Company Quick10K Filing
Quick10K
Resource Apartment REIT III
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
8-K 2019-07-17 Shareholder Vote
8-K 2019-06-24 Enter Agreement, M&A, Off-BS Arrangement, Exhibits
8-K 2019-04-28 Enter Agreement, Exhibits
8-K 2019-04-15 Enter Agreement
8-K 2019-02-12 Enter Agreement, M&A, Off-BS Arrangement, Exhibits
8-K 2018-12-17 Regulation FD
8-K 2018-12-14 Enter Agreement
8-K 2018-12-11 Enter Agreement
8-K 2018-09-14 Enter Agreement, M&A, Off-BS Arrangement, Exhibits
8-K 2018-08-29 Enter Agreement, M&A, Off-BS Arrangement, Exhibits
8-K 2018-07-23 Enter Agreement
8-K 2018-07-18 Shareholder Vote, Other Events, Exhibits
8-K 2018-07-10 Enter Agreement
8-K 2018-06-27 Other Events, Exhibits
8-K 2018-04-23 Officers
8-K 2018-04-13 Enter Agreement
8-K 2018-03-22 Enter Agreement, M&A, Off-BS Arrangement, Exhibits
8-K 2018-02-12 Enter Agreement
CRTX Cortexyme 593
GLF Gulfmark Offshore 261
SHLD Sears Holdings 255
USL United States 12 Month Oil Fund 54
ENRT Enertopia 1
BYIN Baying Ecological Holding Group 0
SDON Sandston 0
ANDES Andes 7 0
WDNT Worldnet of Nevada 0
TRPO Tropic International 0
RREIO 2019-06-30
Part I. Financial Information
Item 1. Financial Statements
Note 1 - Nature of Business and Operations
Note 2 - Summary of Significant Accounting Policies
Note 3 - Supplemental Cash Flow Information
Note 4 - Restricted Cash
Note 5 - Acquisition
Note 6 - Rental Properties, Net
Note 7 - Identified Intangible Assets, Net
Note 8 - Mortgage Notes Payable, Net
Note 9 - Certain Relationships and Related Party Transactions
Note 10 - Earnings per Share
Note 11 - Equity
Note 12 - Fair Value Measures and Disclosures
Note 13 - Derivatives and Hedging Activities
Note 14 - Operating Expense Limitation
Note 15 - Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (Unaudited)
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 ck0001652926-ex311_9.htm
EX-31.2 ck0001652926-ex312_6.htm
EX-32.1 ck0001652926-ex321_8.htm
EX-32.2 ck0001652926-ex322_7.htm

Resource Apartment REIT III Earnings 2019-06-30

RREIO 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

10-Q 1 ck0001652926-10q_20190630.htm 10-Q ck0001652926-10q_20190630.htm

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TobiasLou911!

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549  

 

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES   EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2019

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES   EXCHANGE ACT OF 1934

For the transition period from __________ to __________

Commission file number 000-55923

RESOURCE APARTMENT REIT III, Inc.

(Exact name of registrant as specified in its charter)

 

Maryland

 

47-4608249

(State or other jurisdiction of

 

(I.R.S. Employer

incorporation or organization)

 

Identification No.)

 

1845 Walnut Street, 18th Floor, Philadelphia, PA, 19103

(Address of principal executive offices) (Zip code)

 

 

 

(215) 231-7050

(Registrant's telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act: None

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

n/a

 

n/a

 

n/a

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes No   

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company.  See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer.

Non-accelerated filer

Smaller reporting company

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).  Yes No

 

As of August 6, 2019, there were 624,194 outstanding shares of Class A common stock, 1,102,338 outstanding shares of Class T common stock, 9,384,717 outstanding shares of Class R common stock and 626,319 outstanding shares of Class I common stock of Resource Apartment REIT III, Inc.

 

 

 

 


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RESOURCE APARTMENT REIT III, INC.

INDEX TO QUARTERLY REPORT

ON FORM 10-Q

 

 

 

PAGE

PART I

FINANCIAL INFORMATION

 

 

 

 

ITEM 1.

Financial Statements

 

 

 

 

 

Consolidated Balance Sheets – June 30, 2019 (unaudited) and December 31, 2018

4

 

 

 

 

Consolidated Statements of Operations and Comprehensive Loss - For the Three and Six Months Ended June 30, 2019 and 2018 (unaudited)

5

 

 

 

 

Consolidated Statements of Changes in Stockholders' Equity – Three and Six Months Ended June 30, 2019 and 2018 (unaudited)

7

 

 

 

 

Consolidated Statements of Cash Flows - For the Six Months Ended June 30, 2019 and 2018 (unaudited)

9

 

 

 

 

Notes to Consolidated Financial Statements – June 30, 2019 (unaudited)

10

 

 

 

ITEM 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

34

 

 

 

ITEM 3.

Quantitative and Qualitative Disclosures about Market Risk

47

 

 

 

ITEM 4.

Controls and Procedures

47

 

 

 

PART II

OTHER INFORMATION

 

 

 

 

ITEM 1.

Legal Proceedings

48

 

 

 

ITEM 1A.

Risk Factors

48

 

 

 

ITEM 2.

Unregistered Sales of Equity Securities and Use of Proceeds

48

 

 

 

ITEM 6.

Exhibits

51

 

 

 

SIGNATURES

52

 

 

 

 

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Forward-Looking Statements

Certain statements included in this Quarterly Report on Form 10-Q are forward-looking statements.  Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts.  In some cases, you can identify forward-looking statements by terms such as "anticipate," "believe," "could," "estimate," "expects," "intend," "may," "plan," "potential," "project," "should," "will" and "would" or the negative of these terms or other comparable terminology.  Actual results may differ materially from those contemplated by such forward-looking statements.  Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.  We undertake no obligation to publicly revise or update these forward-looking statements to reflect events or circumstances after the date of this report, except as may be required under applicable law.

The following are some of the risks and uncertainties, although not all of the risks and uncertainties, that could cause our actual results to differ materially from those presented in our forward-looking statements:

 

We are dependent on Resource REIT Advisor, LLC (our "Advisor") to select investments and conduct our operations. We pay substantial fees to and expenses of our Advisor, its affiliates and participating broker-dealers, which payments increase the risk that our stockholders will not earn a profit on their investment.

 

Our executive officers and some of our directors are also officers, directors, managers or key professionals of our Advisor, Resource Securities LLC (our "Dealer Manager") and other entities affiliated with Resource Real Estate, LLC (our "Sponsor"). As a result, these individuals face conflicts of interest, including significant conflicts created by our Advisor’s compensation arrangements with us and other programs sponsored by our Sponsor and conflicts in allocating time among us and these other programs. These conflicts could result in action or inaction that is not in the best interests of our stockholders.

 

Our Advisor and its affiliates receive fees in connection with transactions involving the acquisition and management of our investments. These fees are based on the cost of the investment, and not based on the quality of the investment or the quality of the services rendered to us. This may influence our Advisor to recommend riskier transactions to us.

 

There is no limit on the amount we can borrow to acquire a single real estate investment, but pursuant to our charter, we may not leverage our assets with debt financing such that our borrowings would be in excess of 300% of our net assets unless a majority of our independent directors find substantial justification for borrowing a greater amount.

 

Based on sales volume to date, we expect to raise substantially less than the maximum offering amount in our initial public offering. Because we expect to raise substantially less than the maximum offering amount, we will not be able to invest in as diverse a portfolio of properties as we otherwise would, which will cause the value of our stockholders’ investment to vary more widely with the performance of specific assets, and cause our general and administrative expenses to constitute a greater percentage of our revenue. Raising fewer proceeds in our offering, therefore, increases the risk that our stockholders will lose money in their investment.

 

Our charter permits us to pay distributions from any source without limitation, including from offering proceeds, borrowings, sales of assets or waivers or deferrals of fees otherwise owed to our Advisor. Distributions paid through June 30, 2019, have been funded in part with offering proceeds. Distributions funded from sources other than our cash flow from operations will result in dilution to subsequent investors, reduce funds available for investment in assets and may reduce the overall return to our stockholders.  In addition, to the extent these distributions exceed our net income or net capital gain, a greater proportion of your distributions will generally represent a return of capital as opposed to current income or gain, as applicable.

 

We may experience adverse business developments or conditions similar to those affecting certain programs sponsored by our Sponsor, which could limit our ability to make distributions and could decrease the value of an investment in us.

 

Our failure to qualify as a real estate investment trust for federal income tax purposes would reduce the amount of income we have available for distribution and limit our ability to make distributions to our stockholders.

All forward-looking statements should be read in light of the risks described above and identified in the "Risk Factors" section of our Registration Statement on Form S-11 (File No. 333-207740) filed with the Securities and Exchange Commission, as the same may be amended and supplemented from time to time.

3

 

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PART I. FINANCIAL INFORMATION

ITEM 1.    FINANCIAL STATEMENTS

RESOURCE APARTMENT REIT III, INC.

CONSOLIDATED BALANCE SHEETS

 

 

 

June 30,

2019

 

 

December 31,

2018

 

 

 

(unaudited)

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

Rental properties, net

 

$

197,997,091

 

 

$

136,061,586

 

Identified intangible assets, net

 

 

1,127,962

 

 

 

707,825

 

Total investments

 

 

199,125,053

 

 

 

136,769,411

 

 

 

 

 

 

 

 

 

 

Cash

 

 

30,338,228

 

 

 

32,827,390

 

Restricted cash

 

 

2,364,290

 

 

 

883,902

 

Tenant receivables, net

 

 

60,607

 

 

 

51,524

 

Due from related parties

 

 

5,380

 

 

 

13,772

 

Subscriptions receivable

 

 

110,000

 

 

 

1,431,000

 

Prepaid expenses and other assets

 

 

584,916

 

 

 

1,097,179

 

Deferred offering costs

 

 

4,795,010

 

 

 

5,046,364

 

Total assets

 

$

237,383,484

 

 

$

178,120,542

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Mortgage notes payable, net

 

$

145,419,265

 

 

$

100,044,640

 

Accounts payable and accrued expenses

 

 

1,277,151

 

 

 

1,167,901

 

Accrued real estate taxes

 

 

1,124,091

 

 

 

 

Due to related parties

 

 

12,944,582

 

 

 

12,993,287

 

Tenant prepayments

 

 

56,489

 

 

 

116,102

 

Security deposits

 

 

353,959

 

 

 

271,246

 

Distributions payable

 

 

1,315,781

 

 

 

1,037,799

 

Total liabilities

 

 

162,491,318

 

 

 

115,630,975

 

 

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Preferred stock, par value $0.01: 10,000,000 shares authorized, none issued and

   outstanding

 

 

 

 

 

 

Convertible stock, par value $0.01: 50,000 shares authorized, issued and outstanding

 

 

500

 

 

 

500

 

Class A common stock, par value $0.01: 25,000,000 shares authorized, 623,238 and

   634,493 issued and outstanding, respectively

 

 

6,232

 

 

 

6,345

 

Class T common stock, par value $0.01: 25,000,000 shares authorized, 1,099,414 and

  1,111,394 issued and outstanding, respectively

 

 

10,994

 

 

 

11,114

 

Class R common stock, par value $0.01: 750,000,000 shares authorized, 9,294,218 and

   7,181,534 issued and outstanding, respectively

 

 

92,942

 

 

 

71,815

 

Class I common stock, par value $0.01: 75,000,000 shares authorized, 614,262 and

   329,604 issued and outstanding, respectively

 

 

6,143

 

 

 

3,296

 

Additional paid-in capital

 

 

98,271,812

 

 

 

77,896,470

 

Accumulated other comprehensive loss

 

 

(39,764

)

 

 

(40,633

)

Accumulated deficit

 

 

(23,456,693

)

 

 

(15,459,340

)

Total stockholders’ equity

 

 

74,892,166

 

 

 

62,489,567

 

Total liabilities and stockholders’ equity

 

$

237,383,484

 

 

$

178,120,542

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these consolidated financial statements.

4

 

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RESOURCE APARTMENT REIT III, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(unaudited)

 

 

 

Three Months Ended

June 30,

 

 

Six Months Ended

June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental income

 

$

4,091,185

 

 

$

1,827,196

 

 

$

7,746,967

 

 

$

2,690,315

 

Total revenues

 

 

4,091,185

 

 

 

1,827,196

 

 

 

7,746,967

 

 

 

2,690,315

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental operating - expenses

 

 

809,644

 

 

 

346,784

 

 

 

1,491,055

 

 

 

483,280

 

Rental operating - payroll

 

 

412,606

 

 

 

199,196

 

 

 

783,480

 

 

 

278,532

 

Rental operating - real estate taxes

 

 

579,216

 

 

 

182,989

 

 

 

1,076,447

 

 

 

307,192

 

Subtotal- rental operating

 

 

1,801,466

 

 

 

728,969

 

 

 

3,350,982

 

 

 

1,069,004

 

Property management fees

 

 

2,624

 

 

 

2,344

 

 

 

5,235

 

 

 

4,361

 

Management fees - related parties

 

 

630,599

 

 

 

290,565

 

 

 

1,204,637

 

 

 

426,491

 

General and administrative

 

 

602,250

 

 

 

527,348

 

 

 

1,394,922

 

 

 

955,120

 

Loss on disposal of assets

 

 

131,611

 

 

 

3,879

 

 

 

218,473

 

 

 

6,488

 

Depreciation and amortization expense

 

 

2,216,145

 

 

 

1,152,791

 

 

 

4,453,246

 

 

 

1,714,946

 

Total expenses

 

 

5,384,695

 

 

 

2,705,896

 

 

 

10,627,495

 

 

 

4,176,410

 

Loss before other income (expense)

 

 

(1,293,510

)

 

 

(878,700

)

 

 

(2,880,528

)

 

 

(1,486,095

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

83,164

 

 

 

44,292

 

 

 

152,980

 

 

 

70,214

 

Interest expense

 

 

(1,391,557

)

 

 

(554,042

)

 

 

(2,659,762

)

 

 

(798,724

)

Total other income (expense)

 

 

(1,308,393

)

 

 

(509,750

)

 

 

(2,506,782

)

 

 

(728,510

)

Net loss

 

$

(2,601,903

)

 

$

(1,388,450

)

 

$

(5,387,310

)

 

$

(2,214,605

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive (loss) income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Designated derivatives, fair value adjustments

 

 

2,046

 

 

 

(21,309

)

 

 

869

 

 

 

(17,270

)

Total other comprehensive (loss) income

 

 

2,046

 

 

 

(21,309

)

 

 

869

 

 

 

(17,270

)

Comprehensive loss

 

$

(2,599,857

)

 

$

(1,409,759

)

 

$

(5,386,441

)

 

$

(2,231,875

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these consolidated financial statements.

5

 

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RESOURCE APARTMENT REIT III, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - (continued)

(unaudited)

 

 

 

Three Months Ended

June 30,

 

 

Six Months Ended

June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Class A common stock:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss attributable to Class A common stockholders

 

$

(138,232

)

 

$

(154,200

)

 

$

(306,114

)

 

$

(272,581

)

Net loss per Class A share, basic and diluted

 

$

(0.22

)

 

$

(0.25

)

 

$

(0.48

)

 

$

(0.44

)

Weighted average Class A common shares outstanding, basic and diluted

 

 

635,764

 

 

 

626,103

 

 

 

635,630

 

 

 

624,518

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class T common stock:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss attributable to Class T common stockholders

 

$

(269,481

)

 

$

(291,749

)

0

$

(590,857

)

 

$

(526,031

)

Net loss per Class T share, basic and diluted

 

$

(0.24

)

 

$

(0.27

)

 

$

(0.53

)

 

$

(0.48

)

Weighted average Class T common shares outstanding, basic and diluted

 

 

1,118,038

 

 

 

1,089,943

 

 

 

1,116,159

 

 

 

1,086,970

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class R common stock:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss attributable to Class R common stockholders

 

$

(2,088,721

)

 

$

(921,259

)

0

$

(4,290,343

)

 

$

(1,386,823

)

Net loss per Class R share, basic and diluted

 

$

(0.23

)

 

$

(0.24

)

 

$

(0.51

)

 

$

(0.42

)

Weighted average Class R common shares outstanding, basic and diluted

 

 

8,968,558

 

 

 

3,848,272

 

 

 

8,455,769

 

 

 

3,280,470

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Class I common stock:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss attributable to Class I common stockholders

 

$

(105,469

)

 

$

(21,242

)

0

$

(199,996

)

 

$

(29,170

)

Net loss per Class I share, basic and diluted

 

$

(0.18

)

 

$

(0.16

)

 

$

(0.41

)

 

$

(0.32

)

Weighted average Class I common shares outstanding, basic and diluted

 

 

585,893

 

 

 

133,309

 

 

 

483,610

 

 

 

91,914

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

 

6

 

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RESOURCE APARTMENT REIT III, INC.

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2019 AND 2018

(unaudited)

 

 

 

Common Stock

 

 

Convertible Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A

Shares

 

 

T

Shares

 

 

R

Shares

 

 

I

Shares

 

 

A

Shares

 

 

T

Shares

 

 

R

Shares

 

 

I

Shares

 

 

Shares

 

 

Amount

 

 

Additional

Paid-in

Capital

 

 

Accumulated

Other

Comprehensive

Loss

 

 

Accumulated

Deficit

 

 

Total

 

Balance, at April 1, 2019

 

 

637,293

 

 

 

1,119,361

 

 

 

8,744,329

 

 

 

456,135

 

 

 

6,373

 

 

 

11,194

 

 

 

87,443

 

 

 

4,561

 

 

 

50,000

 

 

$

500

 

 

 

92,373,880

 

 

 

(41,810

)

 

 

(19,501,790

)

 

$

72,940,351

 

Issuance of common stock

 

 

-

 

 

 

-

 

 

 

488,614

 

 

 

157,334

 

 

 

-

 

 

 

-

 

 

 

4,886

 

 

 

1,574

 

 

 

 

 

 

 

 

 

6,218,508

 

 

 

 

 

 

 

 

 

6,224,968

 

Offering costs

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

(598,229

)

 

 

 

 

 

 

 

 

(598,229

)

Cash distributions declared

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,353,000

)

 

 

(1,353,000

)

Common stock issued through distribution reinvestment plan

 

 

2,859

 

 

 

8,140

 

 

 

61,275

 

 

 

793

 

 

 

28

 

 

 

81

 

 

 

613

 

 

 

8

 

 

 

 

 

 

 

 

 

665,626

 

 

 

 

 

 

 

 

 

666,356

 

Other comprehensive income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

2,046

 

 

 

 

 

 

2,046

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,601,903

)

 

 

(2,601,903

)

Share redemptions

 

 

(16,914

)

 

 

(28,087

)

 

 

-

 

 

 

-

 

 

 

(169

)

 

 

(281

)

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

(387,973

)

 

 

 

 

 

 

 

 

(388,423

)

Balance, at June 30, 2019

 

 

623,238

 

 

 

1,099,414

 

 

 

9,294,218

 

 

 

614,262

 

 

 

6,232

 

 

 

10,994

 

 

 

92,942

 

 

 

6,143

 

 

 

50,000

 

 

$

500

 

 

 

98,271,812

 

 

 

(39,764

)

 

 

(23,456,693

)

 

$

74,892,166

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, at January 1, 2019

 

 

634,493

 

 

 

1,111,394

 

 

 

7,181,534

 

 

 

329,604

 

 

 

6,345

 

 

 

11,114

 

 

 

71,815

 

 

 

3,296

 

 

 

50,000

 

 

$

500

 

 

$

77,896,470

 

 

$

(40,633

)

 

$

(15,459,340

)

 

$

62,489,567

 

Issuance of common stock

 

 

-

 

 

 

-

 

 

 

1,998,867

 

 

 

283,601

 

 

 

-

 

 

 

-

 

 

 

19,989

 

 

 

2,836

 

 

 

 

 

 

 

 

 

21,995,434

 

 

 

 

 

 

 

 

 

22,018,259

 

Offering costs

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

(2,473,982

)

 

 

 

 

 

 

 

 

(2,473,982

)

Cash distributions declared

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,610,043

)

 

 

(2,610,043

)

Common stock issued through distribution reinvestment plan

 

 

5,659

 

 

 

16,107

 

 

 

113,817

 

 

 

1,057

 

 

 

56

 

 

 

161

 

 

 

1,138

 

 

 

11

 

 

 

 

 

 

 

 

 

1,241,863

 

 

 

 

 

 

 

 

 

1,243,229

 

Other comprehensive income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

869

 

 

 

 

 

 

869

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-