Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2018

Pursuant to the terms of the agreements described above, the following table summarizes related party costs incurred and paid by us for the years ended December 31, 2018 and 2017, as well as any related amounts payable as of December 31, 2018 and 2017:

	Year Ended December 31, 2017						Year Ended December 31, 2018
	Incurred		Paid		Payable		Incurred		Paid		Payable
Expensed
Operating expenses (including organizational costs)	$	394,654	$	271,229	$	123,425	$	798,899	$	550,938	$	371,386
Transfer Agent expenses		—		—		—		107,473		58,000		49,473
Asset management fees⁽¹⁾		135,163		93,492		41,671		1,303,198		262,347		1,082,522
Property management oversight fees		—		—		—		244,623		44,336		200,287
Acquisition expenses		2,310,020		2,310,020		—		154,311		154,311		—
Capitalized
Debt issuance costs		499,382		465,500		33,882		357,025		390,907		—
Acquisition expenses		—		—		—		3,180,000		1,200,000		1,980,000
Additional Paid-in Capital
Selling commissions		3,947,269		3,915,109		32,160		894,118		926,278		—
Dealer Manager fees		1,490,524		1,474,704		15,820		511,522		527,342		—
Stockholder servicing fees and dealer manager servicing fees⁽²⁾		—		—		—		47,955		1,009		46,946
Offering costs		508,350		508,350		—		913,383		406,331		507,052
Total	$	9,285,362	$	9,038,404	$	246,958	$	8,512,507	$	4,521,799	$	4,237,666

⁽¹⁾

For the year ended December 31, 2017 and the four months ended April 30, 2018, the Advisor permanently waived one half of the asset management fee totaling approximately $135,000 and $160,000, respectively. Such amounts were waived permanently and accordingly, will not be paid to the Advisor. Commensurate with our Public Offering being declared effective on May 1, 2018, the Advisor is no longer waiving asset management fees.

⁽²⁾

We pay our Dealer Manager an ongoing stockholder servicing fee that is payable monthly and accrues daily in an amount equal to 1/365^th of 1% of the purchase price per share of the Class T Shares and an ongoing dealer manager servicing fee that is payable monthly and accrues daily in an amount equal to 1/365^th of 0.5% of the purchase price per share of the Class W Shares sold in the Primary Offering.