Capital Transactions (Tables)

12 Months Ended

Dec. 31, 2019

Summary of Shares Issued and Proceeds Received in Connection with Private Placement

The following table summarizes the total shares issued and proceeds received by share class in connection with the Offerings, excluding shares repurchased through the Share Repurchase Program described further below, for the year ended December 31, 2019 and for the period from February 7, 2018 (commencement of operations) to December 31, 2018:



	Year Ended December 31, 2019
	Proceeds from Class FA Private Offerings and Public Offering								Distributions Reinvested⁽¹⁾			Total
Share Class	Shares Issued	Gross Proceeds		Up-front Selling Commissions and Placement Agent/ Dealer Manager Fees⁽²⁾⁽³⁾			Net Proceeds to Company		Shares	Proceeds to Company		Shares	Net Proceeds to Company		Average Net Proceeds per Share
Class FA	1,008,488	$	27,628,371	$	(41,924	)	$	27,586,447	—	$	—	1,008,488	$	27,586,447	$	27.35
Class A	463,565	13,294,279		(970,592		)	12,323,687		13,489	359,080		477,054	12,682,767		26.59
Class T	166,277	4,675,452		(222,084		)	4,453,368		933	24,962		167,210	4,478,330		26.78
Class D	176,604	4,655,674		—			4,655,674		6,324	166,334		182,928	4,822,008		26.36
Class I	679,491	18,173,050		—			18,173,050		9,278	248,731		688,769	18,421,781		26.75
	2,494,425	$	68,426,826	$	(1,234,600	)	$	67,192,226	30,024	$	799,107	2,524,449	$	67,991,333	$	26.93



	Period from February 7, 2018 (Commencement of Operations) to December 31, 2018
	Proceeds from 2018 Private Offering and Public Offering								Distributions Reinvested⁽⁴⁾			Total
Share Class	Shares Issued	Gross Proceeds		Up-front Selling Commissions and Dealer Manager Fees ⁽²⁾⁽³⁾			Net Proceeds to Company		Shares	Proceeds to Company		Shares	Net Proceeds to Company		Average Net Proceeds per Share
Class FA	3,258,260	$	81,456,500	$	—		$	81,456,500	—	$	—	3,258,260	$	81,456,500	$	25.00
Class A	190,046	5,435,093		(430,953		)	5,004,140		2,342	60,639		192,388	5,064,779		26.33
Class T	31,432	861,000		(40,897		)	820,103		20	510		31,452	820,613		26.09
Class D	121,797	3,160,000		—			3,160,000		1,092	28,533		122,889	3,188,533		25.95
Class I	249,136	6,492,500		—			6,492,500		390	10,154		249,526	6,502,654		26.06
	3,850,671	$	97,405,093	$	(471,850	)	$	96,933,243	3,844	$	99,836	3,854,515	$	97,033,079	25.17

FOOTNOTES:


⁽¹⁾	Amounts exclude distributions reinvested in January 2020 related to the payment of distributions declared in December 2019 and include distributions reinvested in January 2019 related to the payment of distributions declared in December 2018.

⁽²⁾

The Company incurs selling commissions and placement agent fees on the sale of Class FA shares sold in the Follow-On Class FA Private Offering. The Company also incurs selling commissions and dealer manager fees on the sale of Class A and Class T shares sold through the Public Offering. See Note 5. “Related Party Transactions” for additional information regarding up-front selling commissions and dealer manager/placement agent fees.


⁽³⁾	The Company did not incur any selling commissions or placement agent fees from the sale of the approximately 1.0 million and 3.3 million Class FA shares sold under the terms of the Class FA Private Offerings and 2018 Private Offering, respectively.


⁽⁴⁾	Amounts exclude distributions reinvested in January 2019 related to the payment of distributions declared in December 2018.

Summary of Shares Repurchased

he following table summarizes the shares repurchased during the year ended December 31, 2019:



	Shares Repurchased	Total Consideration		Price Paid per Share
Class FA shares	6,400	$	173,824	$	27.16
Class A shares	244	6,534		26.75
Class I shares	4,745	127,680		26.91
June 28, 2019 Total	11,389	308,038		27.05

Class FA shares	12,400	$	337,156	$	27.19
September 30, 2019 Total	12,400	337,156		27.19



	Shares Repurchased	Total Consideration		Price Paid per Share
Class FA shares	400	$	10,991	$	27.48
Class A shares	56	1,506		26.79
Class D shares	3,185	84,175		26.43
Class I shares	4,703	127,066		27.02
December 30, 2019 Total	8,344	223,738		26.82