Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2021

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, 2020 and the three months ended March 31, 2021, as well as any related amounts payable as of December 31, 2020 and March 31, 2021:

	Year Ended December 31, 2020									Three Months Ended March 31, 2021
	Incurred		Paid		Adjustment			Payable		Incurred		Paid			Payable
Expensed
Operating expenses (including organizational costs)	$	434,942	$	1,224,380	$	—		$	8,168	$	83,651		$	91,819		$	—
Transfer Agent expenses		122,987		261,433		—			—		31,781			31,781			—
Asset management fees		2,363,753		—		—			5,748,481		588,929			76,400			6,261,010
Property management oversight fees		469,044		—		—			1,139,903		113,863			—			1,253,766
Acquisition expenses - Affiliates		—		—		—			—		—			—			—
Capitalized
Debt issuance costs		—		—		—			—		—			—			—
Acquisition expenses - Affiliates		—		—		—			1,980,000		—			—			1,980,000
Additional Paid-in Capital
Selling commissions		97,460		104,960		—			—		—			—			—
Dealer manager fees		97,460		104,960		—			—		—			—			—
Stockholder Servicing Fees and Dealer Manager Fees ⁽¹⁾		110,810		24,578	(503,373)⁽²⁾				—		—			—			—
Offering costs		46,304		—	(593,991)⁽³⁾				166,881		—			—			166,881
Total	$	3,742,760	$	1,720,311	$	(1,097,364	)	$	9,043,433	$	818,224		$	200,000		$	9,661,657

⁽¹⁾

We paid our Former Dealer Manager an ongoing stockholder servicing fee that was payable monthly and accrued daily in an amount equal to 1/365^th of 1% of the purchase price per share of the Class T shares and Class Y shares and an ongoing dealer manager servicing fee that was payable monthly and accrued daily in an amount equal to 1/365^th of 0.5% of the purchase price per share of the Class W shares and Class Z shares sold in the Primary Offering.

⁽²⁾

As a result of the suspension of our Primary Offering and termination of our Former Dealer Manager, we expected that the aggregate underwriting compensation from all sources would exceed 10% at the termination of the Public Offering. Accordingly, we ceased paying stockholder servicing fee and dealer manager servicing fees in April 2020, pursuant to the terms of the Dealer Manager Agreement. Additionally, as of March 31, 2021, we have not recorded a liability for the future payment of the stockholder servicing fees and dealer manager servicing fees.

⁽³⁾

Pursuant to the Advisor Funding Agreement, our Advisor has agreed to fund, and will not be reimbursed for, 1.0% of the gross offering proceeds from the sale of Class Y shares and Class Z shares. Our Advisor must reimburse us within 60 days after the end of the month in which the Public Offering terminated to the extent organization and offering expenses incurred in good faith exceed the 1.0% estimate being funded by the Advisor pursuant to the Advisor Funding Agreement. As a result of the suspension of our Primary Offering and termination of our Former Dealer Manager, we expected that the organization and offering costs incurred would exceed 1% at the termination of the Public Offering. Accordingly, during the year ended December 31, 2020, we recorded a receivable from our Advisor for organization and offering expenses incurred through December 31, 2020 in excess of the 1% limitation, which resulted in a $0.6 million reduction in due to affiliates and an increase in additional paid in capital in the accompanying consolidated balance sheet.