v3.8.0.1

Subsequent Events | 12 Months Ended
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Dec. 31, 2017
Subsequent Events [Abstract] |
Subsequent Events | 19. Subsequent Events Through February 28, 2018, the Company has raised $37,795 for a total of 469 shares through monthly equity closings, including dividend reinvestments. Through February 15, 2018, the Company has paid $16,961 in distributions, including dividend reinvestments. On February 9, 2018, the Board of Directors declared a distribution of $0.43 per share on the Company’s common stock and approved a distribution of $0.43 per membership unit for monthly distributions through April 27, 2018. The distributions are payable on the 15th of the following month to stockholders and unit holders of record on the last day of the month. In addition, the Company’s IDC determined the share value for the Company’s common stock is $81.00 per share for subscription agreements received from February 1, 2018 through April 30, 2018. Subsequent to December 31, 2017, the Operating Company paid off borrowings on the Revolver in the amount of $35,000. Effective January 1, 2018, the Property Management Agreement (see Note 3) was amended to extend the recurring term of the agreement from one year to three years, clarify termination provisions and include a Termination Event concept, as defined in the amended Property Management Agreement, include a Key Person Event concept, as defined in the amended Property Management Agreement, and remove fee provisions relating to short-term financing or guarantees provided by the Manager to the Operating Company. As amended, the Property Management Agreement will automatically renew on January 1, 2019 for three years ending December 31, 2021, subject to earlier termination per the amended Property Management Agreement. The amended Property Management Agreement provides that the Property Management Agreement can be terminated (i) immediately by the IDC for Cause, as defined in the amended Property Management Agreement, (ii) by the IDC, upon 30 days written notice to the Manager, in connection with a change in control, as defined in the amended Property Management Agreement , (iii) by the IDC, by providing the Manager with written notice of termination not less than one year prior to the last calendar day of any renewal term, (iv) by the Manager upon written notice to the Company not less than one year prior to the last calendar day of any renewal period, (v) automatically in the event of a Termination Event, and (vi) by the IDC upon a Key Person Event. Effective January 1, 2018 the Asset Management Agreement (see Note 3) was amended to extend the recurring term of the agreement from one year to three years, provide for additional disposition fee provisions, and include a Disposition Event concept and a Key Person Event concept, each as defined in the amended Asset Management Agreement. As amended, the Asset Management Agreement will automatically renew on January 1, 2019 for three years ending December 31, 2021, subject to earlier termination per the amended Asset Management Agreement. The amended Asset Management Agreement provides that the Asset Management Agreement can be terminated (i) immediately by the IDC for Cause, as defined in the amended Asset Management Agreement, (ii) by the IDC, upon 30 days written notice to the Asset Manager, in connection with a change in control, as defined in the amended Asset Management Agreement, (iii) by the IDC, by providing the Asset Manager with written notice of termination not less than one year prior to the last calendar day of any renewal term, (iv) by the Asset Manager upon written notice to the Company not less than one year prior to the last calendar day of any renewal period, (v) automatically in the event of a Disposition Event, as defined in the amended Asset Management Agreement, and (vi) by the IDC upon a Key Person Event, as defined in the amended Asset Management Agreement. The amended Asset Management Agreement provides that, in the event of any Disposition Event, the Operating Company will pay the Asset Manager a fee (“Disposition Event Fee”) equal to 1.0% of the Aggregate Consideration, as defined in the amended Asset Management Agreement, received in connection with such Disposition Event. The amended Asset Management Agreement provides that no Disposition Event Fee will be paid solely in connection with a listing of the Company’s common stock or other equity securities of the Company on a securities market or exchange, and the Asset Manager will never be entitled to receive both disposition fees related to property sales (see Note 3) and a Disposition Event Fee in connection with the same Disposition Event.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
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