XML 19 R17.htm IDEA: XBRL DOCUMENT
v3.20.1

SUBSEQUENT EVENTS | 12 Months Ended
--- | ---
Dec. 31, 2019
Subsequent Events [Abstract] |
Subsequent Events | SUBSEQUENT EVENTS The Company evaluates subsequent events up until the date the consolidated financial statements are issued. Significant subsequent events are described below: Extension of Leases Effective January 6, 2020, the Company modified the terms of the lease for its Walgreens property in Santa Maria, CA, eliminating the tenant's options to terminate the lease in 2022 and 2027, resulting in a new termination date of March 31, 2032, by making an incentive payment to the tenant of $490,000, which is payable in four equal installments, with the final installment due April 1, 2020. Effective January 16, 2020, the Company extended the lease term of its Accredo Florida property from June 15, 2022 to December 31, 2024, for minimum annual rents increasing annually. The Company paid a leasing commission of $215,713 to tenant’s broker in February 2020 in connection with this extension of the Accredo lease term. Debt Financing On March 2, 2020, the Company borrowed $2,000,000 under a short-term note payable, secured by the Chevron Gas Station in Roseville, CA and $2,000,000 under a short-term note payable secured by the Chevron Gas Station in San Jose, CA. Each note is payable to the Wirta Trust, bears interest at 8% and is due in full including principal and interest on June 2, 2020. Extension of Maturity of Short-term Notes Payable Effective February 28, 2020, the Company modified the terms of six of its short-term notes payable, all with one lender, to extend the maturity date of the final installments aggregating $1,242,233 due on March 9, 2020 to April 30, 2020. The Company paid an extension fee of 2%, or $24,845, on the outstanding balance as of March 9, 2020 and will pay interest at 10% for the extension period upon maturity. Offering Status As of February 29, 2020, the Company had sold 18,517,936 shares of Class C common stock in the Registered Offerings and Follow-on Offering, for aggregate gross offering proceeds of $186,123,756, which included 1,673,199 shares of Class C common stock sold under its distribution reinvestment plan, for gross proceeds of $16,893,207. As of February 29, 2020, the Company had sold 187,295 shares of Class S common stock in the Class S Offering, for aggregate gross offering proceeds of $1,900,868, which included 2,982 shares of Class S common stock sold under its distribution reinvestment plan for gross proceeds of $30,318. Distributions On December 26, 2019, the Company’s board of directors declared distributions based on daily record dates for the period January 1, 2020 through January 31, 2020 at rate of $0.00192210 per share per day, or $1,391,612, on the outstanding shares of the Company's common stock, which the Company paid on February 25, 2020. Of the January 2020 distribution, $830,660 was reinvested through the Company’s DRP. On January 24, 2020, the Company’s board of directors declared distributions based on daily record dates for the period February 1, 2020 through December 31, 2020 at rate of $0.00191257 per share per day, on the outstanding shares of the Company's common stock which will be determined for each month. The Company paid the February 2020 distribution of $1,382,532 on March 25, 2020. Of the February 2020 distribution, $851,331 was reinvested through the Company’s DRP. The Company is scheduled to pay subsequent distributions on April 27, 2020, May 26, 2020, June 25, 2020, July 27, 2020, August 25, 2020, September 25, 2020, October 26, 2020, November 25, 2020, December 28, 2020 and January 25, 2021, respectively. Redeemable Common Stock In connection with the Company's entry into the Merger Agreement, the Company's share repurchase program was suspended on September 19, 2019 and was reopened on January 2, 2020. From January 2, 2020 through March 27, 2020, two business days prior to month end, the Company received requests for repurchases of 1,737,191 shares of Class C common stock and 3,309 shares of Class S common stock aggregating $17,820,513 and repurchased 895,216 shares of Class C common stock and no shares of Class S common stock for a total of $9,091,146 through March 31, 2020. Advisory Contract with BRIX REIT On January 31, 2020, the Company's taxable REIT subsidiary entered into an advisory agreement to provide services to BRIX REIT, an affiliate. Pursuant to the contract, the Company will provide customary advisory services such as oversight for BRIX REIT's offering, investments and management. The Company is entitled to customary fees for asset management, acquisition, financing, property management, disposition, leasing and liquidation. In addition, the Company will act as the sponsor of BRIX REIT and BRIX REIT will reimburse the Company for its organization and offering expenses, not to exceed 3% of the gross proceeds of the offering. Broker-Dealer On January 2, 2020, the Company entered into an agreement with North Capital Private Securities Corporation ("North Capital"), a broker-dealer registered with the U.S. Securities and Exchange Commission and a member of FINRA and SIPC, and North Capital was appointed as the dealer manager for the Company’s Follow-on Offering of its Class C common stock. North Capital receives fees from the Company for its services amounting to $12,000 per month. In addition, the Company has agreed to pay North Capital an additional monthly variable fee equal to 0.60% of the purchase price of each incremental share of Class C common stock sold in the primary portion of the Follow-on Offering (the “Variable Fee”). The Variable Fee does not become payable until the aggregate gross proceeds raised in the primary portion of the Follow-on Offering since the appointment of North Capital equal or exceed $25 million, and the Variable Fee will be reduced to 0.50% of the purchase price of each share of Class C common stock sold in the primary portion of the Follow-on Offering once the aggregate gross offering proceeds raised in the primary portion of the Follow-on Offering since the appointment of North Capital equal or exceed $75 million. The Company also paid to North Capital a monthly retainer of $60,000 for the first three months following the commencement of the Follow-on Offering, for a maximum retainer of $180,000, in addition to certain costs and expenses.

X
- References No definition available. + Details
Name: | us-gaap_SubsequentEventsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
Name: | us-gaap_SubsequentEventsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration