v3.10.0.1
RELATED PARTY TRANSACTIONS (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Dec. 31, 2017
Related Party Transaction [Line Items]          
Due to Affiliates $ 206,717   $ 206,717   $ 907,377
Due from Related Parties, Current 26,448   26,448   34,194
Asset Management Fees [Member]          
Related Party Transaction [Line Items]          
Expenses incurred To Related Parties [1] 477,915 $ 196,856 879,230 $ 308,154  
Due from Related Parties [1] 0   0   0
Due to Affiliates [1] 164,685   164,685   567,661
Fees to affiliates [Member]          
Related Party Transaction [Line Items]          
Expenses incurred To Related Parties 477,915 196,858 879,230 308,154  
Reimbursable organizational and offering expenses [Member]          
Related Party Transaction [Line Items]          
Expenses incurred To Related Parties [2] 386,053 529,991 816,297 1,138,121  
Due from Related Parties [2] 0   0   0
Due to Affiliates [2] 3,217   3,217   15,945
Expense reimbursements from Sponsor [Member]          
Related Party Transaction [Line Items]          
Expenses incurred To Related Parties [3] (293,939) (672,904) (653,453) (1,360,930)  
Due from Related Parties [3] 26,448   26,448   34,194
Due to Affiliates [3] 15,800   15,800   0
Waiver of Assets Management Fees [Member]          
Related Party Transaction [Line Items]          
Expenses incurred To Related Parties [1] 0 (49,214) 0 (77,039)  
Due from Related Parties [1] 0   0   0
Due to Affiliates [1] 0   0   0
Capitalized Acquisition Fees [Member]          
Related Party Transaction [Line Items]          
Expenses incurred To Related Parties 496,358 882,971 952,358 1,483,571  
Due from Related Parties 0   0   0
Due to Affiliates 22,358   22,358   0
Subordinated participation fees [Member]          
Related Party Transaction [Line Items]          
Expenses incurred To Related Parties 0 0 0 0  
Due from Related Parties 0   0   0
Due to Affiliates 0   0   315,802
Property management fees [Member]          
Related Party Transaction [Line Items]          
Expenses incurred To Related Parties [4] 19,212 622 32,151 622  
Due from Related Parties [4] 0   0   0
Due to Affiliates [4] 0   0   7,969
Capitalized Financing coordination fees [Member]          
Related Party Transaction [Line Items]          
Expenses incurred To Related Parties 0 0 209,550 87,450  
Due from Related Parties 0   0   0
Due to Affiliates 0   0   0
Director and Officer Insurance Reimbursements [Member]          
Related Party Transaction [Line Items]          
Expenses incurred To Related Parties [5] 36,083 $ 0 52,716 $ 0  
Due from Related Parties [5] 0   0   0
Due to Affiliates [5] $ 657   $ 657   $ 0
[1] To the extent the Advisor elects, in its sole discretion, to defer all or any portion of its monthly asset management fee, the Advisor will be deemed to have waived, not deferred, that portion up to 0.025% of the total investment value of the Company’s assets. For the three months ended June 30, 2018 and 2017, the Advisor waived zero and $49,214, respectively, of asset management fees, which are not subject to future recoupment by the Advisor and for the six months ended June 30, 2018 and 2017, the Advisor waived zero and $77,039, respectively, of asset management fees, which are not subject to future recoupment by the Advisor. In addition to amounts presented in this table, the Company also incurred asset management fees to the Advisor of $47,984 and $95,966 related to its TIC Interest in the Santa Clara property during the three and six months ended June 30, 2018, respectively, which amounts are reflected as a reduction of income recognized from investments in unconsolidated entities.
[2] As of June 30, 2018, the Sponsor had incurred $7,918,815 of organizational and offering costs on behalf of the Company. However, the Company is only obligated to reimburse the Sponsor for such organizational and offering expenses to the extent of 3% of gross offering proceeds.
[3] Includes payroll costs related to Company employees that answer questions from prospective stockholders. See “—Investor Relations Payroll Expense Reimbursement from Sponsor” below. The Sponsor has agreed to reimburse the Company for these investor relations payroll costs which the Sponsor considers to be offering expenses in accordance with the Advisory Agreement. The expense reimbursements from the Sponsor for the three and six months ended June 30, 2018 also include zero and $48,422, respectively, of employment related legal fees which the Sponsor also agreed to reimburse the Company. The receivables related to these costs are reflected in “Due from affiliates” in the condensed consolidated balance sheets.
[4] Property management fees are classified within property operating expenses on the condensed consolidated statements of operations.
[5] Directors and officers’ insurance and other reimbursements are classified within general and administrative expenses on the condensed consolidated statements of operations.