Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2019

Pursuant to the terms of the agreements described above, the following table summarizes related party costs incurred and paid by us for the year ended December 31, 2018 and the three months ended March 31, 2019, as well as any related amounts payable as of December 31, 2018 and March 31, 2019:

	Year Ended December 31, 2018						Three Months Ended March 31, 2019
	Incurred		Paid		Payable		Incurred		Paid		Payable
Expensed
Operating expenses (including organizational costs)	$	798,899	$	550,938	$	371,386	$	346,053	$	50,000	$	667,439
Transfer Agent expenses		107,473		58,000		49,473		21,534		—		71,007
Asset management fees⁽¹⁾		1,303,198		262,347		1,082,522		573,353		—		1,655,875
Property management oversight fees		244,623		44,336		200,287		68,124		—		268,411
Acquisition expenses		154,311		154,311		—		—		—		—
Capitalized
Debt issuance costs		357,025		390,907		—		—		—		—
Acquisition expenses		3,180,000		1,200,000		1,980,000		—		—		1,980,000
Additional Paid-in Capital
Selling commissions		894,118		926,278		—		77,753		48,599		29,154
Dealer Manager fees		511,522		527,342		—		53,351		38,774		14,577
Stockholder servicing fees and dealer manager servicing fees⁽²⁾		47,955		1,009		46,946		24,000		1,045		69,901
Offering costs		913,383		406,331		507,052		122,901		17,235		612,718
Total	$	8,512,507	$	4,521,799	$	4,237,666	$	1,287,069	$	155,653	$	5,369,082

⁽¹⁾

For the four months ended April 30, 2018, the Advisor permanently waived one half of the asset management fee totaling approximately $160,000. Such amount was 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 the 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.