Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 2020

The following table summarizes the above mentioned fees and expenses incurred by the Company for the six months ended June 30, 2020:

		Due to related parties as of		Six months ended June 30, 2020				Due to related parties as of
Type of Fee or Reimbursement	Financial Statement Location	December 31, 2019		Incurred		Paid		June 30, 2020
Management Fees
Asset management fees	Management fees	$	123,179	$	793,437	$	779,546	$	137,070
Property management and oversight fees	Management fees		20,269		72,688		67,840		25,117
Organization, Offering and Operating Expense Reimbursements
Operating expenses⁽¹⁾	General and administrative expenses		204,253		—		—		204,253
Organization expenses⁽²⁾	General and administrative expenses		71,162		444		26,832		44,774
Offering costs⁽²⁾	Additional paid-in capital		718,499		169,667		306,310		581,856
Commissions and Fees
Selling commissions and dealer manager fees, net	Additional paid-in capital		—		400,293		400,293		—
Distribution fees	Additional paid-in capital		919,819		99,635		151,462		867,992
Total		$	2,057,181	$	1,536,164	$	1,732,283	$	1,861,062

Note:

(1) As of June 30, 2020, the Advisor has incurred, on behalf of the Company, a total of $8,821,870 in Unreimbursed Operating Expenses, including a total of $1,377,647 for the six months ended June 30, 2020, for which the Advisor has not invoiced the Company for reimbursement. The total amount of Unreimbursed Operating Expenses may, in future periods, be subject to reimbursement by the Company pursuant to the terms of the Advisory Agreement.

(2) As of June 30, 2020, the Advisor has incurred, on behalf of the Company, a total of $9,907,863 of O&O Costs, of which the Company’s obligation is limited to $626,630, pursuant to the 1% Cap.

The following table summarizes the above mentioned fees and expenses incurred by the Company for the year ended December 31, 2019:

		Due to related parties as of		Year ended December 31, 2019				Due to related parties as of
Type of Fee or Reimbursement	Financial Statement Location	December 31, 2018		Incurred		Paid		December 31, 2019
Management Fees
Asset management fees	Management fees	$	152,072	$	1,840,152	$	1,869,045	$	123,179
Property management and oversight fees	Management fees		8,647		110,415		98,793		20,269
Organization, Offering and Operating Expense Reimbursements
Operating expenses⁽¹⁾	General and administrative expenses		1,004,539		204,253		1,004,539		204,253
Organization expenses⁽²⁾	General and administrative expenses		10,860		77,193		16,891		71,162
Offering costs⁽²⁾	Additional paid-in capital		732,579		287,289		301,369		718,499
Commissions and Fees
Selling commissions and dealer manager fees, net	Additional paid-in capital		27,846		1,345,353		1,373,199		—
Distribution fees	Additional paid-in capital		806,038		377,426		263,645		919,819
Total		$	2,742,581	$	4,242,081	$	4,927,481	$	2,057,181

Note:

(1) As of December 31, 2019, the Advisor has incurred, on behalf of the Company, a total of $7,444,222 in Unreimbursed Operating Expenses, including a total of $3,087,063 for the year ended December 31, 2019 for which the Advisor has not invoiced the Company for reimbursement. The total amount of Unreimbursed Operating Expenses may, in future periods, be subject to reimbursement by the Company pursuant to the terms of the Advisory Agreement.

(2) As of December 31, 2019, the Advisor has incurred, on behalf of the Company, a total of $8,613,586 of O&O Costs, of which the Company’s obligation is limited to $789,661, pursuant to the 1% Cap.