0446