$STSR
Strategic Student & Senior Housing Trust Inc

2017 Q4 Form 10-K Financial Statement

#000156459019010213 Filed on April 01, 2019

View on sec.gov

Income Statement

Concept 2017 Q4 2017
Revenue $3.651M
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.255M
YoY Change
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit -$5.122M
YoY Change
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net -$8.145K
YoY Change
Pretax Income
YoY Change
Income Tax
% Of Pretax Income
Net Earnings -$7.062M
YoY Change
Net Earnings / Revenue -193.41%
Basic Earnings Per Share
Diluted Earnings Per Share
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q4 2017
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $10.37M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $115.1M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities
Total Long-Term Liabilities
Total Liabilities $54.57M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$6.234M
YoY Change
Common Stock $68.81M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $61.19M
YoY Change
Total Liabilities & Shareholders Equity $115.1M
YoY Change

Cashflow Statement

Concept 2017 Q4 2017
OPERATING ACTIVITIES
Net Income -$7.062M
YoY Change
Depreciation, Depletion And Amortization $1.255M
YoY Change
Cash From Operating Activities -$1.286M
YoY Change
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$106.4M
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $75.52M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 118.1M
YoY Change
NET CHANGE
Cash From Operating Activities -1.286M
Cash From Investing Activities -106.4M
Cash From Financing Activities 118.1M
Net Change In Cash 10.37M
YoY Change
FREE CASH FLOW
Cash From Operating Activities -$1.286M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Note 1. Organization</p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.86%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Strategic Student&#160;&amp; Senior Housing Trust, Inc., a Maryland corporation, was formed on October&#160;4, 2016 under the Maryland General Corporation Law for the purpose of engaging in the business of investing in student housing and senior housing real estate investments. The Company&#8217;s year-end is December&#160;31. As used in these consolidated financial statements, &#8220;we,&#8221; &#8220;us,&#8221; &#8220;our,&#8221; and &#8220;Company&#8221; refer to Strategic Student&#160;&amp; Senior Housing Trust, Inc. and each of our subsidiaries. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.86%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On October&#160;4, 2016, our Advisor, as defined below, acquired 111.11 shares of our common stock for $1,000 and became our initial stockholder. On January&#160;27, 2017, pursuant to a confidential private placement memorandum (the &#8220;private placement memorandum&#8221;), we commenced a private offering of up to $100,000,000 in shares of our common stock (the &#8220;Primary Private Offering&#8221;) and 1,000,000 shares of common stock pursuant to our distribution reinvestment plan (collectively, the &#8220;Private Offering&#8221; and together with the Public Offering, the &#8220;Offerings&#8221;). The Private Offering required a minimum offering amount of $1,000,000. On August&#160;4, 2017, we met such minimum offering requirement. Our Private Offering terminated on March&#160;15, 2018. We raised offering proceeds of approximately $93 million from the issuance of approximately 10.8 million shares pursuant to the Private Offering.</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.86%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="Background-color:#FFFFFF;">On May 1, 2018, our registration statement on Form S-11 (File No. 333-220646) (the &#8220;Registration Statement&#8221;) was declared effective by the Securities and Exchange Commission (&#8220;SEC&#8221;). The Registration Statement registered up to $1.0 billion in shares of common stock for sale to the public (the &#8220;Primary Offering&#8221;) consisting of three classes of shares &#8212; Class A shares for $10.33 per share (up to $450 million in shares), Class T shares for $10.00 per share (up to $450 million in shares), and Class W shares for $9.40 per share (up to $100 million in shares) &#8212; and up to $95,000,000 in shares of common stock for sale pursuant to our distribution reinvestment plan (together with the Primary Offering, the &#8220;Public Offering&#8221;) at $9.81 per share for Class A shares, $9.50 per share for Class T shares and $9.40 per share for Class W shares</font>.</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.86%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Concurrently with our Registration Statement being declared effective, we filed articles of amendment to our Charter (the &#8220;Articles of Amendment&#8221;) and articles supplementary to our Charter (the &#8220;Articles Supplementary&#8221;). As a result of filing the Articles of Amendment and the Articles Supplementary, all shares issued in our Private Offering were redesignated as Class A shares and the remaining shares were reclassified such that we now have 315,000,000 shares classified as Class A shares, 315,000,000 shares classified as Class T shares and 70,000,000 shares classified as Class W shares. As of December 31, 2018, we had sold approximately 126,000 Class A shares, 36,000 Class T shares, and approximately 44,000 Class W shares for gross offering proceeds of approximately $2.0 million in our Public Offering. <font style="font-size:12pt;">&#160;&#160;&#160;&#160;</font>&#160;</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.86%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">While the Company was formed on October&#160;4, 2016, no formal operations commenced until our acquisition of a property in Fayetteville, Arkansas (the &#8220;Fayetteville Property&#8221;) on June&#160;28, 2017 and, therefore, there were no revenues or expenses prior thereto. As of December 31, 2018 we owned (i) two student housing properties, (ii) four senior housing properties, (iii) an approximately 2.6% beneficial interest in Reno Student Housing, DST, a Delaware Statutory Trust (DST) that owns a student housing property (&#8220;Reno Student Housing&#8221;), and (iv) an approximately 1.4% beneficial interest in Power 5 Conference Student Housing I, DST, a DST that owns two student housing properties (&#8220;Power 5 Conference Student Housing&#8221;). </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.86%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our operating partnership, SSSHT Operating Partnership, L.P., a Delaware limited partnership (our &#8220;Operating Partnership&#8221;), was formed on October&#160;5, 2016. On October&#160;5, 2016, our Advisor agreed to acquire a limited partnership interest in our Operating Partnership for $1,000 (111.11 partnership units) and we agreed to contribute the initial $1,000 capital contribution to our Operating Partnership in exchange for the general partner interest. In addition, on September&#160;28, 2017, our Advisor acquired additional limited partnership interests (25,447.57 partnership units) in our Operating Partnership for $199,000, resulting in total capital contributions of $200,000 by our Advisor in our Operating Partnership. Our Operating Partnership owns, directly or indirectly through one or more special purpose entities, all of the student housing and senior housing properties that we acquire. As of December 31, 2018, we owned approximately 99.8% of the common units of limited partnership interest of our Operating Partnership. The remaining approximately 0.2% of the common units are owned by our Advisor. We will conduct certain activities directly or indirectly through our taxable REIT subsidiary, SSSHT TRS, Inc., a Delaware corporation (the &#8220;TRS&#8221;) which was formed on October&#160;6, 2016, and is a wholly owned subsidiary of our Operating Partnership. See also Note 6 &#8211; Preferred Equity in our Operating Partnership.&nbsp;&nbsp;</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.86%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">SmartStop Asset Management, LLC, a Delaware limited liability company organized in 2013 (our &#8220;Sponsor&#8221;), is the sponsor of our Public Offering of shares of our common stock. Our Sponsor is a company focused on providing real estate advisory, asset management, and property management services. As of December 31, 2018, our Sponsor owns 97.5% of the economic interests (and 100% of the voting membership interests) of our Advisor and owns 100% of our Property Manager, each as defined below. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.86%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We have no employees. Our advisor is SSSHT Advisor, LLC, a Delaware limited liability company (our &#8220;Advisor&#8221;) which was formed on October&#160;3, 2016. Our Advisor is responsible for managing our affairs on a day-to-day basis and identifying and making acquisitions and investments on our behalf under the terms of an advisory agreement we entered into with our Advisor on January&#160;27, 2017 (our &#8220;Private Offering Advisory Agreement&#8221;) which, in connection with our Public Offering, we amended and restated on May&#160;1, 2018 and further amended on September 6, 2018 (as amended, our &#8220;Advisory Agreement&#8221;). The majority of the officers of our Advisor are also officers of us and our Sponsor. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.86%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">SSSHT Property Management, LLC, a Delaware limited liability company (our &#8220;Property Manager&#8221;), was formed on October&#160;3, 2016. Our Property Manager derives substantially all of its income from the property management oversight services it performs for us. We expect that we will enter into property management agreements directly with third party property managers and that our Property Manager will provide oversight services with respect to such third party property managers. Please see Note 8 &#8211; Related Party Transactions for additional detail. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.86%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Fayetteville Property and our property in Tallahassee, Florida (the &#8220;Tallahassee Property&#8221;) are managed by Asset Campus Housing (&#8220;ACH&#8221;), a third-party student housing property manager. Three of our senior housing properties are managed by MSL Community Management LLC, an affiliate of MBK Senior Living LLC (&#8220;MBK&#8221;). Our fourth senior housing property is managed by Integral Senior Living, LLC (&#8220;ISL&#8221;). Please see Note 9 &#8211; Commitments and Contingencies for additional detail. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.86%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our dealer manager is Select Capital Corporation, a California corporation (our &#8220;Dealer Manager&#8221;). On January&#160;27, 2017, we executed a dealer manager agreement (as amended, the &#8220;Private Offering Dealer Manager Agreement&#8221;) with our Dealer Manager with respect to the Private Offering. The Private Offering Dealer Manager Agreement terminated at the closing of our Private Offering. We executed a similar dealer manager agreement (the &#8220;Dealer Manager Agreement&#8221;) with our Dealer Manager with respect to the Public Offering on May&#160;1, 2018. Our Dealer Manager was responsible for marketing our shares offered pursuant to our Primary Private Offering and is now similarly responsible for our Primary Offering. Our Sponsor owns, through a wholly-owned limited liability company, a 15% non-voting equity interest in our Dealer Manager. Affiliates of our Dealer Manager own a 2.5% non-voting membership interest in our Advisor, which they acquired on January&#160;1, 2018. </p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.86%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our Sponsor owns 100% of the membership interests of Strategic Transfer Agent Services, LLC, our transfer agent (our &#8220;Transfer Agent&#8221;). On May 1, 2018, the Company executed a transfer agent agreement (the &#8220;Transfer Agent Agreement&#8221;), with our Transfer Agent. Our Transfer Agent provides transfer agent and registrar services to us that are substantially similar to what a third party transfer agent would provide in the ordinary course of performing its functions as a transfer agent. Our Transfer Agent may retain and supervise third party vendors in its efforts to administer certain services. Prior to May 1, 2018, our Advisor processed subscription agreements and provided other stockholder and investor relations services on our behalf.</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.86%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As we accept subscriptions for shares of our common stock, we transfer all of the net offering proceeds to our Operating Partnership as capital contributions in exchange for additional units of interest in our Operating Partnership. However, we will be deemed to have made capital contributions in the amount of gross proceeds received from investors, and our Operating Partnership will be deemed to have simultaneously paid the sales commissions and other costs associated with the Offering. In addition, our Operating Partnership is structured to make distributions with respect to limited partnership units that are equivalent to the distributions we make to stockholders. Finally, a limited partner in our Operating Partnership may later exchange his or her limited partnership units in our Operating Partnership for shares of our common stock at any time after one year following the date of issuance of their limited partnership units, subject to certain restrictions outlined in the limited partnership agreement of our Operating Partnership, which was amended in connection with the Public Offering (the &#8220;Operating Partnership Agreement&#8221;). Our Advisor is prohibited from exchanging or otherwise transferring its limited partnership units so long as it is acting as our Advisor pursuant to our Advisory Agreement. </p>
CY2018 us-gaap Use Of Estimates
UseOfEstimates
<p style="margin-bottom:0pt;margin-top:18pt;margin-left:4.86%;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of Estimates </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.86%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The current economic environment has increased the degree of uncertainty inherent in these estimates and assumptions. Management will adjust such estimates when facts and circumstances dictate. Actual results could materially differ from those estimates. The most significant estimates made include the allocation of property purchase price to tangible and intangible assets acquired and liabilities assumed at relative fair value, the determination if certain entities should be consolidated, the evaluation of potential impairment of long-lived assets, and the estimated useful lives of real estate assets and intangibles. </p>
CY2018 dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2016-10-04
CY2018 ck0001698538 Number Of Senior Housing Properties
NumberOfSeniorHousingProperties
4
CY2018 ck0001698538 Number Of Student Housing Properties
NumberOfStudentHousingProperties
2
CY2018 us-gaap Variable Interest Entity Ownership Percentage
VariableInterestEntityOwnershipPercentage
0.026
CY2018Q4 ck0001698538 Number Of Employees
NumberOfEmployees
0
CY2018Q4 ck0001698538 Number Of Properties Acquired
NumberOfPropertiesAcquired
4
CY2018Q4 us-gaap Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Carrying Costs
RealEstateAndAccumulatedDepreciationCostsCapitalizedSubsequentToAcquisitionCarryingCosts
3400000
CY2018 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
500000
CY2017 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
2900000
CY2018Q4 us-gaap Lessor Operating Lease Term Of Contract
LessorOperatingLeaseTermOfContract
P12M
CY2018 ck0001698538 Lease Cancellation Notice Period
LeaseCancellationNoticePeriod
P30D
CY2018Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
7300000
CY2018Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
3800000
CY2018Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
600000
CY2018Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
2184030
CY2017Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
700362
CY2018Q4 ck0001698538 Maximum Offering Costs As Percentage Of Gross Offering Proceeds
MaximumOfferingCostsAsPercentageOfGrossOfferingProceeds
0.010
CY2018 ck0001698538 Maximum Period For Reimbursement Of Offering Cost
MaximumPeriodForReimbursementOfOfferingCost
P60D
CY2018 ck0001698538 Maximum Offering Cost Rate Incurred On Behalf Of Entity
MaximumOfferingCostRateIncurredOnBehalfOfEntity
0.035
CY2018Q4 ck0001698538 Maximum Dealer Manager Sales Commission As Percentage Of Gross Offering Proceeds
MaximumDealerManagerSalesCommissionAsPercentageOfGrossOfferingProceeds
0.060
CY2018Q4 ck0001698538 Maximum Dealer Manager Fee As Percentage Of Gross Offering Proceeds
MaximumDealerManagerFeeAsPercentageOfGrossOfferingProceeds
0.030
CY2017Q4 ck0001698538 Maximum Dealer Manager Fee As Percentage Of Gross Offering Proceeds
MaximumDealerManagerFeeAsPercentageOfGrossOfferingProceeds
0.020
CY2018 ck0001698538 Underwriting Commission Rate
UnderwritingCommissionRate
0.10
CY2018 ck0001698538 Minimum Percentage Of Ordinary Taxable Income To Be Distributed To Stockholders
MinimumPercentageOfOrdinaryTaxableIncomeToBeDistributedToStockholders
0.90
CY2018 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2017 us-gaap Real Estate Other Acquisitions
RealEstateOtherAcquisitions
98224000
CY2018 us-gaap Real Estate Other Acquisitions
RealEstateOtherAcquisitions
157090441
CY2017 us-gaap Sec Schedule Iii Real Estate Accumulated Depreciation Depreciation Expense
SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense
1254849
CY2017Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
1254849
CY2018 us-gaap Sec Schedule Iii Real Estate Accumulated Depreciation Depreciation Expense
SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense
5898283
CY2018Q4 us-gaap Real Estate Accumulated Depreciation
RealEstateAccumulatedDepreciation
7153132
CY2018Q4 ck0001698538 Asset Acquisition Recognized Identifiable Assets Acquired And Liabilities Assumed Buildings
AssetAcquisitionRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedBuildings
157090441
CY2018Q4 ck0001698538 Asset Acquisition Recognized Identifiable Assets Acquired And Liabilities Assumed Intangibles
AssetAcquisitionRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibles
16013000
CY2018Q4 ck0001698538 Asset Acquisition Recognized Identifiable Assets Acquired And Liabilities Assumed Assets
AssetAcquisitionRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssets
173103441
CY2018 ck0001698538 Asset Acquisition Proforma Information Revenue Of Acquiree Since Acquisition Date Actual
AssetAcquisitionProformaInformationRevenueOfAcquireeSinceAcquisitionDateActual
14950396
CY2018 ck0001698538 Asset Acquisition Proforma Information Earnings Or Loss Of Acquiree Since Acquisition Date Actual
AssetAcquisitionProformaInformationEarningsOrLossOfAcquireeSinceAcquisitionDateActual
5415723
CY2018 ck0001698538 Asset Acquisition Fees Paid To Advisor
AssetAcquisitionFeesPaidToAdvisor
3200000
CY2017Q4 ck0001698538 Asset Acquisition Recognized Identifiable Assets Acquired And Liabilities Assumed Buildings
AssetAcquisitionRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedBuildings
98224000
CY2017Q4 ck0001698538 Asset Acquisition Recognized Identifiable Assets Acquired And Liabilities Assumed Intangibles
AssetAcquisitionRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibles
6276000
CY2017Q4 ck0001698538 Asset Acquisition Recognized Identifiable Assets Acquired And Liabilities Assumed Assets
AssetAcquisitionRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssets
104500000
CY2017 ck0001698538 Asset Acquisition Proforma Information Revenue Of Acquiree Since Acquisition Date Actual
AssetAcquisitionProformaInformationRevenueOfAcquireeSinceAcquisitionDateActual
3651331
CY2017 ck0001698538 Asset Acquisition Proforma Information Earnings Or Loss Of Acquiree Since Acquisition Date Actual
AssetAcquisitionProformaInformationEarningsOrLossOfAcquireeSinceAcquisitionDateActual
2315163
CY2017 ck0001698538 Asset Acquisition Fees Paid To Advisor
AssetAcquisitionFeesPaidToAdvisor
2100000
CY2018 ck0001698538 Asset Acquisitions Proforma Revenue
AssetAcquisitionsProformaRevenue
23372722
CY2017 ck0001698538 Asset Acquisitions Proforma Revenue
AssetAcquisitionsProformaRevenue
6494483
CY2018 ck0001698538 Asset Acquisitions Proforma Operating Expenses
AssetAcquisitionsProformaOperatingExpenses
29392193
CY2017 ck0001698538 Asset Acquisitions Proforma Operating Expenses
AssetAcquisitionsProformaOperatingExpenses
10419169
CY2018 ck0001698538 Asset Acquisitions Proforma Net Income Loss
AssetAcquisitionsProformaNetIncomeLoss
-13865962
CY2017 ck0001698538 Asset Acquisitions Proforma Net Income Loss
AssetAcquisitionsProformaNetIncomeLoss
-6722174
CY2018 ck0001698538 Asset Acquisition Proforma Acquisition Related Costs
AssetAcquisitionProformaAcquisitionRelatedCosts
0
CY2017 ck0001698538 Asset Acquisition Proforma Acquisition Related Costs
AssetAcquisitionProformaAcquisitionRelatedCosts
2700000
CY2018Q4 us-gaap Long Term Debt
LongTermDebt
203735898
CY2018Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
30619820
CY2018Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
12723052
CY2018Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
679120
CY2018Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
1011295
CY2018Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
1680592
CY2018Q4 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
159206049
CY2018Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
205919928
CY2018 ck0001698538 Preferred Units Distribution Description
PreferredUnitsDistributionDescription
The holders of Preferred Units receive distributions at a rate of 9.0% per annum (the “Pay Rate”), payable monthly and calculated on an actual/360 day basis. Accumulated but unpaid distributions, if any, accrue at the Pay Rate. The preferred units of limited partnership interests in our Operating Partnership rank senior to all classes or series of partnership interests in our Operating Partnership and therefore, any cash we have to pay distributions otherwise may be used to pay distributions to the holder of such preferred units first.
CY2018 ck0001698538 Preferred Units Distribution Description Rate
PreferredUnitsDistributionDescriptionRate
0.090
CY2018 us-gaap Cost Of Revenue
CostOfRevenue
13787526
CY2018 ck0001698538 Operating Income Loss By Segment
OperatingIncomeLossBySegment
9585196
CY2018 ck0001698538 Reimbursement Of Offering Costs
ReimbursementOfOfferingCosts
0.010
CY2018Q4 ck0001698538 Acquisition Fee As Percentage Of Contract Purchase Price
AcquisitionFeeAsPercentageOfContractPurchasePrice
0.02
CY2018 ck0001698538 Advisory Agreement Asset Management Fee Percentage
AdvisoryAgreementAssetManagementFeePercentage
0.0005417
CY2018 ck0001698538 Monthly Assets Management Fees One Twelfth Of Less Than One Percentage Of Assets Value Exceed Specific Value
MonthlyAssetsManagementFeesOneTwelfthOfLessThanOnePercentageOfAssetsValueExceedSpecificValue
one twelfth of 0.65%
CY2017 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
9285362
CY2017 ck0001698538 Related Party Transaction Cash Paid
RelatedPartyTransactionCashPaid
9038404
CY2018 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
8512507
CY2018 ck0001698538 Related Party Transaction Cash Paid
RelatedPartyTransactionCashPaid
4521799
CY2017 ck0001698538 Asset Management Fees Waived By Advisor
AssetManagementFeesWaivedByAdvisor
135000
ck0001698538 Asset Management Fees Waived By Advisor
AssetManagementFeesWaivedByAdvisor
160000
CY2018Q4 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Number Of Shares
SharesSubjectToMandatoryRedemptionSettlementTermsNumberOfShares
2000
CY2018Q4 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Amount
SharesSubjectToMandatoryRedemptionSettlementTermsAmount
15000
CY2018Q4 ck0001698538 Common Stock Daily Dividends Per Share Declared
CommonStockDailyDividendsPerShareDeclared
0.0016980822
CY2018Q4 us-gaap Dividends Payable Date Of Record Day Month And Year
DividendsPayableDateOfRecordDayMonthAndYear
2019-03-31
CY2018Q4 srt Real Estate And Accumulated Depreciation Amount Of Encumbrances
RealEstateAndAccumulatedDepreciationAmountOfEncumbrances
163105000
CY2018Q4 us-gaap Real Estate And Accumulated Depreciation Initial Cost Of Land
RealEstateAndAccumulatedDepreciationInitialCostOfLand
20688000
CY2018Q4 us-gaap Real Estate And Accumulated Depreciation Initial Cost Of Buildings And Improvements
RealEstateAndAccumulatedDepreciationInitialCostOfBuildingsAndImprovements
234626441
CY2018Q4 ck0001698538 Real Estate Initial At Carrying Value
RealEstateInitialAtCarryingValue
255314441
CY2018Q4 us-gaap Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Improvements
RealEstateAndAccumulatedDepreciationCostsCapitalizedSubsequentToAcquisitionImprovements
728162
CY2018Q4 us-gaap Real Estate And Accumulated Depreciation Carrying Amount Of Land
RealEstateAndAccumulatedDepreciationCarryingAmountOfLand
20688000
CY2018Q4 us-gaap Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements
RealEstateAndAccumulatedDepreciationCarryingAmountOfBuildingsAndImprovements
235354603
CY2018Q4 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
256042603
CY2018Q4 srt Real Estate Federal Income Tax Basis
RealEstateFederalIncomeTaxBasis
281532870
CY2017Q4 us-gaap Development In Process
DevelopmentInProcess
0
CY2018 ck0001698538 Real Estate Net Additions And Assets Placed Into Service
RealEstateNetAdditionsAndAssetsPlacedIntoService
2333331

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